October 17, 2025
Announcing Organizational Changes in the Capital Solutions Group 

As the demand for innovative asset-backed financing solutions reaches unprecedented levels, and client demand for capital within private and alternative markets continues to multiply, we are pleased to announce a series of organizational changes and appointments in the Capital Solutions Group. These changes are part of our ongoing commitment to align our business structure with the evolving ambitions and needs of our clients, ensuring we remain at the forefront of these dynamic shifts and opportunities.

Infrastructure and Real Asset Finance Group
To enhance our global effort around harnessing the opportunities in the areas of infrastructure, real assets, and high-grade private credit, we are forming a global Infrastructure and Real Asset Finance (IRAF) Group. Led by John Greenwood, this group will leverage the current capabilities within the infrastructure and real asset businesses in Structured Finance, and bring together bespoke origination, structuring, and distribution skills to drive enhanced focus and accountability in this substantial and growing market. Fernando Rivera will assume additional responsibilities for growth initiatives within this new group. 
 
Commercial Real Estate Finance Group
The Commercial Real Estate Finance Group, led by Miriam Wheeler, will continue to operate separately. 
 
Residential, Consumer, and Other Financial Assets Group
We are creating a unified global Residential, Consumer, and Other Financial Assets Group under the leadership of Steven Moffitt and Rajiv Kamilla, which will incorporate our existing capabilities across Residential Real Estate, Consumer Finance, and Other Structured Finance Assets. This group will enable more holistic client engagement, as well as more effective deployment of origination, lending, structuring, and distribution expertise.  
 
Private and Alternatives Capital Markets Group
We will bring together our equity and debt private capital markets capabilities under the global Private and Alternatives Capital Markets (PACM) Group, led by Michael Voris. The group will help us broaden our suite of client solutions through enhanced focus and collaboration, and ensure we continue to be positioned as a key player in capital raising and distribution within the fast-growing alternatives asset class. Michael will continue to serve as co-head of Americas Equity Capital Markets.
 
Please join us in wishing John, Fernando, Miriam, Steven, Rajiv, Michael, and their teams, continued success. 

October 17, 2025
Fernando Rivera to Become Co-Head of Latin America and Head of Investment Banking for Latin America 

Following the announcement that John Greenwood will become global head of the Infrastructure and Real Asset Finance Group within the Capital Solutions Group (CSG), we are pleased to announce that Fernando Rivera will become co-head of Latin America and head of Investment Banking for Latin America, in addition to his new responsibilities in the Infrastructure and Real Asset Finance Group within CSG.

In his new role, Fernando will focus on further developing our client franchise and delivering on our strategic and commercial priorities for the region, working with Osmin Rivera, co-head of Latin America.

Fernando is currently global co-head of FICC Sales Strats and Structuring, head of Americas Emerging Markets Regional Sales, and co-head of Latin America Structured Credit Trading and Lending. He joined Goldman Sachs as an associate in 2006, and was named managing director in 2012 and partner in 2022.

We thank John for his critical role in advancing our client franchise in Latin America. We are grateful for his contributions to our clients, as well as his commitment to our people in the region.

Please join us in congratulating Fernando on his new responsibilities, and in thanking John again for his contributions.

October 16, 2025
Lotfi Karoui to Leave Goldman Sachs 

After 18 years of distinguished service, Lotfi Karoui, chief credit strategist and head of Credit, Mortgages and Structured Products Research, will leave the firm. 

Throughout his career, Lotfi has played an instrumental role in shaping and refining our differentiated credit strategy content and driving commercial excellence.  His deep knowledge of public and private credit markets has been important in building and deepening relationships with our clients and strengthening our credit franchise.  Lotfi’s thought leadership has been widely recognized, and his work has been featured in several leading academic journals. 

Beyond his outstanding research and commercial contributions, Lotfi has served as a mentor and friend to many of our research analysts, especially within Global Macro Research.  Lotfi’s dedication extended to our people and community priorities within Research, where he made meaningful contributions to the GIR Talent Council and as a senior champion for the Disability Network.

Lotfi joined Goldman Sachs in 2007 as an associate in Credit Strategy Research.  He was named managing director in 2015 and partner in 2024. 

Please join us in thanking Lotfi for his many outstanding contributions to Goldman Sachs and in wishing him the best for the future.

October 15, 2025
Ashish Shah to Become an Advisory Director

After more than seven years of dedicated service, Ashish Shah, global co-head and chief investment officer of Public Investing, will retire from the partnership and become an advisory director at the end of the first quarter of 2026. I look forward to continuing to benefit from Ashish’s counsel in this new capacity.
 
Ashish joined the firm as a partner in 2018. He initially served as global co-head and CIO of Fixed Income and Liquidity Solutions, where he was also a portfolio manager for a number of our flagship fixed income strategies. More recently, as the CIO and co-head of Public Investing, Ashish has been a driver of our investment culture and business strategy, driving strong investment performance for our clients. Ashish has also championed innovation and the deployment of artificial intelligence, encouraging the use of advanced data analytics to enhance our research, portfolio construction and execution capabilities.
 
Throughout his tenure, Ashish has served on several committees, including the AWM Risk Committee and the Firmwide Conduct Committee.  
 
Ashish has also been dedicated to developing our people around the world, serving as a mentor and friend to many.  
 
Please join us in thanking Ashish for his continued service and dedication to our firm, and in wishing him and his family the best in the years ahead. 

October 13, 2025
Goldman Sachs Announces Acquisition of Industry Ventures

Today, Goldman Sachs announced it has entered into an agreement to acquire Industry Ventures, an alternative asset manager focused on the venture capital ecosystem with diverse investment strategies, including secondary, direct, hybrid funds of funds, and co-investments.  The firm’s acquisition of Industry Ventures’ investment platform accelerates the growth of our $540 billion alternatives business. 
 
Industry Ventures currently manages $7 billion of assets under supervision (AUS) and has made more than 1,000 secondary, primary and direct investments since the company’s founding in 2000.  The company’s realized performance since inception across its platform is an attractive net IRR of 18% and net realized Multiple on Invested Capital (MOIC) of 2.2X, as calculated by Industry Ventures.  The company has a 25-year track record as a collaborative and trusted partner, and its capabilities and investment strategies, particularly in secondary and direct investments, are highly relevant to our Asset & Wealth Management clients.
 
Today’s announcement also further solidifies our longstanding and productive relationship with Industry Ventures, which includes more than a decade of collaboration as a limited partner (LP) and co-investor.  Additionally, Goldman Sachs Alternatives-operated Petershill Partners has owned a minority stake in Industry Ventures on behalf of fund investors since 2019.
 
Industry Ventures will become part of Goldman Sachs Asset Management’s External Investing Group (XIG) franchise, complementing the group’s existing primaries, secondaries, and co-investment strategies for institutions and high net worth investors seeking access to innovation at the venture capital stages.  Industry Ventures’ relationships with entrepreneurs, venture capital firms, and LPs further enable Goldman Sachs to bring the capabilities of the entire firm to the fastest growing companies and sectors in the world.
 
In conjunction with the acquisition, we will welcome Industry Ventures colleagues to the firm, including Hans Swildens, the company’s founder and CEO, and Justin Burden and Roland Reynolds, Industry Ventures senior managing directors.  Hans, Justin, and Roland will join Asset & Wealth Management as partners.   
  
The transaction is expected to close by early 2026, subject to regulatory approval and conditions.  For more information about Goldman Sachs’ alternatives business and Industry Ventures’ AUS and investment performance, see the press release.
 
Please join us in welcoming the Industry Ventures team to Goldman Sachs. 

October 6, 2025
Raj Venkataramani to Leave Goldman Sachs

After more than 25 years of distinguished service, Raj Venkataramani, head of Global Foreign Exchange Options Trading, head of Global G10 Foreign Exchange Trading, and co-head of Global Short Term Macro Trading, will leave the firm. 
 
Throughout his career, Raj has made a significant impact on our trading franchise, with a focus on risk management and partnering effectively with sales to execute on our global priorities. We have benefitted greatly from his extensive experience in macro products.
 
Prior to assuming his current roles, Raj was a European interest rate products trader in London and before that, he managed the US interest rate products volatility and exotics portfolio in New York. Earlier in his career, Raj managed the London interest rate exotics portfolio after trading interest rate products in New York. 
 
In addition to his commercial contributions, Raj has dedicated time to recruiting and developing our people across trading. He has also contributed to the firm’s inclusion and diversity efforts as co-sponsor of the EMEA Global Banking & Markets – Public Women's Network.

Raj serves on the Structured Investment Products Committee, Goldman Sachs International Risk Committee, and Global Banking & Markets – Public Risk Committee.
 
Raj joined Goldman Sachs in 2000 as an associate after working as a summer associate in 1999. He was named managing director in 2008 and partner in 2014.

Please join us in thanking Raj for his many contributions to the firm and our clients, and in wishing him and his family the best in the years ahead.