Goldman surpasses $5bn for latest private equity secondaries fund

Goldman raised $10.3bn for predecessor Vintage VIII against a target of $7bn, according to Secondaries Investor data.

Goldman Sachs Asset Management has held a second close on its latest flagship private equity secondaries fund in what could be another megafund for the secondaries market.

The New York-headquartered firm has raised at least $5.46 billion for Goldman Sachs Vintage Fund IX, according to filings with the US Securities and Exchange Commission. It is unclear how much the firm is targeting for the fund.

Fund IX had raised at least $3.8 billion in March last year, having made the first sale that month, Secondaries Investor reported.

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.

A spokesperson for Goldman declined to comment.

Goldman was co-lead investor on last year’s single-asset continuation fund transaction for KKR’s consumer website operator Internet Brands alongside Partners Group. The deal totalled somewhere in a range of $2 billion-$2.5 billion, affiliate title Buyouts reported.

The manager also co-led on London-headquartered healthcare specialist GHO Capital Partners’ single-asset continuation fund process involving Validant, a compliance and regulatory consultancy firm, Secondaries Investor reported. Los Angeles County Employees Retirement Association was also co-lead on the transaction.

Secondaries fundraising toppled to a three-year low in 2022. Just 58 funds closed across the year, raising a total of $48.8 billion, according Secondaries investor data. That figure is down by 32 percent compared with 2021’s commitments and is less than half of the roughly $100 billion raised by secondaries strategies in 2020.

By number of funds to close, last year marked a six-year low.

Secondaries vehicles were seeking $104.8 billion as of 6 February, according to Secondaries Investor data.