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Goldman Sachs to raise ninth private equity fund this year

VCCircle

VCCircle · 1y ago

Goldman Sachs to raise ninth private equity fund this year

Goldman Sachs plans to raise its ninth private equity fund this year, according to CEO David Solomon. The size of the new fund was not disclosed. In 2022, Goldman Sachs closed its eighth private equity fund, which raised $9.7 billion. Solomon also stated that the firm is aiming for mid-teen percentage returns for its global banking and markets business, while its asset and wealth management business is projected to have strong margins. Additionally, Solomon mentioned that the consumer business needs further focus narrowing.

Related News

Goldman Sachs targets $2 bn for first Asia PE fund; to invest in Japan, India

VCCircle

VCCircle · 1y ago

Goldman Sachs targets $2 bn for first Asia PE fund; to invest in Japan, India

Goldman Sachs aims to raise $2 billion for its first Asia Pacific-focused private equity fund, targeting investment opportunities in Japan, India, South Korea, and Australia. The fund aims to have its first close by the fourth quarter of this year. Private equity firms in Asia are adjusting their investment strategies due to geopolitical tensions, higher interest rates, market volatility, and macroeconomic challenges. Goldman Sachs' Asia private equity team, led by Stephanie Hui, has already deployed $17 billion across 242 investments in the region.

SirionLabs backer Avatar Growth Capital gears up for larger second fund

VCCircle

VCCircle · 3m ago

Avatar Growth Capital, an investment firm based in Mumbai, is preparing to raise its second fund. The firm focuses on early-stage growth investments and was founded by Vishal Bakshi and Abhay Havaldar, previously affiliated with General Atlantic and Goldman Sachs Private Equity India, respectively. This move signifies the firm's intent to expand its investment capabilities further.

Warburg Pincus-backed Fortegra Group aims to raise $324 million in US IPO

Reuters · 1y ago

Warburg Pincus-backed Fortegra Group aims to raise $324 million in US IPO

Fortegra Group, backed by private equity firm Warburg Pincus, plans to raise up to $324 million through an initial public offering (IPO) in New York. The specialty insurance company aims to sell 18 million shares priced between $15 and $18 each. The IPO will be led by Goldman Sachs, JPMorgan, Jefferies, and Barclays.

Netsmart's owners explore a sale valuing it at $5 bln -sources

Reuters · 1y ago

Netsmart's owners explore a sale valuing it at $5 bln -sources

Private equity owners of healthcare software firm Netsmart Technologies are considering a sale of the company that could value it at over $5 billion, according to sources. Netsmart, owned by GI Partners and TA Associates, is working with investment banks Goldman Sachs and William Blair on the potential sale. The company expects to generate around $250 million in earnings this year. Potential buyers could include other private equity firms. Netsmart provides electronic health records services and software for telehealth services.

Inside Goldman Sachs' expanding but risky lending to private equity funds

VCCircle

VCCircle · 1y ago

Inside Goldman Sachs' expanding but risky lending to private equity funds

Goldman Sachs' fund finance unit, which lends money to private equity and other funds, has become a significant contributor to the bank's profitability. The unit has helped drive record revenues in fixed-income financing, with Goldman reporting a 31% increase in Fixed Income, Currencies and Commodities financing revenues in the first quarter of 2021. However, there are concerns about the risk associated with lending against assets that can be hard to value and trade, particularly in a downturn. Goldman has said it is "fairly conservative" in its lending approach and has robust due diligence processes in place.

JPMorgan in talks to replace Goldman as Apple’s credit card partner: Report | Mint

Livemint

Livemint · 11m ago

JPMorgan in talks to replace Goldman as Apple’s credit card partner: Report | Mint

JPMorgan Chase is reportedly in discussions with Apple to replace Goldman Sachs as the tech giant's credit-card partner. The talks have been ongoing since earlier this year and have recently advanced, but a potential deal is still several months away. Last year, Goldman Sachs and Apple ended their partnership, which involved credit cards and savings accounts. Goldman Sachs is now facing the financial consequences of its exit from this partnership, as it is seen as risky and unprofitable by other lenders.

Goldman Sachs acquires controlling stake in HR SaaS firm PeopleStrong for $130 million

Economic Times

Economic Times · 4m ago

Goldman Sachs acquires controlling stake in HR SaaS firm PeopleStrong for $130 million

Goldman Sachs' private equity arm has acquired a controlling stake in HR SaaS company PeopleStrong for $130 million from Multiples PE, which previously held an 84% stake. This marks the second major buyout of a SaaS company in 2023, following Everstone Capital's acquisition of Wingify. Founded in 2005, PeopleStrong reported a net profit of Rs 57 crore in fiscal 2024. This deal underscores growing private equity interest in the HR SaaS sector.

Apple shuts Goldman credit-card partnership

Livemint

Livemint · 1y ago

Apple shuts Goldman credit-card partnership

Apple has decided to end its credit-card partnership with Goldman Sachs, effectively terminating the Wall Street bank's foray into consumer lending. Apple sent a proposal to Goldman Sachs to terminate the contract within the next 12-15 months, which includes the credit card launched in 2019 and the savings account launched this year. It is unclear if Apple has already found a new issuer for the card. Goldman Sachs had been looking to offload the partnership since early this year after facing significant losses in its consumer operation.

Goldman ramps up credit business in India, targets diaspora

Livemint

Livemint · 1y ago

Goldman ramps up credit business in India, targets diaspora

Goldman Sachs plans to expand its credit business in India and target the country's wealthy diaspora as China loses its appeal to global investors. The investment bank aims to diversify its range of loans offered through its shadow banking unit and obtain a license to scale up in currency trading. This move comes as India is expected to be the world's fastest-growing major economy. Goldman sees opportunities in lending, private credit funds, and wealth management, particularly for Indian entrepreneurs based abroad. Private equity firms are also keen to invest in India.

Manjushree, 2 others plan IPO; Postman valuation falls in secondary deals

VCCircle

VCCircle · 1y ago

Manjushree, 2 others plan IPO; Postman valuation falls in secondary deals

Advent International is reportedly planning an IPO for Manjushree Technopack Ltd, India's largest rigid plastic packaging solution provider. The private equity firm has engaged JM Financial, ICICI Securities, Avendus Capital, and Goldman Sachs to manage the offering. Meanwhile, Postman's valuation has fallen in secondary deals.

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