Goldman plans to raise $2bn for its first Asia-Pacific private equity fund, it was reported.
Two people familiar with the matter said today that Goldman Sachs plans to raise $2bn for its first dedicated Asia-focused private equity fund, hoping to deepen investments in some of the world’s fastest-growing economies.
The Goldman financing comes as some Asian private equity firms reshape their investment strategies and regional allocations, mainly due to rising interest rates, market volatility and macroeconomic factors.
The two people said Goldman’s investment banking arm, Goldman Asset Management, has been marketing the new fund to sovereign wealth funds, pension funds and private investors, aiming to complete its first close in the fourth quarter.
One of the people said the fund would focus mainly on investment opportunities in the Japanese market, with about half of its capital expected to be allocated to the Japanese market. India, South Korea and Australia would also be key markets, with Goldman continuing to look for opportunities in the Chinese market.
A spokesman for Goldman declined to comment.
Data provider Preqin showed that private equity fundraising in Asia focused on the region rose 4% year-on-year to $52.7bn in the first half of 2024, but was still far below the average of $131.7bn in the first half of the past decade.
Since David Solomon became chief executive of Goldman in 2019, Goldman has been reducing its use of its balance sheet in asset management and instead investing through external capital, aiming to boost fee income.