Goldman Sachs Launches Private Markets Platform for Wealthy Clients

Goldman Sachs (NYSE: GS) has launched a new alternative investments platform targeting wealthy clients, according to a report from Quartz. The platform combines the bank's existing alternatives business with two newly created teams focused on direct company stakes and secondary trading.

The Product

The new platform integrates Goldman Sachs' existing alternatives business with two new teams: one focused on taking direct stakes in private companies, and the other on secondary trading (buying and selling stakes in private equity funds). The platform aims to offer wealthy clients diversified investment opportunities.

Pricing and Availability

The bank has not yet disclosed pricing details or minimum investment requirements. The platform is currently available to Goldman Sachs' wealthy clients.

Competition

The platform faces competition from other investment banks like Morgan Stanley and JPMorgan, which also offer alternative investment platforms to their clients. It also competes with specialized private markets firms such as Blackstone.

Potential Impact on the Company

This move is part of Goldman Sachs' effort to boost its asset management fee income, especially as demand for alternative investments among wealthy individuals grows. The platform could help increase the bank's share in the wealth management market.