Goldman Sachs, through its Petershill platform, is raising a US$5 billion flagship fund to invest in minority stakes in alternative asset managers globally. Petershill invests by acquiring minority ownership stakes in private-markets investment managers, including firms focused on private equity, credit, and real estate. In return, it receives a portion of the managers’ management fees, carried interest, and overall profits. The platform has previously supported several well-known firms, such as ArcLight Capital Partners and Francisco Partners.

Its previous flagship fund, launched in 2020 during a difficult period for the private equity industry, has already returned nearly half of the committed capital to investors and generated approximately US$3.2 billion in distributions since January 2024. Key realizations from the fund include the sale of a majority stake in General Catalyst, along with exits from investments in Harvest Partners, LMR Partners, and a partial stake in Accel-KKR.

The new Petershill fund plans to keep investing in minority stakes in leading alternative asset managers, allowing investors to benefit from diversified income streams generated across the alternatives sector. At the same time, the strategy supports the growth of Goldman Sachs’ asset and wealth management business. During the first half of 2025, Petershill reported approximately US$5.5 billion in investments at fair value and distributed about US$265 million to investors.