Goldman collects nearly $4bn for Vintage first close

Goldman Sachs Asset Management has begun amassing its next private equity secondaries fund.

The New York-headquartered manager has raised at least $3.8 billion for Vintage IX, having made a first sale on 4 March, according to several filings with the Securities and Exchange Commission. It is unclear how much the fund is targeting.

Goldman raised $10.3 billion for predecessor Vintage VIII against a target of $7 billion, according to Secondaries Investor data. It had already deployed 20 percent of committed capital by the time of final close in November 2020, investing $900 million in covid-resilient sectors such as technology and healthcare in the second quarter alone, Secondaries Investor reported.

Among the deals it has led recently are a C$1.1 billion ($872.9 million; €791.9 million) continuation fund centred on The Master Group, a Novacap-owned air conditioning provider, and a $203 million GP-led deal centred on mineral and royalty interests owned by Lime Rock Partners, Secondaries Investor reported.

Goldman is one of several large secondaries investors to return to market in the past 12 months. In February, Secondaries Investor reported that Ardian was returning to market targeting $15 billion for ASF IX. This is the same as Lexington Capital Partners X, which launched the previous May, according to Secondaries Investor data.

Blackstone expects to raise $20 billion for flagship secondaries fund Strategic Partners IX, which came to market in April, according to chief operating officer Jon Gray. The fund raised $12.8 billion in the fourth quarter alone against a target of $13.5 billion.

Goldman declined to comment on fundraising.