Goldman Sachs Asset Management raises $5.2 billion, to invest globally

The fund has invested in Indian companies such as Swiggy, MoEngage, and ElasticRun

Goldman Sachs Asset Management on Tuesday announced the final close of its $5.2-billion West Street Global Growth Partners fund.

In India, the fund invested in MoEngage, a customer engagement platform that provides actionable insights into customer behavior and marketing automation; ElasticRun, a business-to-business e-commerce platform and a tech-enabled last mile logistics firm; and Swiggy, a food ordering and delivery company.

The fund seeks minority stakes in businesses with an average investment size of approximately $50 million and will invest predominantly in the early to mid-stage segments of the growth equity market. The target sectors for the fund are enterprise technology, financial technology, healthcare and consumer, it said in a release.

The fund exceeded its initial fundraising target to close on $5.2 billion, including $3.7 billion of commitments from a diverse group of institutional and high net worth investors globally, alongside a significant commitment from Goldman Sachs and its employees — making it one of the largest first-time growth equity funds raised in history.

Recently, Goldman Sachs raised $1.6 billion private capital for the climate fund. The fund is managed by the growth equity business within Goldman Sachs Asset Management, which is led by Darren Cohen, Nishi Somaiya, and Stephanie Hui — based in New York, London, and Hong Kong, respectively.

Julian Salisbury, chief investment officer (asset & wealth management) at Goldman Sachs, said: “We believe the pace of innovation across enterprise technology, financial technology, healthcare, and consumer businesses shows no sign of abating, and we are excited to work closely with portfolio companies to navigate volatility and reach the next stages of growth."

West Street Global Growth Partners has invested in a number of companies, diversified by geography and industry, including 4G Clinical, AlphaSense, Exotec, Fortanix, Locus Robotics, MegaRobo, Starling Bank, and Xempus.