Monday, July 15, 2024

Goldman raises $700m for new fund investing in hedge and private credit

Goldman Sachs Asset Management raised over $700m for its Union Bridge Partners I vehicle which will invest alongside hedge fund and private credit managers in new opportunities.

Described as an opportunistic co-investment strategy targeting risk-adjusted returns, Union Bridge will source from private credit and hedge fund managers’ high-conviction positions and invest side-by-side.

The fund is part of the US bank’s $340bn External Investing Group (XIG), which helps clients to find, access and assess opportunities from third-party asset managers.

The platform houses some of Goldman’s flagship direct alternatives strategies, including the Vintage Strategies (secondaries) and Petershill (GP Stakes) businesses, the bank said.

Union Bridge is already about 40% deployed with investments in the US and Europe in sectors ranging from hospitality to music royalties.

The fundraising from institutions, family offices, private wealth clients and Goldman Sachs employees is a vote of confidence for hedge funds and private credit.

“This fundraise reflects the growing opportunity set in opportunistic co-investments and the advantages of the XIG platform to source and execute these investments,” said Michael Brandmeyer, global head of XIG at Goldman Sachs Asset Management.