Weekly roundup of significant private equity developments
Goldman Sachs Expands Private Equity Operations and Launches New Fund
Goldman Sachs, the renowned investment bank, is making significant strides in the private equity sector. The firm's private equity operations encompass a broad spectrum, including buyout, growth, secondary, and co-investment deals, forming part of its wider alternatives platform.
Goldman Sachs' Expansion Strategy
In 2025, Goldman Sachs Asset Management (GSAM) launched the Goldman Sachs Collective Trust – Private Credit Fund (GS Private Credit CIT). This fund aims to give defined contribution (DC) plans access to private credit investments through a retirement-focused vehicle. While this fund is primarily focused on private credit rather than direct private equity buyouts or growth equity, it reflects Goldman Sachs' broader move to expand alternative investment access to a wider investor base, including retirement portfolios.
The private equity platform itself is growing to counter talent poaching and broaden its capabilities across private equity, secondaries, and private lending. This strategic effort to strengthen its multi-asset alternatives offering and enhance deal sourcing and execution in buyout, growth, and secondary markets is evident.
Additionally, Goldman Sachs Alternatives led a consortium to acquire a majority stake in NAVEX, signaling an expansion into complementary sectors and international markets, aligning with their strategy to expand product offerings and presence globally in alternatives.
Competitive Landscape
Goldman Sachs competes with other large investment firms with robust private equity platforms such as Blackstone, KKR, Carlyle Group, and Apollo Global Management. The mention of Blackstone as a partner in the Panorix Target Date Series and as a competitor in private equity underscores the competitive landscape in alternatives. Firms like Blackstone are also active in private equity, private credit, secondaries, and co-investments, directly competing on deal flow, product innovation, and investor access.
The NBA's European League and Franchise Valuations
Apart from its private equity ventures, Goldman Sachs is also involved in the sports industry. The NBA is planning to launch a European basketball league, and Goldman Sachs is leading a $2.77bn financing package for Prada's proposed acquisition of Versace. The league may see valuations exceed $500m in key markets such as London and Paris. The NBA plans to retain a 50% equity stake in the league, offering the remaining ownership to franchise investors. Private equity firms, sovereign wealth funds, and institutional capital are potential investors in the new league.
Goldman Sachs' New Open-Ended Private Equity Fund
To further expand its alternatives platform, Goldman Sachs has launched a new open-ended private equity fund called G-PE. This fund allows high-net-worth individuals to invest in buyout, growth, secondary, and co-investment deals. The launch of G-PE is part of Goldman Sachs' strategy to compete more directly with Blackstone, Apollo, and KKR in the alternative asset management sector.
[1] Goldman Sachs Press Release: [Link] [2] GS Private Credit CIT Factsheet: [Link] [3] GSAM Strategy Update: [Link] [4] Goldman Sachs Alternatives Acquisition of NAVEX: [Link] [5] Blackstone and Goldman Sachs Partnership: [Link]
- Goldman Sachs' private equity operations include buyout, growth, secondary, and co-investment deals, signifying their wider alternatives platform expansion.
- The new Goldman Sachs Collective Trust – Private Credit Fund (GS Private Credit CIT) is aimed at providing defined contribution plans access to private credit investments, though it primarily focuses on private credit rather than direct private equity buyouts or growth equity.
- To strengthen its multi-asset alternatives offering, Goldman Sachs is growing its private equity platform and broadening capabilities across private equity, secondaries, and private lending.
- Goldman Sachs, along with a consortium, acquired a majority stake in NAVEX, a move that signals an expansion into complementary sectors and international markets.
- Goldman Sachs competes with firms like Blackstone, KKR, Carlyle Group, and Apollo Global Management in the private equity sector, with both being partners in the Panorix Target Date Series and competitors in alternatives.
- Goldman Sachs has launched a new open-ended private equity fund called G-PE, allowing high-net-worth individuals to invest in buyout, growth, secondary, and co-investment deals, aiming to compete more directly with Blackstone, Apollo, and KKR in the alternative asset management sector.
