The amount of the fund being $2bn would make it one of the largest in the field… The move comes after Goldman’s recent high growth investments, including bets on Uber and Plaid…
The firm’s plan is to manage more money for clients and to bring down investments from its own balance sheets… By investing in startups at different stages, Goldman could set up relationships to work with them later once they go public… the firm has spent several years building up a growth equity unit that has over $8 billion under management… the field is growing, though. Tiger Global Management, Sequioia Capital and TCV are all working on similar projects.
Goldman Sachs has pushed fervently to acquire General Motors’ GM card business, which is at the forefront of new technology to let consumers connect with businesses digitally while in a car, including booking hotel rooms or paying for gas.
The bank also recently appointed a new digital asset leader in Matthew McDermott, who was previously managing digital assets for the firm.