Goldman Sachs Asset Management and NAIC Partnership Expands Opportunities for Diverse Alternative Investment Managers

Rhea-AI Summary

Goldman Sachs Asset Management and the National Association of Investment Companies announced a multi-year partnership aimed at diversifying the alternative investment industry. This initiative supports two major programs: the Next Generation of Private Equity Firms Symposium and the Women in Alternatives Initiative, focusing on training and empowering diverse investment managers. The collaboration aims to broaden Goldman Sachs' investment scope while enhancing leadership opportunities for women and ethnically diverse professionals, aligning with their broader diversity and inclusion goals.

Positive

• Multi-year partnership with NAIC to diversify alternative investment managers.
• Support for initiatives promoting diverse female professionals in finance.
• Opportunity for Goldman Sachs to access top-performing diverse asset management firms.

Negative

• None.

NEW YORK and WASHINGTON, July 6, 2021 /PRNewswire/ -- Goldman Sachs Asset Management (Goldman Sachs) and the National Association of Investment Companies (NAIC), the trade association for, and largest network of, diverse-owned alternative investment managers, announced today the formation of a joint multi-year partnership that is designed to promote objectives focused on diversifying the alternative investment industry.

Among the various points of collaboration, Goldman Sachs will support two critical NAIC initiatives: Establishing the Next Generation of Private Equity Firms Symposium (NextGen) and the Women in Alternatives Initiative (WIAI). NextGen is designed to train individuals who recently launched a fund or are seeking to launch a fund within the next 12 months. The series will include intensive virtual training sessions dedicated to educating and empowering a new generation of ethnically diverse and female general partners. Through WIAI, the partnership will leverage a three-pronged strategy to address the underrepresentation of diverse female professionals within the alternative investments industry. The ultimate goal will be to increase the number of women in the private equity and hedge fund sectors while also providing them with the support to navigate the industry and gain leadership positions.

The partnership will be additive to Goldman Sachs' efforts to diversify its capital allocation, in addition to its talent pipeline.  Through this partnership, Goldman Sachs will gain increased exposure to a broader universe of diverse-owned asset management firms – many of which generate returns that rank their funds in the top decile and top quartile of established industry benchmarks through NAIC's proprietary database of diverse managers.

"At Goldman Sachs, we believe diversity and inclusion is imperative not just for our firm, but also for our clients," said Suzanne Gauron, head of Launch With GS. "We are excited to partner with NAIC to help foster the growth of the next generation of diverse investment managers."

"NAIC partnering with such a highly-respected industry leader will have a profoundly positive impact on the diverse managers universe," says Robert L. Greene, NAIC's President & CEO. "Together, our organizations will accelerate the formation of relationships between Goldman Sachs and some of the foremost diverse asset managers. We are excited to be a part of such a game-changing undertaking."

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time.

About NAIC

Formed more than 50 years ago, the Washington, D.C.-based National Association of Investment Companies is the trade association and largest network of diverse-owned alternative asset managers. Our membership base consists of more than 120 firms that collectively manage more than $225 billion in assets. NAIC's work focuses on Increasing Access to Institutional Capital, Delivering Market Education and Addressing Industry Challenges on behalf of its members and the broader diverse alternative investment ecosystem.

MEDIA CONTACT:

Alan Hughes

ahughes@naicpe.com

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SOURCE National Association of Investment Companies

FAQ

What is the purpose of Goldman Sachs' partnership with NAIC?

The partnership aims to diversify the alternative investment industry and promote opportunities for diverse investment managers.

What initiatives will Goldman Sachs support through its partnership with NAIC?

Goldman Sachs will support the Next Generation of Private Equity Firms Symposium and the Women in Alternatives Initiative.

How does Goldman Sachs plan to increase diversity in investment management?

By training and empowering ethnically diverse and female general partners through targeted programs.

What is the potential impact of this partnership on Goldman Sachs' investment strategy?

The partnership is expected to enhance Goldman Sachs' capital allocation by increasing exposure to diverse-owned asset management firms.

When was the partnership between Goldman Sachs and NAIC announced?

The partnership was announced on July 6, 2021.