Goldman Sachs Asset Management has exceeded the target on its latest flagship secondaries fund, becoming the second manager to surpass the target on a mega-fund so far this year.
The investment bank has raised more than $8 billion for Vintage VIII, according to two sources with knowledge of the matter. Final close is not imminent, Secondaries Investor understands.
Secondaries Investor first reported in November 2018 that Goldman was returning to market targeting as much as $7 billion. The fund reached the $5.4 billion mark in August.
Deals Goldman has backed in recent years include the €2 billion restructuring of PAI Europe V, a single-asset restructuring on TDR Capital II and the acquisition of a $2 billion portfolio from Singaporean sovereign wealth fund GIC.
Predecessor Vintage VII, which raised $7.12 billion by final close in 2017, delivered a net internal rate of return of 17.96 percent and net multiple of 1.18x as of 30 June, according to data from Minnesota State Board of Investment.
Vintage VIII has higher carried interest than its 2016-vintage predecessor, Secondaries Investor reported in February last year. It charges 12.5 percent carry, compared with the 10 percent charged on its $7.2 billion Vintage VII, according to private placement memorandums for the vehicles seen by Secondaries Investor.
Goldman ranked fifth in Secondaries Investor‘s latest SI 30 ranking of the biggest fundraisers, having amassed just over $17 billion between January 2014 and June 2019.
In January, Lexington Partners became the first firm with a secondaries mega-fund to hold a final close this year, beating its $12 billion target to raise $14 billion for its ninth flagship.
The firm declined to comment on fundraising.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: