Goldman Sachs closes $5.2 billion private funds to invest in companies

NEW YORK - Goldman Sachs Asset Management said Tuesday it had closed a $5.2 billion private markets fund that invests in high-growth businesses.

The fund, which is one of the largest growth funds, seeks to buy minority stakes with an average investment size of about $50 million in businesses that are in the early or middle stages of their growth.

The West Street Global Growth Partners fund attracted $3.7 billion from institutional and high net worth investors, as well as commitments from Goldman Sachs Group Inc and its employees.

More than $2 trillion in assets is managed by Goldman Sachs Asset Management.

It closed a $9.7 billion private equity fund last year, its largest since 2007, that is aimed at investing in companies with an enterprise value of about $750 million to $2 billion.

The growth equity business division of the company is led by Darren Cohen in New York, Nishi Somaiya in London and Stephanie Hui in Hong Kong.

Julian Salisbury, chief investment officer for Goldman's asset and wealth management unit, said in a statement that the pace of innovation in enterprise technology, financial technology, healthcare, and consumer businesses shows no signs of abating.

The fund has invested in several companies, including 4 G Clinical, a U.S. firm that makes technology for the pharmaceutical and biotech industries, AlphaSense, a U.S. market intelligence platform and France's Exotec, which makes warehouse robot systems.