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June_C
2021-11-23

Black box calling

Goldman Sachs's private-equity business has been a 'black box,' but now it's opening up<blockquote>高盛的私募股权业务一直是一个“黑匣子”，但现在它正在开放</blockquote>

With more than $300 billion in assets under management as of 2020, Goldman has quietly been in the s

Goldman Sachs's private-equity business has been a 'black box,' but now it's opening up<blockquote>高盛的私募股权业务一直是一个“黑匣子”，但现在它正在开放</blockquote>

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There’s not been a lot of transparency or disclosure, although the last couple of quarters the bank has increased its transparency and disclosure a little bit. But overall, investors haves assigned Goldman Sachs a lower multiple than businesses that are more transparent and a bit more regulated.’” — Ellen Hazen, F.L.Putnam Investment Management Co. Goldman provides glimpses of its activities in private equity and other alternatives in filings and presentations, with $416 billion in assets under supervision as of Sept. 30, up by about $100 billion since early 2020.<blockquote>对于高盛和该行业的其他大银行来说，私募股权有点像黑匣子。尽管过去几个季度该银行稍微提高了透明度和披露，但透明度或披露并不多。但总体而言，投资者给予高盛的市盈率低于那些更透明、监管更严格的企业。”—Ellen Hazen，F.L.Putnam Investment Management Co.高盛在文件和演示中介绍了其在私募股权和其他替代方案领域的活动，截至9月30日，受监管的资产为4160亿美元，自2020年初以来增加了约1000亿美元。</blockquote> Under CEO David Solomon, Goldman has taken the alternative investing units spread throughout the firm and grouped them under the name Goldman Sachs Asset Management. The unit is led by Julian C. Salisbury, global head of asset management and a member of Goldman's overall management committee. The alternatives business includes the former merchant-bank unit that led major buyouts in the past, as well as its special-situations group, real estate and growth equity operations.<blockquote>在首席执行官大卫·所罗门(David Solomon)的领导下，高盛将整个公司的另类投资部门归入高盛资产管理公司(Goldman Sachs Asset Management)名下。该部门由全球资产管理主管、高盛整体管理委员会成员朱利安·C·索尔兹伯里(Julian C.Salisbury)领导。另类业务包括过去领导重大收购的前商业银行部门，以及其特殊情况集团、房地产和成长型股票业务。</blockquote> Goldman vs. private-equity leaders<blockquote>高盛与私募股权领导者</blockquote> Goldman Sachs laid out details of the business for the first time at its January 2020 investors meeting, when it disclosed $320 billion in alternative assets under supervision.<blockquote>高盛在2020年1月的投资者会议上首次公布了该业务的细节，当时它披露了3200亿美元受监管的另类资产。</blockquote> That dollar figure placed it in the same ballpark as the major private-equity firms, namely Apollo Global Management, with $331 billion in assets under management, or AUM, as of roughly the same date; Blackstone Group, with AUM of $571 billion; KKR &amp; Co. <a href=\"https://laohu8.com/S/KKR\">$(KKR)$</a>, with $218 billion of AUM; and Carlyle Group, which had $224.4 billion AUM. Goldman's AUM places it ahead of alternative investing units at other big U.S. banks.<blockquote>这一美元数字使其与主要私募股权公司（即阿波罗全球管理公司）处于同一水平，阿波罗全球管理公司（Apollo Global Management）大约在同一日期管理着3310亿美元的资产（AUM）；黑石集团，资产管理规模5710亿美元；KKR公司。<a href=\"https://laohu8.com/S/KKR\">$(KKR)$</a>，资产管理规模为2180亿美元；凯雷集团(Carlyle Group)的资产管理规模为2244亿美元。高盛的资产管理规模使其领先于美国其他大型银行的另类投资部门。</blockquote> While institutional investors have been aware of Goldman's buyouts and other activities in private markets and alternatives, it has been hard for them to put a dollar value on any profits generated.<blockquote>尽管机构投资者已经意识到高盛在私人市场和另类市场的收购和其他活动，但他们很难对所产生的任何利润进行美元价值评估。</blockquote> That's because private-equity fund managers operate through private partnerships to buy and sell private companies, often at undisclosed prices. As a rule, the Securities and Exchange Commission also restricts marketing communication about private-equity funds to accredited investors only, instead of through statements to the general public.<blockquote>这是因为私募股权基金经理通过私人合伙企业买卖私营公司，通常以未公开的价格进行。通常，美国证券交易委员会还将有关私募股权基金的营销传播仅限于合格投资者，而不是通过向公众发表声明。</blockquote> \"Private equity is a bit of a black box for Goldman Sachs and other big banks in the business,\" said Ellen Hazen, principal and portfolio manager at F.L.Putnam Investment Management Co. \"There's not been a lot of transparency or disclosure, although the last couple of quarters the bank has increased its transparency and disclosure a little bit. But overall, investors haves assigned Goldman Sachs a lower multiple than businesses that are more transparent and a bit more regulated.\"<blockquote>F.L.Putnam Investment Management Co.负责人兼投资组合经理Ellen Hazen表示：“私募股权对高盛和该行业的其他大银行来说有点像黑匣子。尽管过去几个季度该行的透明度和披露有所提高，但投资者给高盛的市盈率低于透明度更高、监管更严格的业务。”</blockquote> A more public face for private equity<blockquote>私募股权更加公开的形象</blockquote> The bank's leadership admits it has more to do to be known as a major force in the private-equity space.<blockquote>该银行领导层承认，要成为私募股权领域的主要力量，它还有更多工作要做。</blockquote> \"We are really a scaled player [in alternatives],\" Goldman's chief operating officer, John Waldron, said in June at the Bernstein Strategic Decisions Conference. \"We're already a top four player. It's not as well-known, because we have a big firm. We do a lot of things, and we maybe haven't been as purposeful about talking about the alternatives business as a stand-alone business.\"<blockquote>高盛首席运营官约翰·沃尔德伦(John Waldron)6月份在伯恩斯坦战略决策会议上表示：“我们确实是（在另类投资领域）的规模化参与者。”“我们已经是前四名了。它并不那么出名，因为我们有一家大公司。我们做了很多事情，我们可能没有像谈论独立业务那样有目的地谈论替代业务。”</blockquote> On this front, the firm said it's raised more than $90 billion in capital against a goal of $150 billion by 2024 for its alternatives business. Since laying out the $150 billion fundraising goal in 2020, it's been drawing in fresh capital ahead of schedule.<blockquote>在这方面，该公司表示，其另类产品业务的目标是到2024年筹集1500亿美元，已筹集超过900亿美元的资本。自制定2020年1500亿美元的融资目标以来，该公司一直在提前吸引新资本。</blockquote> \"If we're doing private-equity investments, we're doing them under the asset-management business and in the new construct where we're raising funds with client capital and a portion of firm capital,\" said Heather Miner, chief operating officer of Goldman Sachs Asset Management, in an interview with MarketWatch. \"That's an important pivot -- to have greater clarity and a unified investing business that we can grow. We have a much more cohesive organization with a clear strategy.\"<blockquote>首席执行官希瑟·迈纳(Heather Miner)表示：“如果我们进行私募股权投资，我们将在资产管理业务下进行，并采用新的结构，即利用客户资本和部分公司资本筹集资金。”高盛资产管理公司运营官在接受MarketWatch采访时。“这是一个重要的支点——拥有更大的清晰度和我们可以发展的统一投资业务。我们拥有一个更具凝聚力的组织和清晰的战略。”</blockquote> The alternatives business also aims to tap synergies elsewhere in the bank. Goldman's investment-banking unit or its consumer and wealth management business may apprise clients of potential opportunities in alternative investments, for example.<blockquote>另类业务还旨在利用银行其他部门的协同效应。例如，高盛的投资银行部门或其消费者和财富管理业务可能会向客户通报另类投资的潜在机会。</blockquote> Betting on the Yankees, and Polo<blockquote>押注洋基队和马球</blockquote> Some of the milestones for Goldman's private-equity operation include financing Polo Ralph Lauren&nbsp;in 1994 by purchasing a 28% stake in the company for $135 million, as the New York Times reported at the time. In 1998, the bank officially launched its Goldman Sachs Merchant Bank banner.<blockquote>据《纽约时报》当时报道，高盛私募股权业务的一些里程碑包括1994年以1.35亿美元收购Polo Ralph Lauren 28%的股份，为该公司融资。1998年，该行正式打出高盛商业银行的旗帜。</blockquote> Goldman backed the launch of the Yankees Entertainment and Sports Network in 2001 and made an investment in food-services giant <a href=\"https://laohu8.com/S/ARMK\">Aramark</a> (ARMK) in 2006.<blockquote>2001年，高盛支持扬基娱乐和体育网络的推出，并投资了食品服务巨头<a href=\"https://laohu8.com/S/ARMK\">爱玛客</a>（ARMK）在2006年。</blockquote> On the eve of the global financial crisis, in 2007, Goldman had raised $20 billion for its GS Capital Partners VI LP buyout fund, making it one of the largest private-equity funds of its time.<blockquote>2007年全球金融危机前夕，高盛为其GS Capital Partners VI LP收购基金筹集了200亿美元，使其成为当时最大的私募股权基金之一。</blockquote> Banks then regrouped in the wake of the Dodd-Frank legislation that followed the collapse of Lehman Brothers in 2008.<blockquote>2008年雷曼兄弟倒闭后的多德弗兰克法案出台后，银行进行了重组。</blockquote> After the crisis, many of the private-equity groups at the big banks were jettisoned or scaled back.<blockquote>危机过后，许多大银行的私募股权集团被抛弃或缩减规模。</blockquote> While Goldman Sachs remained in the business, many of its bankers left and formed their own private-equity firms.<blockquote>虽然高盛仍在该业务中，但其许多银行家离开并成立了自己的私募股权公司。</blockquote> Among them, Milton Berlinski and Peter Aberg co-founded Reverence Capital Partners in 2013, and Gerry Cardinale launched RedBird Capital Partners in 2014.<blockquote>其中，Milton Berlinski和Peter Aberg在2013年共同创立了Reverence Capital Partners，Gerry Cardinale在2014年推出了RedBird Capital Partners。</blockquote> Nowadays, Goldman's motive is to be valued by investors as a business with a rich earnings stream from the lucrative business of asset management, rather than a generator of equity investment income from more opaque private funds.<blockquote>如今，高盛的动机是被投资者看重为一家从利润丰厚的资产管理业务中获得丰厚收益流的企业，而不是从更不透明的私人基金中获得股权投资收入的产生者。</blockquote> Goldman is working to get the word out on its private-equity assets as it sells positions and moves investments off its balance sheet into third-party vehicles. That activity reduces its common equity Tier 1 capital, which in turn trickles down to improve its return-on-equity performance.<blockquote>高盛正在努力宣传其私募股权资产，同时出售头寸并将投资从资产负债表转移到第三方工具。该活动减少了其普通股一级资本，进而提高了其股本回报率。</blockquote> Tier 1 capital is the core capital held in its reserves. The Tier 1 capital ratio compares a bank's equity capital and disclosed reserves with its total risk-weighted assets under Basel III banking regulations. It's a measure of a bank's strength against market disruptions and is aimed at ensuring a bank can absorb losses without its overall stability being threatened.<blockquote>一级资本是其储备中持有的核心资本。一级资本比率将银行的股本和披露的准备金与其巴塞尔协议III银行业法规下的总风险加权资产进行比较。它是衡量银行抵御市场干扰的实力的指标，旨在确保银行能够在不威胁其整体稳定性的情况下吸收损失。</blockquote> Meanwhile, Goldman has quietly raised newer funds including a $14 billion credit fund called West Street Strategic Solutions Fund I, its largest fund since the financial crisis, according to a recent Bloomberg report. Its 2017 mezzanine debt fund, GS Mezzanine Partners VII, drew in $13 billion. That same year, it raised $7 billion for the buyout fund West Street Capital Partners VII. It disclosed plans to raise West Street Capital Partners VIII in late 2020, according to a filing.<blockquote>与此同时，根据彭博社最近的一份报告，高盛已经悄悄地筹集了新的基金，包括一只名为West Street Strategic Solutions Fund I的140亿美元信贷基金，这是自金融危机以来最大的基金。其2017年夹层债务基金GS Mezzanine Partners VII筹集了130亿美元。同年，它为收购基金West Street Capital Partners VII筹集了70亿美元。根据一份文件，该公司披露了在2020年底筹集West Street Capital Partners VIII的计划。</blockquote> In late September, Goldman took its Petershill Partners <a href=\"https://laohu8.com/S/PLC\">PLC</a> unit public in the U.K. The business, which acquires minority stakes in private-equity firms, has a market cap of about $5 billion.<blockquote>9月下旬，高盛收购了Petershill Partners<a href=\"https://laohu8.com/S/PLC\">PLC</a>英国的公共单位。该公司收购私募股权公司的少数股权，市值约为50亿美元。</blockquote> F.L. Putnam's Hazen said it does not include any Goldman Sachs shares in its managed stock portfolio, but it's overweight in financials including JPMorgan, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> <a href=\"https://laohu8.com/S/MS\">$(MS)$</a> and Bank of America&nbsp;because of the prospect for higher net interest income on loans as interest rates rise, as well as the scale and efficiency they offer as big players.<blockquote>F.LPutnam的Hazen表示，其管理的股票投资组合中不包括任何高盛股票，但它是包括摩根大通在内的金融股的跑赢大盘，<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a><a href=\"https://laohu8.com/S/MS\">$（毫秒）$</a>和美国银行，因为随着利率上升，贷款净利息收入有望增加，以及它们作为大参与者提供的规模和效率。</blockquote> \"Private equity is not a significant business for other big banks,\" Hazen said. \"The core reason to own those is a steeper yield curve that will help all the banks.\"<blockquote>“私募股权对于其他大银行来说并不是一项重要业务，”哈森说。“持有这些股票的核心原因是收益率曲线更陡，这将有助于所有银行。”</blockquote> Overall, the banks are very much leaders in their fields, whether in commercial banking or consumer banking or private wealth management, she said. \"They'll likely be able to grow faster than the core financial sector because they're leaders that can leverage their market share and attract good talent,\" Hazen said.<blockquote>她说，总体而言，无论是商业银行、消费银行还是私人财富管理，这些银行都是各自领域的领导者。哈森表示：“他们可能能够比核心金融部门增长得更快，因为他们是领导者，可以利用其市场份额并吸引优秀人才。”</blockquote> Goldman details private-equity assets<blockquote>高盛详细介绍私募股权资产</blockquote> Goldman Sachs Asset Management operates as one of four main pillars at the bank, alongside global markets, investment banking, and consumer and wealth management.<blockquote>高盛资产管理是该银行的四大支柱之一，与全球市场、投资银行以及消费者和财富管理并列。</blockquote> At its 2020 investor day, Goldman said its average net internal rate of return, or IRR, on equity investments totaled 15.5% per year and that its return on private credit since the financial crisis had been 9.8%.<blockquote>高盛在2020年投资者日表示，其股权投资的平均净内部回报率(IRR)每年总计15.5%，自金融危机以来其私人信贷回报率为9.8%。</blockquote> In an update on this goal during its third-quarter earnings call on Oct. 15, the bank said it had raised $90 billion against the $150 billion target, as its total asset-management business tipped the scales at $1.7 trillion.<blockquote>在10月15日第三季度收益看涨期权上更新这一目标时，该银行表示，已筹集900亿美元，而目标为1500亿美元，其资产管理业务总额达到1.7万亿美元。</blockquote> \"We continue to transition our alternatives business to more third-party funds, and we have gained momentum as we spend a significant amount of time with new and existing institutional clients,\" CEO Solomon said on the call.<blockquote>首席执行官Solomon在《看涨期权》上表示：“我们继续将另类投资业务转向更多第三方基金，随着我们花大量时间与新老机构客户打交道，我们获得了动力。”</blockquote> Since its 2020 investor day, Goldman has harvested about $16 billion in private positions, offset by $9 billion of portfolio markups and additions of $5 billion from early fund facilitation and other commitments, Solomon said on the bank's third-quarter earnings call. The bank said its implied capital associated with total dispositions in both private and public positions since its 2020 investor day totaled $8 billion.<blockquote>Solomon在该行第三季度财报看涨期权上表示，自2020年投资者日以来，高盛已获得约160亿美元的私人头寸，被90亿美元的投资组合加价以及早期基金便利和其他承诺增加的50亿美元所抵消。该银行表示，自2020年投资者日以来，其与私人和公共头寸处置总额相关的隐含资本总计80亿美元。</blockquote> \"We continue to have line of sight on $2.8 billion of incremental private asset sales corresponding to $2 billion of capital reduction,\" Solomon said.<blockquote>所罗门表示：“我们继续关注28亿美元的增量私人资产出售，相当于20亿美元的资本削减。”</blockquote> In his comments in June, COO Waldron said the company continued to be “very purposeful” about reducing its balance sheet, reducing its capital intensity and shifting to a more funds-driven approach.<blockquote>首席运营官沃尔德伦在6月份的评论中表示，该公司继续“非常有目的地”缩减资产负债表、降低资本强度并转向更多资金驱动的方法。</blockquote> “You’re seeing us push very far in taking assets off the balance sheet and substituting those assets either into other parts of the firm or that balance-sheet capacity in other parts of the firm or into third-party funds, where we can invest alongside in a more capital-efficient manner,” Waldron said. “So we feel great about the progress. We’re getting very good receptivity in the third-party capital-raising market. And I think it’s going to be a business. It’s going to add a tremendous amount of value to the firm over time.”<blockquote>“你会看到我们在将资产从资产负债表中移除并将这些资产替换为公司的其他部分或公司其他部分的资产负债表能力或第三方基金方面取得了很大进展，我们可以在这些基金中以更具资本效率的方式进行投资，”沃尔德伦说。“因此，我们对这一进展感到非常高兴。我们在第三方融资市场获得了非常好的接受度。我认为这将成为一项业务。随着时间的推移，它将为公司增加巨大的价值。”</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs's private-equity business has been a 'black box,' but now it's opening up<blockquote>高盛的私募股权业务一直是一个“黑匣子”，但现在它正在开放</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs's private-equity business has been a 'black box,' but now it's opening up<blockquote>高盛的私募股权业务一直是一个“黑匣子”，但现在它正在开放</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-11-23 13:16\n\n</h4>\n</header>\n<article>\nWith more than $300 billion in assets under management as of 2020, Goldman has quietly been in the same ballpark as such powerhouse private-equity names as KKR and Blackstone<blockquote>截至2020年，高盛管理的资产超过3000亿美元，已悄然与KKR和Blackstone等大型私募股权公司处于同一水平</blockquote> <img src=\"https://static.tigerbbs.com/8534cc3a4fa1904966f01c008d5bc8b9\" tg-width=\"700\" tg-height=\"487\" referrerpolicy=\"no-referrer\">MarketWatch photo illustration/iStockphoto<blockquote>MarketWatch照片插图/iStockphoto</blockquote> The name Goldman Sachs conjures images of white-shoe investment bankers cutting multibillion-dollar M&amp;A deals or underwriting major initial public offerings.<blockquote>高盛这个名字让人联想到白鞋投资银行家削减数十亿美元的并购交易或承销重大首次公开募股的画面。</blockquote> Or it might bring to mind Goldman's massive trading floors, where stocks, bonds, commodities and currencies are bought and sold on behalf of institutional clients and wealthy individuals.<blockquote>或者它可能会让人想起高盛庞大的交易大厅，在那里代表机构客户和富有的个人买卖股票、债券、大宗商品和货币。</blockquote> For investors, Goldman Sachs Group Inc.&nbsp;is one of only two banks, along with JPMorgan Chase &amp; Co. <a href=\"https://laohu8.com/S/JPM\">$(JPM)$</a>, included among the 30 blue-chip stocks in the Dow Jones Industrial Average .<blockquote>对于投资者来说，高盛集团是仅有的两家银行之一，另外两家是摩根大通公司。<a href=\"https://laohu8.com/S/JPM\">$(JPM)$</a>，跻身道琼斯工业平均指数30只蓝筹股之列。</blockquote> Less visible is Goldman's role as a major player in the private-equity business.<blockquote>高盛作为私募股权业务主要参与者的角色不太明显。</blockquote> ‘Private equity is a bit of a black box for Goldman Sachs and other big banks in the business. There’s not been a lot of transparency or disclosure, although the last couple of quarters the bank has increased its transparency and disclosure a little bit. But overall, investors haves assigned Goldman Sachs a lower multiple than businesses that are more transparent and a bit more regulated.’” — Ellen Hazen, F.L.Putnam Investment Management Co. Goldman provides glimpses of its activities in private equity and other alternatives in filings and presentations, with $416 billion in assets under supervision as of Sept. 30, up by about $100 billion since early 2020.<blockquote>对于高盛和该行业的其他大银行来说，私募股权有点像黑匣子。尽管过去几个季度该银行稍微提高了透明度和披露，但透明度或披露并不多。但总体而言，投资者给予高盛的市盈率低于那些更透明、监管更严格的企业。”—Ellen Hazen，F.L.Putnam Investment Management Co.高盛在文件和演示中介绍了其在私募股权和其他替代方案领域的活动，截至9月30日，受监管的资产为4160亿美元，自2020年初以来增加了约1000亿美元。</blockquote> Under CEO David Solomon, Goldman has taken the alternative investing units spread throughout the firm and grouped them under the name Goldman Sachs Asset Management. The unit is led by Julian C. Salisbury, global head of asset management and a member of Goldman's overall management committee. The alternatives business includes the former merchant-bank unit that led major buyouts in the past, as well as its special-situations group, real estate and growth equity operations.<blockquote>在首席执行官大卫·所罗门(David Solomon)的领导下，高盛将整个公司的另类投资部门归入高盛资产管理公司(Goldman Sachs Asset Management)名下。该部门由全球资产管理主管、高盛整体管理委员会成员朱利安·C·索尔兹伯里(Julian C.Salisbury)领导。另类业务包括过去领导重大收购的前商业银行部门，以及其特殊情况集团、房地产和成长型股票业务。</blockquote> Goldman vs. private-equity leaders<blockquote>高盛与私募股权领导者</blockquote> Goldman Sachs laid out details of the business for the first time at its January 2020 investors meeting, when it disclosed $320 billion in alternative assets under supervision.<blockquote>高盛在2020年1月的投资者会议上首次公布了该业务的细节，当时它披露了3200亿美元受监管的另类资产。</blockquote> That dollar figure placed it in the same ballpark as the major private-equity firms, namely Apollo Global Management, with $331 billion in assets under management, or AUM, as of roughly the same date; Blackstone Group, with AUM of $571 billion; KKR &amp; Co. <a href=\"https://laohu8.com/S/KKR\">$(KKR)$</a>, with $218 billion of AUM; and Carlyle Group, which had $224.4 billion AUM. Goldman's AUM places it ahead of alternative investing units at other big U.S. banks.<blockquote>这一美元数字使其与主要私募股权公司（即阿波罗全球管理公司）处于同一水平，阿波罗全球管理公司（Apollo Global Management）大约在同一日期管理着3310亿美元的资产（AUM）；黑石集团，资产管理规模5710亿美元；KKR公司。<a href=\"https://laohu8.com/S/KKR\">$(KKR)$</a>，资产管理规模为2180亿美元；凯雷集团(Carlyle Group)的资产管理规模为2244亿美元。高盛的资产管理规模使其领先于美国其他大型银行的另类投资部门。</blockquote> While institutional investors have been aware of Goldman's buyouts and other activities in private markets and alternatives, it has been hard for them to put a dollar value on any profits generated.<blockquote>尽管机构投资者已经意识到高盛在私人市场和另类市场的收购和其他活动，但他们很难对所产生的任何利润进行美元价值评估。</blockquote> That's because private-equity fund managers operate through private partnerships to buy and sell private companies, often at undisclosed prices. As a rule, the Securities and Exchange Commission also restricts marketing communication about private-equity funds to accredited investors only, instead of through statements to the general public.<blockquote>这是因为私募股权基金经理通过私人合伙企业买卖私营公司，通常以未公开的价格进行。通常，美国证券交易委员会还将有关私募股权基金的营销传播仅限于合格投资者，而不是通过向公众发表声明。</blockquote> \"Private equity is a bit of a black box for Goldman Sachs and other big banks in the business,\" said Ellen Hazen, principal and portfolio manager at F.L.Putnam Investment Management Co. \"There's not been a lot of transparency or disclosure, although the last couple of quarters the bank has increased its transparency and disclosure a little bit. But overall, investors haves assigned Goldman Sachs a lower multiple than businesses that are more transparent and a bit more regulated.\"<blockquote>F.L.Putnam Investment Management Co.负责人兼投资组合经理Ellen Hazen表示：“私募股权对高盛和该行业的其他大银行来说有点像黑匣子。尽管过去几个季度该行的透明度和披露有所提高，但投资者给高盛的市盈率低于透明度更高、监管更严格的业务。”</blockquote> A more public face for private equity<blockquote>私募股权更加公开的形象</blockquote> The bank's leadership admits it has more to do to be known as a major force in the private-equity space.<blockquote>该银行领导层承认，要成为私募股权领域的主要力量，它还有更多工作要做。</blockquote> \"We are really a scaled player [in alternatives],\" Goldman's chief operating officer, John Waldron, said in June at the Bernstein Strategic Decisions Conference. \"We're already a top four player. It's not as well-known, because we have a big firm. We do a lot of things, and we maybe haven't been as purposeful about talking about the alternatives business as a stand-alone business.\"<blockquote>高盛首席运营官约翰·沃尔德伦(John Waldron)6月份在伯恩斯坦战略决策会议上表示：“我们确实是（在另类投资领域）的规模化参与者。”“我们已经是前四名了。它并不那么出名，因为我们有一家大公司。我们做了很多事情，我们可能没有像谈论独立业务那样有目的地谈论替代业务。”</blockquote> On this front, the firm said it's raised more than $90 billion in capital against a goal of $150 billion by 2024 for its alternatives business. Since laying out the $150 billion fundraising goal in 2020, it's been drawing in fresh capital ahead of schedule.<blockquote>在这方面，该公司表示，其另类产品业务的目标是到2024年筹集1500亿美元，已筹集超过900亿美元的资本。自制定2020年1500亿美元的融资目标以来，该公司一直在提前吸引新资本。</blockquote> \"If we're doing private-equity investments, we're doing them under the asset-management business and in the new construct where we're raising funds with client capital and a portion of firm capital,\" said Heather Miner, chief operating officer of Goldman Sachs Asset Management, in an interview with MarketWatch. \"That's an important pivot -- to have greater clarity and a unified investing business that we can grow. We have a much more cohesive organization with a clear strategy.\"<blockquote>首席执行官希瑟·迈纳(Heather Miner)表示：“如果我们进行私募股权投资，我们将在资产管理业务下进行，并采用新的结构，即利用客户资本和部分公司资本筹集资金。”高盛资产管理公司运营官在接受MarketWatch采访时。“这是一个重要的支点——拥有更大的清晰度和我们可以发展的统一投资业务。我们拥有一个更具凝聚力的组织和清晰的战略。”</blockquote> The alternatives business also aims to tap synergies elsewhere in the bank. Goldman's investment-banking unit or its consumer and wealth management business may apprise clients of potential opportunities in alternative investments, for example.<blockquote>另类业务还旨在利用银行其他部门的协同效应。例如，高盛的投资银行部门或其消费者和财富管理业务可能会向客户通报另类投资的潜在机会。</blockquote> Betting on the Yankees, and Polo<blockquote>押注洋基队和马球</blockquote> Some of the milestones for Goldman's private-equity operation include financing Polo Ralph Lauren&nbsp;in 1994 by purchasing a 28% stake in the company for $135 million, as the New York Times reported at the time. In 1998, the bank officially launched its Goldman Sachs Merchant Bank banner.<blockquote>据《纽约时报》当时报道，高盛私募股权业务的一些里程碑包括1994年以1.35亿美元收购Polo Ralph Lauren 28%的股份，为该公司融资。1998年，该行正式打出高盛商业银行的旗帜。</blockquote> Goldman backed the launch of the Yankees Entertainment and Sports Network in 2001 and made an investment in food-services giant <a href=\"https://laohu8.com/S/ARMK\">Aramark</a> (ARMK) in 2006.<blockquote>2001年，高盛支持扬基娱乐和体育网络的推出，并投资了食品服务巨头<a href=\"https://laohu8.com/S/ARMK\">爱玛客</a>（ARMK）在2006年。</blockquote> On the eve of the global financial crisis, in 2007, Goldman had raised $20 billion for its GS Capital Partners VI LP buyout fund, making it one of the largest private-equity funds of its time.<blockquote>2007年全球金融危机前夕，高盛为其GS Capital Partners VI LP收购基金筹集了200亿美元，使其成为当时最大的私募股权基金之一。</blockquote> Banks then regrouped in the wake of the Dodd-Frank legislation that followed the collapse of Lehman Brothers in 2008.<blockquote>2008年雷曼兄弟倒闭后的多德弗兰克法案出台后，银行进行了重组。</blockquote> After the crisis, many of the private-equity groups at the big banks were jettisoned or scaled back.<blockquote>危机过后，许多大银行的私募股权集团被抛弃或缩减规模。</blockquote> While Goldman Sachs remained in the business, many of its bankers left and formed their own private-equity firms.<blockquote>虽然高盛仍在该业务中，但其许多银行家离开并成立了自己的私募股权公司。</blockquote> Among them, Milton Berlinski and Peter Aberg co-founded Reverence Capital Partners in 2013, and Gerry Cardinale launched RedBird Capital Partners in 2014.<blockquote>其中，Milton Berlinski和Peter Aberg在2013年共同创立了Reverence Capital Partners，Gerry Cardinale在2014年推出了RedBird Capital Partners。</blockquote> Nowadays, Goldman's motive is to be valued by investors as a business with a rich earnings stream from the lucrative business of asset management, rather than a generator of equity investment income from more opaque private funds.<blockquote>如今，高盛的动机是被投资者看重为一家从利润丰厚的资产管理业务中获得丰厚收益流的企业，而不是从更不透明的私人基金中获得股权投资收入的产生者。</blockquote> Goldman is working to get the word out on its private-equity assets as it sells positions and moves investments off its balance sheet into third-party vehicles. That activity reduces its common equity Tier 1 capital, which in turn trickles down to improve its return-on-equity performance.<blockquote>高盛正在努力宣传其私募股权资产，同时出售头寸并将投资从资产负债表转移到第三方工具。该活动减少了其普通股一级资本，进而提高了其股本回报率。</blockquote> Tier 1 capital is the core capital held in its reserves. The Tier 1 capital ratio compares a bank's equity capital and disclosed reserves with its total risk-weighted assets under Basel III banking regulations. It's a measure of a bank's strength against market disruptions and is aimed at ensuring a bank can absorb losses without its overall stability being threatened.<blockquote>一级资本是其储备中持有的核心资本。一级资本比率将银行的股本和披露的准备金与其巴塞尔协议III银行业法规下的总风险加权资产进行比较。它是衡量银行抵御市场干扰的实力的指标，旨在确保银行能够在不威胁其整体稳定性的情况下吸收损失。</blockquote> Meanwhile, Goldman has quietly raised newer funds including a $14 billion credit fund called West Street Strategic Solutions Fund I, its largest fund since the financial crisis, according to a recent Bloomberg report. Its 2017 mezzanine debt fund, GS Mezzanine Partners VII, drew in $13 billion. That same year, it raised $7 billion for the buyout fund West Street Capital Partners VII. It disclosed plans to raise West Street Capital Partners VIII in late 2020, according to a filing.<blockquote>与此同时，根据彭博社最近的一份报告，高盛已经悄悄地筹集了新的基金，包括一只名为West Street Strategic Solutions Fund I的140亿美元信贷基金，这是自金融危机以来最大的基金。其2017年夹层债务基金GS Mezzanine Partners VII筹集了130亿美元。同年，它为收购基金West Street Capital Partners VII筹集了70亿美元。根据一份文件，该公司披露了在2020年底筹集West Street Capital Partners VIII的计划。</blockquote> In late September, Goldman took its Petershill Partners <a href=\"https://laohu8.com/S/PLC\">PLC</a> unit public in the U.K. The business, which acquires minority stakes in private-equity firms, has a market cap of about $5 billion.<blockquote>9月下旬，高盛收购了Petershill Partners<a href=\"https://laohu8.com/S/PLC\">PLC</a>英国的公共单位。该公司收购私募股权公司的少数股权，市值约为50亿美元。</blockquote> F.L. Putnam's Hazen said it does not include any Goldman Sachs shares in its managed stock portfolio, but it's overweight in financials including JPMorgan, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> <a href=\"https://laohu8.com/S/MS\">$(MS)$</a> and Bank of America&nbsp;because of the prospect for higher net interest income on loans as interest rates rise, as well as the scale and efficiency they offer as big players.<blockquote>F.LPutnam的Hazen表示，其管理的股票投资组合中不包括任何高盛股票，但它是包括摩根大通在内的金融股的跑赢大盘，<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a><a href=\"https://laohu8.com/S/MS\">$（毫秒）$</a>和美国银行，因为随着利率上升，贷款净利息收入有望增加，以及它们作为大参与者提供的规模和效率。</blockquote> \"Private equity is not a significant business for other big banks,\" Hazen said. \"The core reason to own those is a steeper yield curve that will help all the banks.\"<blockquote>“私募股权对于其他大银行来说并不是一项重要业务，”哈森说。“持有这些股票的核心原因是收益率曲线更陡，这将有助于所有银行。”</blockquote> Overall, the banks are very much leaders in their fields, whether in commercial banking or consumer banking or private wealth management, she said. \"They'll likely be able to grow faster than the core financial sector because they're leaders that can leverage their market share and attract good talent,\" Hazen said.<blockquote>她说，总体而言，无论是商业银行、消费银行还是私人财富管理，这些银行都是各自领域的领导者。哈森表示：“他们可能能够比核心金融部门增长得更快，因为他们是领导者，可以利用其市场份额并吸引优秀人才。”</blockquote> Goldman details private-equity assets<blockquote>高盛详细介绍私募股权资产</blockquote> Goldman Sachs Asset Management operates as one of four main pillars at the bank, alongside global markets, investment banking, and consumer and wealth management.<blockquote>高盛资产管理是该银行的四大支柱之一，与全球市场、投资银行以及消费者和财富管理并列。</blockquote> At its 2020 investor day, Goldman said its average net internal rate of return, or IRR, on equity investments totaled 15.5% per year and that its return on private credit since the financial crisis had been 9.8%.<blockquote>高盛在2020年投资者日表示，其股权投资的平均净内部回报率(IRR)每年总计15.5%，自金融危机以来其私人信贷回报率为9.8%。</blockquote> In an update on this goal during its third-quarter earnings call on Oct. 15, the bank said it had raised $90 billion against the $150 billion target, as its total asset-management business tipped the scales at $1.7 trillion.<blockquote>在10月15日第三季度收益看涨期权上更新这一目标时，该银行表示，已筹集900亿美元，而目标为1500亿美元，其资产管理业务总额达到1.7万亿美元。</blockquote> \"We continue to transition our alternatives business to more third-party funds, and we have gained momentum as we spend a significant amount of time with new and existing institutional clients,\" CEO Solomon said on the call.<blockquote>首席执行官Solomon在《看涨期权》上表示：“我们继续将另类投资业务转向更多第三方基金，随着我们花大量时间与新老机构客户打交道，我们获得了动力。”</blockquote> Since its 2020 investor day, Goldman has harvested about $16 billion in private positions, offset by $9 billion of portfolio markups and additions of $5 billion from early fund facilitation and other commitments, Solomon said on the bank's third-quarter earnings call. The bank said its implied capital associated with total dispositions in both private and public positions since its 2020 investor day totaled $8 billion.<blockquote>Solomon在该行第三季度财报看涨期权上表示，自2020年投资者日以来，高盛已获得约160亿美元的私人头寸，被90亿美元的投资组合加价以及早期基金便利和其他承诺增加的50亿美元所抵消。该银行表示，自2020年投资者日以来，其与私人和公共头寸处置总额相关的隐含资本总计80亿美元。</blockquote> \"We continue to have line of sight on $2.8 billion of incremental private asset sales corresponding to $2 billion of capital reduction,\" Solomon said.<blockquote>所罗门表示：“我们继续关注28亿美元的增量私人资产出售，相当于20亿美元的资本削减。”</blockquote> In his comments in June, COO Waldron said the company continued to be “very purposeful” about reducing its balance sheet, reducing its capital intensity and shifting to a more funds-driven approach.<blockquote>首席运营官沃尔德伦在6月份的评论中表示，该公司继续“非常有目的地”缩减资产负债表、降低资本强度并转向更多资金驱动的方法。</blockquote> “You’re seeing us push very far in taking assets off the balance sheet and substituting those assets either into other parts of the firm or that balance-sheet capacity in other parts of the firm or into third-party funds, where we can invest alongside in a more capital-efficient manner,” Waldron said. “So we feel great about the progress. We’re getting very good receptivity in the third-party capital-raising market. And I think it’s going to be a business. It’s going to add a tremendous amount of value to the firm over time.”<blockquote>“你会看到我们在将资产从资产负债表中移除并将这些资产替换为公司的其他部分或公司其他部分的资产负债表能力或第三方基金方面取得了很大进展，我们可以在这些基金中以更具资本效率的方式进行投资，”沃尔德伦说。“因此，我们对这一进展感到非常高兴。我们在第三方融资市场获得了非常好的接受度。我认为这将成为一项业务。随着时间的推移，它将为公司增加巨大的价值。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/goldman-sachss-private-equity-business-has-been-a-black-box-but-now-its-opening-up-11637613385?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://www.marketwatch.com/story/goldman-sachss-private-equity-business-has-been-a-black-box-but-now-its-opening-up-11637613385?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2185380585","content_text":"With more than $300 billion in assets under management as of 2020, Goldman has quietly been in the same ballpark as such powerhouse private-equity names as KKR and Blackstone\nMarketWatch photo illustration/iStockphoto\nThe name Goldman Sachs conjures images of white-shoe investment bankers cutting multibillion-dollar M&A deals or underwriting major initial public offerings.\nOr it might bring to mind Goldman's massive trading floors, where stocks, bonds, commodities and currencies are bought and sold on behalf of institutional clients and wealthy individuals.\nFor investors, Goldman Sachs Group Inc. is one of only two banks, along with JPMorgan Chase & Co. $(JPM)$, included among the 30 blue-chip stocks in the Dow Jones Industrial Average .\nLess visible is Goldman's role as a major player in the private-equity business.\n\n ‘Private equity is a bit of a black box for Goldman Sachs and other big banks in the business. There’s not been a lot of transparency or disclosure, although the last couple of quarters the bank has increased its transparency and disclosure a little bit. But overall, investors haves assigned Goldman Sachs a lower multiple than businesses that are more transparent and a bit more regulated.’”\n\n\n — Ellen Hazen, F.L.Putnam Investment Management Co.\n\nGoldman provides glimpses of its activities in private equity and other alternatives in filings and presentations, with $416 billion in assets under supervision as of Sept. 30, up by about $100 billion since early 2020.\nUnder CEO David Solomon, Goldman has taken the alternative investing units spread throughout the firm and grouped them under the name Goldman Sachs Asset Management. The unit is led by Julian C. Salisbury, global head of asset management and a member of Goldman's overall management committee. The alternatives business includes the former merchant-bank unit that led major buyouts in the past, as well as its special-situations group, real estate and growth equity operations.\nGoldman vs. private-equity leaders\nGoldman Sachs laid out details of the business for the first time at its January 2020 investors meeting, when it disclosed $320 billion in alternative assets under supervision.\nThat dollar figure placed it in the same ballpark as the major private-equity firms, namely Apollo Global Management, with $331 billion in assets under management, or AUM, as of roughly the same date; Blackstone Group, with AUM of $571 billion; KKR & Co. $(KKR)$, with $218 billion of AUM; and Carlyle Group, which had $224.4 billion AUM. Goldman's AUM places it ahead of alternative investing units at other big U.S. banks.\nWhile institutional investors have been aware of Goldman's buyouts and other activities in private markets and alternatives, it has been hard for them to put a dollar value on any profits generated.\nThat's because private-equity fund managers operate through private partnerships to buy and sell private companies, often at undisclosed prices. As a rule, the Securities and Exchange Commission also restricts marketing communication about private-equity funds to accredited investors only, instead of through statements to the general public.\n\"Private equity is a bit of a black box for Goldman Sachs and other big banks in the business,\" said Ellen Hazen, principal and portfolio manager at F.L.Putnam Investment Management Co. \"There's not been a lot of transparency or disclosure, although the last couple of quarters the bank has increased its transparency and disclosure a little bit. But overall, investors haves assigned Goldman Sachs a lower multiple than businesses that are more transparent and a bit more regulated.\"\nA more public face for private equity\nThe bank's leadership admits it has more to do to be known as a major force in the private-equity space.\n\"We are really a scaled player [in alternatives],\" Goldman's chief operating officer, John Waldron, said in June at the Bernstein Strategic Decisions Conference. \"We're already a top four player. It's not as well-known, because we have a big firm. We do a lot of things, and we maybe haven't been as purposeful about talking about the alternatives business as a stand-alone business.\"\nOn this front, the firm said it's raised more than $90 billion in capital against a goal of $150 billion by 2024 for its alternatives business. Since laying out the $150 billion fundraising goal in 2020, it's been drawing in fresh capital ahead of schedule.\n\"If we're doing private-equity investments, we're doing them under the asset-management business and in the new construct where we're raising funds with client capital and a portion of firm capital,\" said Heather Miner, chief operating officer of Goldman Sachs Asset Management, in an interview with MarketWatch. \"That's an important pivot -- to have greater clarity and a unified investing business that we can grow. We have a much more cohesive organization with a clear strategy.\"\nThe alternatives business also aims to tap synergies elsewhere in the bank. Goldman's investment-banking unit or its consumer and wealth management business may apprise clients of potential opportunities in alternative investments, for example.\nBetting on the Yankees, and Polo\nSome of the milestones for Goldman's private-equity operation include financing Polo Ralph Lauren in 1994 by purchasing a 28% stake in the company for $135 million, as the New York Times reported at the time. In 1998, the bank officially launched its Goldman Sachs Merchant Bank banner.\nGoldman backed the launch of the Yankees Entertainment and Sports Network in 2001 and made an investment in food-services giant Aramark (ARMK) in 2006.\nOn the eve of the global financial crisis, in 2007, Goldman had raised $20 billion for its GS Capital Partners VI LP buyout fund, making it one of the largest private-equity funds of its time.\nBanks then regrouped in the wake of the Dodd-Frank legislation that followed the collapse of Lehman Brothers in 2008.\nAfter the crisis, many of the private-equity groups at the big banks were jettisoned or scaled back.\nWhile Goldman Sachs remained in the business, many of its bankers left and formed their own private-equity firms.\nAmong them, Milton Berlinski and Peter Aberg co-founded Reverence Capital Partners in 2013, and Gerry Cardinale launched RedBird Capital Partners in 2014.\nNowadays, Goldman's motive is to be valued by investors as a business with a rich earnings stream from the lucrative business of asset management, rather than a generator of equity investment income from more opaque private funds.\nGoldman is working to get the word out on its private-equity assets as it sells positions and moves investments off its balance sheet into third-party vehicles. That activity reduces its common equity Tier 1 capital, which in turn trickles down to improve its return-on-equity performance.\nTier 1 capital is the core capital held in its reserves. The Tier 1 capital ratio compares a bank's equity capital and disclosed reserves with its total risk-weighted assets under Basel III banking regulations. It's a measure of a bank's strength against market disruptions and is aimed at ensuring a bank can absorb losses without its overall stability being threatened.\nMeanwhile, Goldman has quietly raised newer funds including a $14 billion credit fund called West Street Strategic Solutions Fund I, its largest fund since the financial crisis, according to a recent Bloomberg report. Its 2017 mezzanine debt fund, GS Mezzanine Partners VII, drew in $13 billion. That same year, it raised $7 billion for the buyout fund West Street Capital Partners VII. It disclosed plans to raise West Street Capital Partners VIII in late 2020, according to a filing.\nIn late September, Goldman took its Petershill Partners PLC unit public in the U.K. The business, which acquires minority stakes in private-equity firms, has a market cap of about $5 billion.\nF.L. Putnam's Hazen said it does not include any Goldman Sachs shares in its managed stock portfolio, but it's overweight in financials including JPMorgan, Morgan Stanley $(MS)$ and Bank of America because of the prospect for higher net interest income on loans as interest rates rise, as well as the scale and efficiency they offer as big players.\n\"Private equity is not a significant business for other big banks,\" Hazen said. \"The core reason to own those is a steeper yield curve that will help all the banks.\"\nOverall, the banks are very much leaders in their fields, whether in commercial banking or consumer banking or private wealth management, she said. \"They'll likely be able to grow faster than the core financial sector because they're leaders that can leverage their market share and attract good talent,\" Hazen said.\nGoldman details private-equity assets\nGoldman Sachs Asset Management operates as one of four main pillars at the bank, alongside global markets, investment banking, and consumer and wealth management.\nAt its 2020 investor day, Goldman said its average net internal rate of return, or IRR, on equity investments totaled 15.5% per year and that its return on private credit since the financial crisis had been 9.8%.\nIn an update on this goal during its third-quarter earnings call on Oct. 15, the bank said it had raised $90 billion against the $150 billion target, as its total asset-management business tipped the scales at $1.7 trillion.\n\"We continue to transition our alternatives business to more third-party funds, and we have gained momentum as we spend a significant amount of time with new and existing institutional clients,\" CEO Solomon said on the call.\nSince its 2020 investor day, Goldman has harvested about $16 billion in private positions, offset by $9 billion of portfolio markups and additions of $5 billion from early fund facilitation and other commitments, Solomon said on the bank's third-quarter earnings call. The bank said its implied capital associated with total dispositions in both private and public positions since its 2020 investor day totaled $8 billion.\n\"We continue to have line of sight on $2.8 billion of incremental private asset sales corresponding to $2 billion of capital reduction,\" Solomon said.\nIn his comments in June, COO Waldron said the company continued to be “very purposeful” about reducing its balance sheet, reducing its capital intensity and shifting to a more funds-driven approach.\n“You’re seeing us push very far in taking assets off the balance sheet and substituting those assets either into other parts of the firm or that balance-sheet capacity in other parts of the firm or into third-party funds, where we can invest alongside in a more capital-efficient manner,” Waldron said. “So we feel great about the progress. We’re getting very good receptivity in the third-party capital-raising market. And I think it’s going to be a business. It’s going to add a tremendous amount of value to the firm over time.”","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":2882,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["BBOX"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":15,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Goldman Sachs's private-equity business has been a 'black box,' but now it's opening up<blockquote>高盛的私募股权业务一直是一个“黑匣子”，但现在它正在开放</blockquote>

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