Goldman Sachs Asset Management on Tuesday marked the final close of its growth equity fund, West Street Global Growth Partners, at $5.2 billion.
The asset manager plans to invest in high-growth businesses with strong market positioning, high growth rates and durable business models, through this fund, it said in a statement.
The fund has already invested in a few companies in India, including customer engagement platform MoEngage, business-to-business ecommerce platform ElasticRun and food delivery platform Swiggy.
It further looks to invest primarily in early to mid-stage startups targeting sectors such as enterprise technology, financial technology, healthcare and consumer for a minority stake, with an average cheque size of about $50 million, the statement added.
“We believe the pace of innovation across enterprise technology, financial technology, healthcare, and consumer businesses shows no sign of abating,” said Julian Salisbury, chief investment officer for Asset and Wealth Management.
The West Street Global Growth Partners is managed by Darren Cohen in New York, Nishi Somaiya in London, and Stephanie Hui in Hong Kong.
Of the $5.2 billion, about $3.7 billion was raised from a diverse group of institutional and high net worth investors globally. The fund also got commitments from Goldman Sachs and its employees.
The latest fund comes months after the firm closed its $9.7 billion private-equity fund, its largest since 2007, in September 2022.
Goldman has more than $2 trillion in assets under management worldwide. It has one of the largest global growth equity teams with local presence in markets across the US, Europe and Asia.
“Our global team, drawing on the firm’s extensive networks and deep relationships, is well-positioned to identify unique opportunities and create value for investors,” said Salisbury.
Globally, the fund has also invested in some companies including market intelligence software company AlphaSense, clinical trial software provider 4G Clinical, robotic warehouse systems provider Exotec among others.