Goldman Sachs Asset Management's Private Equity Group Closes Three New Funds Totaling $3 Billion
NEW YORK, March 2, 2005 – Goldman Sachs Asset Management's Private Equity Group announced the closing of three new funds with total committed capital of over $3 billion. With the closings of these new funds, the Group now manages over $13 billion in committed capital across a range of primary fund-of-funds and secondary funds. The three new funds and related vehicles are: GS Vintage Fund III, GS Private Equity Partners 2004 and GS Distressed Opportunities Fund II.
"Since we formed the Private Equity Group within Goldman Sachs Asset Management in 1996, we have strived to be recognized as one of the most thoughtful, innovative investors within the private equity limited partner community," said Managing Director Michael Miele, the Group's Chairman and Chief Investment Officer. "The strong support we have received from the firm's institutional and high-net worth investor base over the last 12 months is most encouraging. We will continue to grow the franchise in a very measured way as we remain focused on creating the highest quality portfolios for our clients."
The three funds that have closed are:
GS Vintage Fund III is the Group's third dedicated private equity secondaries fund. The Fund and related vehicles closed in December 2004 with $1.5 billion in committed capital. Limited partners include both institutional and private investors in the Americas, Europe, Asia, and Australia. Drawing on Goldman Sachs' global sourcing network, extensive general partner relationships, and due diligence capabilities, the GS Vintage Funds, with over $3 billion in aggregate committed capital, have pioneered unique liquidity and capital solutions to both limited partners and general partners. The GS Vintage Fund III has already completed several transactions.
GS Private Equity Partners 2004 is the Group's seventh primary fund-of-funds. The Fund and related vehicles closed with $1.2 billion in committed capital in February 2005. The Private Equity Partners (PEP) family of funds, representing over $8 billion in committed capital, is a global, diversified fund-of-funds program. Each fund makes multiple investments across a range of private equity funds whose strategies include buyouts, venture capital, growth capital and distressed and other special situations. The Fund may also make co-investments and has the ability to acquire relatively unfunded secondary positions. Much of the capital raised for PEP 2004 came from existing PEP investors in the US and Europe, with additional demand from some new institutional investors.
GS Distressed Opportunities Fund II is the Group's second distressed fund-of-funds. The Fund and related vehicles closed in May 2004 with $386 million in committed capital and has already committed 72% with managers focusing on both distressed equity and distressed debt strategies. This Fund is a follow-on fund to GS Distressed Opportunities I, a $385 million fund raised in June 2002.
Managing Directors Charles Baillie and Christopher Kojima are co-heads of the Private Equity Group in Goldman Sachs Asset Management and lead the Group along with Mr. Miele.
The Private Equity Group of Goldman Sachs Asset Management manages over $13 billion of capital in primary fund-of-funds and secondary funds. Based in New York and London, and sharing resources across several additional Goldman Sachs offices around the world, the Group comprises over 70 professionals. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $452 billion as of November 26, 2004. For more information, please visit www.gs.com/peg.