Goldman Sachs Asset Management has formed a joint multi-year partnership with National Association of Investment Companies (NAIC) with the aim of diversifying the alternative investment space.

As part of the collaboration, Goldman Sachs will support NAIC initiative to establish the Next Generation of Private Equity Firms Symposium (NextGen) and the Women in Alternatives Initiative (WIAI).

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NextGen targets to train individuals who recently launched a fund or are looking to launch one in the next 12 months.

The series will consist of intensive virtual training sessions designed to educate and empower a new generation of ethnically diverse and female general partners.

WIAI aims to increase the number of women in the private equity and hedge fund space.

As part of this initiative, the companies plan to utilise a three-pronged strategy to address the under-representation of diverse female professionals within the alternative investments industry.

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Goldman Sachs head of Launch With GS Suzanne Gauron said: “At Goldman Sachs, we believe diversity and inclusion is imperative not just for our firm, but also for our clients.

“We are excited to partner with NAIC to help foster the growth of the next generation of diverse investment managers.”

The partnership builds on Goldman Sachs’ initiative to diversify its capital allocation as well as talent pipeline. It will expand the firm’s exposure to a spectrum of diverse-owned asset management firms.

Commenting on the development, NAIC president and CEO Robert Greene said: “Together, our organisations will accelerate the formation of relationships between Goldman Sachs and some of the foremost diverse asset managers. We are excited to be a part of such a game-changing undertaking.”

Last month, Goldman Sachs reportedly teamed up with cryptocurrency merchant bank Galaxy Digital to start trading bitcoin futures.