Goldman Sachs (NYSE:GS) Asset Management has reportedly raised US$5.2bn for its new direct private markets fund, the West Street Global Growth Partners.
One of the largest of its kind, the fund aims to buy minority stakes in high-growth businesses, with an average investment size of US$50 million.
The fund was able to attract US$3.7bn from institutional and high net-worth investors, along with commitments from Goldman Sachs (NYSE:GS) Group Inc and its employees, according to Reuters.
Last year, the company closed a US$9.7bn private-equity fund, the largest since 2007, which targets investments in companies with an enterprise value ranging from US$750mln to US$2bn.
The West Street Global Growth Partners fund is managed by its growth equity business division, led by Darren Cohen in New York, Nishi Somaiya in London and Stephanie Hui in Hong Kong.
Julian Salisbury, Goldman Wealth's chief investment officer, is quoted by the newswires as saying: "We believe the pace of innovation across enterprise technology, financial technology, healthcare, and consumer businesses shows no sign of abating."
According to Reuters, the fund has already made investments in companies like 4G Clinical, a US-based tech company for the pharmaceutical and biotech industries, AlphaSense, a U.S. market intelligence platform, and Exotec, a French warehouse robot systems manufacturer.