: Goldman Sachs Asset Management closes first growth equity fund for minority stakes in portfolio companies

Goldman Sachs Group Inc. GS said Tuesday its Goldman Sachs Asset Management unit closed its first growth equity private investment fund for acquiring minority stakes in companies. West Street Global Growth Partners closed with $5.2 billion, as one of the largest first-time growth equity funds ever, the firm said. The fund, which takes its name from the Goldman Sachs headquarters on 200 West Street in Lower Manhattan, will invest roughly $50 million each in “high-growth businesses with strong market positioning, high growth rates and durable business models,” the firm said. The $5.2 billion in capital includes $3.7 billion of commitments from institutional and high net worth investors, as well as “a significant commitment from Goldman Sachs and its employees,” Goldman Sachs said. Darren Cohen in New York, Nishi Somaiya in London and Stephanie Hui in Hong Kong lead the firm’s growth equity team under Julian Salisbury, chief investment officer for Asset and Wealth Management. Goldman Sachs stock has risen 8% in 2023, compared to a 7.1% jump by the S&P 500 SPX. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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