Capri Holdings at Goldman Sachs conference: turnaround gains pace

Goldman Sachs Alternatives has successfully raised a substantial $11.7 billion across its most recent private equity funds and related co-investment vehicles, as reported by Reuters. This fundraising effort includes $9.6 billion for West Street Capital Partners IX, the ninth iteration of Goldman Sachs Alternatives' flagship buyout strategy, alongside $1.6 billion for West Street Asia Equity Partners I, their inaugural pan-Asian private equity fund, and an additional $500 million for associated co-investment vehicles.

The $9.6 billion West Street Capital Partners IX fund has garnered commitments from a variety of investors, including institutional and high-net-worth investors from North America, Europe, and the Middle East, as well as significant contributions from Goldman Sachs and its personnel. The fund is focused on control investments, with over one-third of its capital already committed.

Some of its existing investments encompass US cybersecurity auditing firm Schellman, European medical devices company Numantec, and sports representation and marketing business Excel Sports Management.

Michael Bruun, the global co-head of private equity at Goldman Sachs Alternatives, emphasized that the strategy targets companies with enterprise values generally ranging between $500 million and $2 billion to $3 billion. The firm anticipates holding these investments for approximately four to five years, with a strong emphasis on creating operational and strategic value prior to exiting positions.

In parallel, Goldman Sachs Alternatives is expanding its dedicated Asia strategy, which aims to acquire controlling stakes in middle-market businesses and select growth investments throughout the region. This latest fundraising effort comes as Goldman Sachs strives to significantly expand the scale of its alternatives platform. At the end of June, the firm had $459 billion in assets under management, with a target of reaching $750 billion by the end of 2030.