The Success of Life Sciences I Fund
The Goldman Sachs Group Inc’s Goldman Sachs Asset Management recently disclosed the closure of the West Street Life Sciences I fund. The company revealed that Life Sciences I closed above its fundraising target with $650 million in equity commitments.
A Landmark Achievement
The fund represents the first in the firm’s Life Sciences Investing strategy and is one of the largest ever first-time private life sciences growth funds. Managed by Goldman Sachs Asset Management’s Life Sciences Investing Group, established in 2021 and led by Amit Sinha, the fund focuses on growth-oriented private equity investments in the life sciences sector.
Embracing Groundbreaking Innovation
The strategy aims at targeting early to mid-stage therapeutic companies with multi-asset portfolios, life sciences tools, and diagnostics companies. The Life Sciences I fund has committed approximately $90 million across 5 portfolio companies at the forefront of life sciences innovation, which includes MOMA Therapeutics, Nested Therapeutics, TORL Biotherapeutics, Septerna, and Rapport Therapeutics.
Industry Transformation and Growth Potential
Commenting on the initiative, Marc Nachmann, global head of Asset & Wealth Management at Goldman Sachs, stated, “Life sciences represents one of the most exciting areas in the private investing landscape, with advances in technology transforming healthcare at an unprecedented pace. We have a long history of partnering with companies in this space and look forward to bringing the full resources of Goldman Sachs to world-class management teams who are driving progress in the industry.”
Financial Prowess and Market Position
As of September 30, 2023, Goldman Sachs Asset Management had assets under supervision of more than $2.6 trillion.
Implication through Market Momentum
GS shares traded higher by 0.32% at $383.00 premarket Thursday.
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