Launch With GS is Goldman Sachs’ $500 million investment strategy grounded in our belief that diverse teams drive strong returns. Through Launch With GS, Goldman Sachs aims to increase access to capital and facilitate connections for women, Black, Latinx and other diverse entrepreneurs and investors.

The Opportunity

Companies led by diverse management teams leverage a range of perspectives to better compete in a globalized economy. Companies in the top quartile for ethnic diversity are 33% more likely to have industry-leading profitability, and those in the top quartile for gender diversity are 21% more likely to outperform1. Diverse-owned funds are overrepresented in the top quartile of private equity funds2.

However, just under 3% of venture capital in the United States goes to women-led teams3 and only 1% goes to Black and Latinx founders4, 0.32% to Latinx women, and 0.0006% goes to Black women5. Across venture capital and private equity more broadly, of the $69 trillion of global financial assets under management across, less than 1.3% is managed by women and people of color6.

This market imbalance, coupled with our belief that diverse teams outperform, is the catalyst behind Launch With GS.

Here is our approach:

Investing in companies led by diverse management teams

through Goldman Sachs’ principal investing businesses

Partnering with clients

to back investment managers with at least one diverse GP across venture capital, growth equity and private equity strategies

Building a community

of entrepreneurs, investors and other business leaders to facilitate actionable connections and grow the pipeline of future investment opportunities

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How to Launch

A series featuring insights and advice from founders and Goldman Sachs investors on entrepreneurship and building businesses

Our Perspectives

“In Asia, many healthcare, technology and consumer companies are increasingly catering to female consumers. Portfolio companies with a diverse leadership team at the helm have a clear competitive advantage since they are better positioned to understand the true needs of their customers.”

Stephanie Hui
Managing Director
Corporate Investing

“The bottom line is this makes sense for our business – because investing and helping companies grow is our business. We also hope it makes a difference for women who have big ideas but find themselves cut out of the funding ecosystem.”

Stephanie Cohen
Chief Strategy Officer

“Entrepreneurs think differently than everyone else – otherwise their idea would already exist. If you’re looking for entrepreneurs in the same place over and over again, you’ll get the same ideas, over and over again.”

Jade Mandel
Vice President
Principal Strategic Investments

“When we invest in growth companies, amongst other things we are really backing management teams. We look for resilience, passion, and a demonstrated track record of making good decisions. And we believe that diverse teams make better decisions.”

Nishi Somaiya
Managing Director
European Special Situations Group

“We want to work with entrepreneurs who are humble and willing to do the work with us, because in the end they care about creating a great business that lasts. There’s a vision component to investing – what are you trying to build? And a values component – how are you going to build it?”

Darren Cohen
Managing Director
Global Head, Principal Strategic Investments

“Having worked in this industry for close to a decade, I’ve seen the gender investing gap firsthand. There’s a real economic benefit to having more women in board meetings and on investment committees, and in enabling women to create businesses that serve the broader economy.”

Olga Kaplan
Vice President
GS Growth

“We believe that having a diverse team makes investors better at understanding risk. The investing industry as a whole has a long way to go when it comes to gender diversity. We can accept that as the way it is, or we can try to change it.”

Julian Salisbury
Managing Director
Head, Global Special Situations Group

“We believe in the power of community in growing businesses, and that having a diverse network can make the difference in getting to that next level, whether you’re an entrepreneur or an investor. That’s what we’re building with Launch With GS.”

Jemma Wolfe
Vice President
Head of Launch With GS

“We’ll measure our success through our investment returns. We want to prove that investing in female-led businesses is not a trend – it’s good economics. That’s important.”

Rana Yared
Managing Director
Principal Strategic Investments

“A successful investment firm requires a special combination of great investment thinking and great business building. We’ve found that the most thoughtful firms recognize these two skill sets are really distinct. The best managers work hard to build teams with a range of talents that complement, where the whole is truly greater than the sum of the parts.”

Chris Kojima
Managing Director
Alternative Investments & Manager Selection

News and Events

Q&A with Kirsten Green, Founding Partner at Forerunner Ventures - In this Q&A with Launch With GS, Kirsten Green talks about about getting started, partnering with entrepreneurs, and driving culture at her firm. Read Article

New Report All In: Women in the VC Ecosystem - Goldman Sachs teamed up with PitchBook, All Raise and Microsoft for Startups to dive into the latest data around women-led businesses in North America, and the findings are in a new report titled, All In: Women in the VC EcosystemRead Report

The Future of Consumer Healthcare - Launch With GS recently hosted an event in New York at Luminary, a women-led co-working space, where we brought together entrepreneurs, investors and corporate executives in the consumer healthcare space for a conversation with Mindy Grossman, CEO of WW, and Brent Saunders, CEO of Allergan. Read Article

Q&A with Hollie Haynes, Founder and Managing Partner of Luminate Capital Partners - In this Q&A with Launch With GS, Hollie Haynes talks about venturing out on her own, what she looks for in an investment, and why entrepreneurs are actually risk-averse. Read Article

Launch With GS: Lead Investors on Their Investing Philosophy and Keys to Success - Three lead investors for Launch With GS, Nicole Agnew, Stephanie Hui and Jo Natauri discussed their approach to investing, and their advice for entrepreneurs, as well as individuals interested in pursuing a career in investing with The Glass Hammer Read Article

Videos You May Be Interested In

Kirsten Green: Founding Partner of Forerunner Ventures
In this Talks at GS session, Kirsten Green discusses the investing approach that has guided her success as a venture capital investor in fashion, beauty and lifestyle brands, as well as her views on the constantly-shifting consumer landscape. Watch Video

Julia Hartz: Co-Founder and CEO of Eventbrite
In this Talks at GS session, Julia Hartz discusses merging a digital platform with live experiences, reflections on becoming a public company, and why the company’s culture has been key to its success. Watch Video

Rebecca Minkoff: Fashion Designer
Rebecca Minkoff discusses building her eponymous fashion brand, how technology and social media are driving the fashion industry and her efforts to support women-led businesses through the Female Founder Collective. Watch Video

Stacey Cunningham: President of the NYSE Group
In this Talks at GS session, Stacey Cunningham discusses her journey at the NYSE from one-time intern to its first female president and her efforts to bring innovation and efficiency to the NYSE during a time of evolution in the marketplace. Watch Video

Womenomics 5.0: Twenty Years On
In 1999, Goldman Sachs Research Strategist Kathy Matsui published a seminal research report on “Womenomics,” exploring how much Japan’s GDP could grow if more women were in the labor force. Matsui reflects on the progress we’ve seen and where challenges remain. Watch Video



Sources:

McKinsey, 2018

 

Knight Foundation, 2019

 

3 Pitchbook, 2019

 

4 Kauffman Foundation, 2018

 

5 DigitalUndivided, 2018

 

6 Stanford University, Illumen Capital 2019



The material provided herein is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein, notwithstanding that any such securities may be currently being offered to others. Any such offering will be made only in accordance with the terms and conditions set forth in the offering documents pertaining to such fund. Prior to investing, investors are strongly urged to review carefully all of the offering documents. No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the offering documents. As of September 2018 unless otherwise indicated.

GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Private equity investments are speculative, highly illiquid, involve a high degree of risk, have high fees and expenses that could reduce returns, and subject to the possibility of partial or total loss of fund capital; they are, therefore, intended for experienced and sophisticated long-term investors who can accept such risks. There can be no assurance that any objectives or targets stated in this material can be achieved; any targets provided are subject to change and do not provide any assurance as to future results. The ability of underlying funds to achieve their objectives or targets depends upon a variety of factors, not the least of which are political, public market and economic conditions. Any historical performance of individual partnerships shown is for informational purposes only and does not guarantee their future performance, which can vary considerably. The trading market for the securities of any portfolio investment of the underlying funds may not be sufficiently liquid to enable such funds to sell such securities when it believes it is most advantageous to do so, or without adversely affecting the stock price. In addition, such portfolio companies may be highly leveraged, which leverage could have significant adverse consequences to these companies and the funds offered by AIMS Private Equity. Furthermore, restrictions on transferring interests in AIMS Private Equity funds may exist so prospective investors should be prepared to retain their investments in any AIMS Private Equity fund until the fund liquidates. For a complete discussion of risks that are unique to a particular AIMS Private Equity fund, please refer to the respective fund’s offering documents, which should be carefully reviewed prior to investing.