Goldman Sachs Group Inc.’s asset-management arm raised $3.5 billion for its latest fund dedicated to global real estate investments.
Known as West Street Real Estate Investment Partners, the vehicle raised capital from third-party investors alongside commitments from Goldman’s balance sheets and employees, according to a client document seen by Bloomberg. Its goal is to make core-plus or value-add bets with a specific focus on resilient sectors that have favorable long-term growth trends, as well as positive long-term supply-demand dynamics. The fund has deployed more than 50% of its capital so far, mostly on housing, logistics and office properties.
Global real estate funds gathered $29.5 billion in the first quarter, a sizable drop from the record $71.9 billion raised in the fourth quarter, according to data provider Preqin, which said it doesn’t expect the hiatus to continue through this year.
Read more: BNN Bloomberg
