Goldman Sachs pivots to private markets for wealthy investors

Matt Doherty will lead the new division, maintaining his existing oversight of the bank’s broader alternatives business. By merging the fiduciary single-asset investment arm with the family office-focused direct investment team, Goldman intends to streamline how its clients build and manage portfolios of non-public assets.

This structural shift reflects a broader Wall Street trend driven by the current AI investment boom. With many high-value firms staying private for longer periods, traditional public market exposure is no longer sufficient for investors seeking significant growth. The bank’s decision to consolidate these resources follows a strong second-quarter performance, where increased dealmaking and market volatility helped push equities revenue to record levels.