US Stock Market: Goldman Sachs launches new private markets platform to expand offerings for wealthy clients

Goldman Sachs has created a new platform to expand its private market offerings for wealthy clients as investor demand for access to privately held companies continues to grow, according to an internal memo seen by Reuters.

The new alternative investment platform will be led by Matt Doherty, who will continue to oversee the Wall Street bank's alternatives business, Reuters reported, citing the internal memo.

The initiative comes as affluent investors increasingly seek exposure to private companies, where many high-growth startups are remaining unlisted for longer periods. This trend has enabled investors to participate in valuation gains before companies make their stock market debut.


Companies such as Elon Musk's SpaceX remained privately held for years before going public last month, with its rising valuation fueling investor interest in private market opportunities. The surge in artificial intelligence-related investments has further strengthened demand for such assets.

The growing appetite for private market investments has prompted several Wall Street banks to broaden their offerings for wealthy clients.

According to the Reuters report, Goldman said its Alternative Capital Markets business, which manages alternative investments for wealthy clients, will remain the core business within the new platform. The team will continue to help clients invest in private market assets, build alternative investment portfolios and manage those portfolios.

As part of the restructuring, Goldman is creating a dedicated private company investments team by combining its fiduciary single-asset investment business with its family office-focused direct investment business,.

The changes are aimed at building on the growth of Goldman Sachs' alternatives business while strengthening its private markets platform.

Earlier this month, Goldman Sachs reported better-than-expected second-quarter profit, supported by a recovery in dealmaking activity and record equities trading revenue, as heightened market volatility during the U.S.-Iran conflict boosted trading volumes, Reuters reported.