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Goldman Sachs bags $2.2bn for sixth secondaries fund

24 May 2013

dollar 20_sqGoldman Sachs has broken through the halfway point for its sixth secondaries vehicle after receiving more than $2.2bn of commitments.

The firm has picked up about $1bn of new commitments in less than a year according to a US Securities filing, which showed more than 1,000 LPs have pledged capital to the Vintage VI vehicle to date.

Vintage VI is targeting between $4bn and $5bn for the fund according to a report by Dow Jones last year, although no target is given in the SEC filing.

Goldman raised $5.5bn for its last secondaries fund, which it closed in 2009, making it the largest vehicle of its type in the market at the time.

It has since been eclipsed by Lexington Partners $7bn fund and AXA Private Equity’s $7.1bn vehicle.

Mega-secondaries funds have gained popularity with investors amid institutional investors such as banks and insurance companies being required by new regulation to shed risky portfolios of assets in the wake of the financial crisis.

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