Directing Capital to Diverse Managers

Goldman Sachs' AIMS seeks to invest in majority black-owned venture capital and growth equity funds

"Via our Alternative Investments & Manager Selection (AIMS) Group, Goldman Sachs manages a fund-of-funds strategy that seeks to invest in Black-owned venture capital and growth equity funds. The BEO fund is promoting greater representation of Black investors and entrepreneurs in the venture capital and growth equity ecosystem. The fund is anchored by a commitment from former Microsoft CEO Steve Ballmer and his wife Connie as part of their focus on Black investment managers and Black businesses.

Over a three-year period, BEO plans to invest in six to nine funds per year. Through this fund, we aim to direct more capital into the hands of diverse managers who are focused on investing in diverse talent and driving strong financial outcomes. We expect the majority of the underlying firms to be managed by emerging Black talent who may be running first-, second- or third-time funds and we anticipate that at least 30% of the underlying companies will be led by Black founders.