Goldman Sachs is in talks to secure a $10 billion mandate from Kuwait’s wealth fund for its asset-management arm, Bloomberg News reported on Monday.
The firm has been in talks with the Kuwait Investment Authority (KIA) to receive the money over the coming years and across multiple funds, largely targeting Goldman‘s private equity, credit and infrastructure investments, the report said, citing people familiar with the matter.
Goldman Sachs declined to comment, while KIA did not immediately respond to a request.
The bank has been accelerating its push into private markets and alternative-asset businesses as it seeks to shift away from its traditional revenue mix of trading and investment banking.
Goldman‘s CEO David Solomon said on the earnings call this month that the bank plans to raise $100 billion in alternative assets – such as private credit, real estate and hedge funds – this year, exceeding prior expectations.
Its alternative assets under supervision totalled $374 billion at the end of the third quarter.
The talks come as Goldman expands in the Gulf region, opening an office in Kuwait earlier this month, in a bid to expand its services to regional clients and deepen its footprint in the Middle East.
Oil-rich Kuwait is home to KIA, one of the world’s biggest sovereign wealth funds.
Reuters
