Goldman Sachs Group Inc (GS) - Get Goldman Sachs Group, Inc. (GS) Report raised more than $7 billion to invest in a fund that purchases secondhand stakes in private equity, $2 billion more than its original goal for the fund raise, Reuters reported.
The fund is called Vintage VII and focuses on buyout and distressed strategies in developed markets. It's run out of Goldman's asset management division.
Secondaries allow investors cash exposure in different markets without much concentrated risk. They also may have quicker profit returns because they often invest in more mature funds.
Goldman's 2012 secondaries fund raised $5.8 billion and generated a return of 14.4%.
Goldman shares were down over 1% in midafternoon trading.
What's Hot on TheStreet
Beware Tesla fanboys: Tesla (TSLA) - Get Tesla Inc Report burning money, but shareholders are the likely ones to blister and feel the pain. The standard 90-day corporate equity lockup period for Tesla, following its $402.5 million stock sale of March 16, ends Thursday TheStreetreports. As a result, Tesla will be free to conduct another stock offering as soon as Thursday, which is a real possibility given the electric car company's debt situation, partly due to its Solar City investment, and need for additional cash. Any new issuance the company may seek would likely need to take place before July, which is when Tesla issues its quarterly report on car sales. Alternatively, an offering could come in late August after Tesla issues its quarterly financial report.
Shares could start to come under pressure.
Mining stocks get whipped: Global mining stocks found themselves in a hole Thursday TheStreetreports, after South Africa's government said that at least 30% of domestic mining assets should be black-owned even if previous black owners sell their stakes. South African-exposed mining companies fell sharply in the wake of the announcement. London-listed Anglo American plc (AAUKF) tumbled 4.4% to 1,013 pence ($23.87) a share, South32 Ltd fell 4% to 158 pence, BHP Billiton plc (BHP) - Get BHP Group Ltd Sponsored ADR Report was down 2% to 1,155 pence, Rio Tinto (RIO) - Get Rio Tinto plc Sponsored ADR Report fell 2% to 3,079 pence and Glencore plc (GLNCY) fell 2.6% to 279.2 pence. South African gold producers were hit even harder. Sibanye Gold Ltd. (SBGLF) plummeted 6.7% to 1,562 South African rand ($121.38) and AngloGold Ashanti Ltd. (AU) - Get AngloGold Ashanti Limited Sponsored ADR Report fell 4.8% to 14,015 rand.
Amazon eyes a new prize: Amazon (AMZN) - Get Amazon.com, Inc. Report may be preparing a deal to buy Slack Technologies in a deal that could value the messaging startup group at more than $9 billion, TheStreetpoints out. With Microsoft's (MSFT) - Get Microsoft Corporation (MSFT) Report deal for LinkedIn being well-received, this deal seems logical for an Amazon that is aggressively expanding into the cloud.
One has to wonder though: why isn't Apple (AAPL) - Get Apple Inc. (AAPL) Report considering Slack or for that matter, Twitter (TWTR) - Get Twitter, Inc. Report . Each service would provide valuable insight into human behavior from which to build new products and services.
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