The Vintage Funds, an innovator in the secondary market since 1998, provides general partner fund managers and private market limited partner investors with liquidity options.
They are a flagship of Goldman Sachs’ alternatives franchise and manage over $45bn in assets under management as of 30 June 2023.
Vintage IX, Goldman Sachs’ ninth iteration of its broadened private equity secondaries strategy and its biggest offering among the Vintage Funds, raised $14.2bn in equity commitments from a global and diverse group of institutional and high net worth investors, as well as significant commitment from Goldman Sachs employees.
In 2020, Vintage VIII, the company’s predecessor fund, closed on commitments totalling $10.3bn.
Harold Hope, global head of secondaries at Goldman Sachs Asset Management, said: “Vintage Infrastructure Partners is a natural extension of our platform, and we are encouraged by the tailwinds that continue to drive growth and opportunity in that part of the market. With dedicated infrastructure secondary capital, we hope to be a more complete solutions provider to investors and managers looking for liquidity options across the entire range of their private market investments.”
Furthermore, the profitable outcome of the fundraising reflects the market’s appreciation of the team’s 25-year track record and the appealing secondaries market opportunity.
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Liquidity is in high demand as a result of many international institutions having excessive allocations to private markets or looking for methods to generate liquidity within their portfolios.
The secondaries team stands out due to its extensive background in carrying out both conventional LP secondary transactions and non-traditional secondary solutions (such as continuation vehicles and preferred equity).
As well as its capacity to source, assess, and carry out these investments using the wider resources of Goldman Sachs.
Vintage Infrastructure Partners, which capitalises on 15 years of infrastructure secondaries investment within the current Vintage platform, closed about $1bn in equity commitments.
This made it Goldman Sachs’ first commingled fund specifically focused on the expanding infrastructure secondaries market.