Reports have emerged indicating that Goldman Sachs is in discussions with the Kuwait Investment Authority (KIA). The investment bank is looking to secure a $10 billion mandate as it seeks to strengthen its asset management arm.
The US investment bank aims to secure $10 billion over the next few years, allocated across multiple funds. Talks with Kuwait’s wealth fund come at a time when Goldman Sachs has been accelerating its push into private markets and alternative asset businesses.
The expansion is part of an effort aimed at shifting away from the traditional revenue mix of trading and into investment banking. While delivering third-quarter results, CEO David Solomon reiterated plans to raise $100 billion in alternative assets, such as real estate, hedge funds, and private credit.
