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Goldman Sachs hits the road for $5bn secondaries fund

13 Apr 2012

Goldman Sachs Asset Management has begun marketing its sixth global secondary fund and is looking to secure commitments of between $4bn and $5bn, the Wall Street Journal reported on Friday.

GS Vintage Fund V, the fund’s predecessor, closed in April 2009 on $5.5bn, exceeding its $5bn target and making it the largest secondaries fund raised at the time.

The fund focused primarily on acquiring portfolios of private equity assets, including limited partnership interests in private equity funds in the $1m to $1bn range.

Fund VI is poised to capitalise on a slew of secondary opportunities that are expected to become available in the near future, as banks are forced to bolster capital reserves and shed riskier assets to meet global regulatory requirements over the next few years.

Secondary deals were valued at around $25bn last year, a level that is likely to be sustained this year, according to market intermediary Cogent Partners.

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