Goldman Launches “Largest” Secondary Fund

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Goldman Launches “Largest” Secondary Fund

By Charles Rotblut on April 13, 2009 | More Posts By Charles Rotblut | Author's Website

A day before reporting its quarterly results, Goldman Sachs Group Inc. (GS) said it raised $5.5 billion in capital commitments from investors to start a fifth fund for buying private-equity investments on the secondary market.

According to The Wall Street Journal, GS Vintage Fund V is the largest secondary fund ever raised. Limited partners in the fund include existing and new institutional and private investors in the Americas, Europe, Asia and Australia.

Goldman has been looking to pay back the $10 billion in government aid it received last fall. The investment bank is scheduled to report its first-quarter results on Tuesday.

GS Vintage Fund V is expected to reap benefits as banks and institutional investors struggle to boost their liquidity position by selling assets in private equity businesses at steep discounts.

Goldman shares were up nearly 3% to $127.83 in morning trade on the New York Stock Exchange.

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