Goldman seeks asset purchases in UK pensions fire sale
Goldman Sachs is among a group of investors seeking to buy cut-price private assets from UK pension funds, which are rushing to raise cash after last week’s crisis in the government bond market.
UK pension funds have sold liquid assets since chancellor Kwasi Kwarteng’s “mini” Budget sparked a crisis in the gilts market last week, forcing some to raise cash urgently. Many are now planning to sell more illiquid holdings, including property, private credit and stakes in buyout funds.
“We’re seeing discounts of 20 to 30 per cent for a high quality portfolio [of stakes in private equity funds],” said Gabriel Möllerberg, a managing director at Goldman Sachs Asset Management. “It’s absolutely an opportunity.”
This story originally appeared on: Financial Times - Author:Adrienne Klasa
