Goldman Sachs Asset Management Raises $7B For New PE Secondaries Fund Jun 15 2017 | 11:43pm ET Goldman Sachs Asset Management (GSAM) has reportedly raised more than $7 billion for a new private equity secondaries fund, significantly exceeding its $5 billion target. The new fund, named Vintage VII, purchases secondhand stakes in private equity funds and will focus on buyout and distressed strategies in developed markets, according to a Reuters article citing two unidentified individuals familiar with the matter. It held previous closes in June and August of last year. GSAM's previous private equity secondaries fund raised $5.8 billion in November 2013 and generated a net IRR of 14.4%, Reuters said. Investors are typically drawn to private equity secondaries vehicles because of attractive risk profiles, diversification benefits and, for some, the mitigation of the J-curve effect. GSAM is the asset management arm of Goldman Sachs, which supervises more than $1.38 trillion in assets as of September 30, 2016. The unit offers investment strategies across a broad range of asset classes to institutional and individual clients globally. While the division’s investment outsourcing solutions business represented $93.5 billion in client assets as of December 31, 2016. from FINALTERNATIVES