Goldman Sachs Vintage Strategies

Established in 1998, Vintage Strategies is Goldman Sachs Asset Management's dedicated secondaries platform, sitting within Goldman's External Investing Group (XIG) alongside the bank's other alternative-manager and co-investment strategies.

Over more than 25 years the platform has raised nine globally diversified secondary funds plus several strategy-specific vehicles, deploying over $85 billion across more than 750 secondary transactions — one of the longest and largest continuous track records in the industry.

Vintage has expanded beyond its original private equity fund-stake focus into infrastructure secondaries (its first dedicated infrastructure secondaries fund closed around $1 billion) and real estate secondaries, tracking the same asset-class broadening seen at several of its large-platform peers.

Vintage Strategies buys LP fund stakes and backs GP-led transactions, operating inside one of the largest alternatives platforms in the market. The scale of capital behind the desk lets it underwrite large portfolios and act as a lead buyer, taking the pricing and structuring work that smaller participants then join.

Large institutions dominate the seller side. Note the role distinction that appears throughout this market: a lead buyer prices and negotiates the transaction, while syndicate participants take a share of an already-agreed deal. The two roles require quite different capabilities and are rewarded differently.

Secondaries desks and franchises that operate inside a larger private-markets manager, usually built by acquiring an independent specialist and folding it into a broader platform.

This site groups buyers into four categories, because the category tells you more about how a firm behaves than its size does. See the rest of theplatform within a diversified managergroup in the directory.