Goldman Sachs Group Inc. (NYSE:GS) said on Tuesday that its alternatives business brought in $11.7 billion across a new set of private equity funds and related investment vehicles. The haul adds fresh firepower for buyouts and regional strategies as the firm pushes to expand its broader alternatives platform.
The largest slice of the raise went to West Street Capital Partners IX, which collected $9.6 billion, Reuters reported. West Street Asia Equity Partners I raised another $ 1.6 billion, and associated co-investment vehicles raised $500 million.
More than one-third of the fund’s commitments are already invested.
Michael Bruun, the global co-head of private equity at Goldman Sachs Alternatives, told Reuters that his team holds companies for about four to five years. Enterprise values typically start around $500 million and extend to roughly $2 billion to $3 billion.
"We continue to be quite firm that we need to see value creation over that period and facilitate an exit over that period," Bruun said.
Goldman’s focus comes as middle-market dealmaking remains selective in 2026. A June report from Winston Taylor and Mergermarket found that U.S. middle-market deal value reached $421.1 billion in 2025, up 14.7% from the prior year, but firms entered 2026 facing continued pressure to deploy capital while returning money to investors.
Activity Remains Disciplined
CohnReznick’s July 2026 private equity midyear report said first-half transaction volumes were lower, while valuation alignment improved and sponsors increasingly favored opportunities where they have strong underwriting and sector expertise. The environment has rewarded selective deployment rather than broad-based dealmaking.
Goldman said WSCP IX attracted backing from institutional and wealthy investors across North America, Europe, and the Middle East, and included sizable commitments from Goldman and its employees.
The firm’s portfolio includes U.S. cybersecurity audit company Schellman, European medical devices market Numantec, and U.S. sports and marketing agency Excel Sports Management.
Separately, Goldman said it is still raising money for a pan-Asia private equity effort aimed at taking control positions in middle-market companies, alongside selected growth investments. The alternatives unit reported $459 billion in assets under supervision as of June 30 and said it is targeting $750 billion by the end of 2030.
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