Goldman Sachs Group Inc. - GS STOCK NEWS

Canoe Intelligence announced raising $36 million in a Series C funding round led by Goldman Sachs, with participation from F-Prime Capital and Eight Roads. This funding increases Canoe's valuation by over three times since its Series B in 2023, marking a significant milestone for the company's growth.

The capital will be used to advance Canoe's AI-driven financial technology platform for alternative investors, enhancing its back-to-front office capabilities. The company has achieved 100% year-over-year growth in clients and revenue, and serves over 1,000 LPs with its automated data management solutions.

Goldman Sachs highlighted Canoe's potential in streamlining alternative investment data, noting the firm's extensive client base, which includes Blackstone and Hamilton Lane. Canoe's technology processes over 25 million documents annually, significantly boosting operational efficiency.

Goldman Sachs Asset Management (GSAM) announced an updated liquidation timeline for the Goldman Sachs Defensive Equity ETF (GDEF). Effective from June 12, 2024, the fund will liquidate its portfolio assets orderly. Shareholders can sell their shares on NYSE Arca until market close on July 3, 2024, but may incur transaction fees. Post-July 3, the shares will be delisted. Remaining shareholders as of the expected liquidation date, July 8, 2024, will receive a cash payout equal to the net asset value of their shares, leading to potential capital gains or losses for tax purposes. The fund will stop accepting creation orders on July 3, 2024. GDEF, originally an open-end mutual fund, seeks long-term growth with lower volatility using a “Put Spread Collar” strategy, though it involves market risks and high portfolio turnover, resulting in higher expenses and potential short-term capital gains.

Goldman Sachs Asset Management (GSAM) has announced that the Board of Trustees has approved a plan to liquidate the Goldman Sachs Defensive Equity ETF (GDEF). Effective immediately, the fund will begin liquidating its assets. Shareholders can sell their shares on NYSE Arca until market close on July 12, 2024. After this date, shares will be delisted and liquidating distributions will be made on or around July 19, 2024. The liquidation plan does not require shareholder approval, and transaction fees may apply for selling shares. The fund, which focuses on long-term capital growth with lower volatility, has faced various market risks and will stop accepting creation orders on July 12, 2024.

Goldman Sachs Alternatives has acquired Xpress Wellness from Latticework Capital Management, expanding its reach in rural healthcare. Xpress Wellness, which operates urgent care and other healthcare services across Oklahoma, Kansas, and Texas, aims to use Goldman Sachs' resources to accelerate growth and expand its service offerings. Under Latticework's ownership since 2018, Xpress has grown from 10 to 58 clinics and created over 600 jobs. The acquisition positions Xpress to further enhance its services, particularly in underserved rural communities.

Pennybacker Capital Management, an Austin-based real assets investment firm, received a strategic investment from Goldman Sachs Asset Management's Petershill program, aiming to accelerate growth. The terms of the transaction were not disclosed. The investment will help Pennybacker enhance its platform as a middle-market real assets investment manager.

Ajax Therapeutics, a biopharmaceutical company, raised $95 million in Series C financing to advance their Type II JAK2 Inhibitor, AJ1-11095, into clinical trials for myelofibrosis treatment. The financing was led by Goldman Sachs Alternatives and included several new and existing investors. AJ1-11095 is designed to provide better efficacy and disease modification compared to current JAK2 inhibitors. The company aims to address unmet needs in treating myeloproliferative neoplasms (MPNs) with innovative therapies.

Bixby Land Company closed its Bixby Industrial Fund I, offering existing investors liquidity and extending duration for a portfolio of industrial properties in California, Arizona, and Georgia. The fund, with equity investors like Vintage Strategies at Goldman Sachs Alternatives and Ares Management Real Estate Secondaries fund, aims for value-add returns over a 5-7 year horizon.

Goldman Sachs BDC, Inc. reported strong financial results for the first quarter of 2024, with net investment income per share of $0.55 and adjusted net investment income per share of $0.54. Earnings per share were $0.39, and the net asset value per share decreased slightly to $14.55. The company's investment portfolio comprised mainly of senior secured debt, with total investments at fair value and commitments amounting to $3,954.8 million. The Company also declared a quarterly dividend of $0.45 per share and closed a public offering of $400.0 million aggregate principal amount of unsecured notes due 2027. Despite some investments on non-accrual status, the Company's financial position remains strong.

Transcendia Holdings, Inc. announces a recapitalization transaction providing $114 million in new capital, eliminating over $200 million in debt, and strengthening its competitive position. Industrial Opportunity Partners becomes majority shareholder with Goldman Sachs Asset Management retaining a significant minority stake. The transaction supports Transcendia's growth strategy, cost structure improvements, facility optimization, and expansion into new markets.