Goldman Sachs Group is in discussions with the Kuwait Investment Authority (KIA) to receive a $10bn investment mandate for its asset-management arm, reported Bloomberg.
The mandate is aimed at strengthening its private markets strategy in the Middle East and the money is expected to be distributed over the coming years across a variety of funds.
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According to sources with knowledge of the matter, the investment would be channelled into several of Goldman Sachs’ funds, with a particular emphasis on credit, private equity and infrastructure.
While the conversations are ongoing, there has been no official statement from either the KIA or Goldman Sachs on the potential agreement.
The completion of the investment by KIA is not yet assured.
Earlier this month, Goldman Sachs has expanded its operations in the Gulf, with the opening of a new office in Kuwait to enhance its presence in the region.
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By GlobalDataThe firm’s third quarter earnings report revealed that it is focusing on increasing its private assets under supervision, which currently amount to $374bn, the report added.
The bank aims to expand in the Middle East to engage with the region’s sovereign wealth funds.
In 2023, it opened an office in Abu Dhabi and secured a regional headquarters licence in Saudi Arabia.
Recently, the firm introduced its onshore Private Wealth Management services in Riyadh, Saudi Arabia.
It will leverage ‘One Goldman Sachs’ strategy, which involves close collaboration among asset management, global banking, and markets teams in the region.
