April 20, 2023 | 12 Minute Read
Head of Portfolio Solutions for Alternatives Capital Markets and Strategy
Portfolio Solutions for Alternatives Capital Markets and Strategy
Portfolio Solutions for Alternatives Capital Markets and Strategy
Private equity (PE) funds were down about 10% through the first three quarters of 2022, while public markets finished the year down roughly 20%.1 Initial reads of 4Q 2022 performance for private funds lead us to believe that the gap will persist. The discrepancy may lead some investors to question the validity of private market marks—which has happened during similar periods in the past. We believe much of the disconnect in valuations during public market dislocations comes from the way in which valuations are determined in PE, with nuances of different strategies impacting valuation dynamics.
PE strategies can experience periods of high beta but tend to see smaller markups and write-downs in quarters with large public market moves, such as the Global Financial Crisis (GFC). During prior market selloffs, buyout-backed companies faced headwinds but were largely able to catch their footing, with GFC-vintage funds delivering below-average but still-positive returns. While the venture capital (VC) funds of the dot-com era never recovered, GFC-vintage VC and growth were also able to largely rebound in the recovery. Whether the same will be true today remains to be seen, but a review of common valuation practices helps put the current environment into context.
Accounting rules dictate that PE GPs must establish quarterly marks that reflect the fair value of their current holdings. For assets that are not traded in public markets, such as PE, fair value is an estimate informed by the company’s operations and anchored in market dynamics; as such, it considers both fundamentals and sentiment factors. Within this framework, the GP can choose how to assess and weigh these factors, introducing subjectivity into the process. Investors commonly use three techniques to determine the fair value of an asset: discounted cash flow (DCF), public peer comparables, and precedent transactions. Depending on the strategy and the stage of company development, the approaches may differ.
DCF analysis projects cash flows until a future date, then assumes the investment will be sold at an estimated terminal value. Applying a discount rate to those cash flows from the terminal date back through today produces a valuation. The DCF analysis can be relatively immune to short-term public market valuation gyrations from shifting investor sentiment, but highly sensitive to the cash flow assumptions and discount rates being used. This can be even more pronounced for high-growth companies, where more of the value in the DCF model is in the terminal value, which gets impacted to a greater degree by the higher discount rate. Subjectivity centers on forecasts of future cash flows and the terminal value; the discount rate is based on more objective, observable cost of capital parameters.
Comparable company analysis aims to identify public companies similar to the private asset in terms of industry and sector, business characteristics, and—to the extent practical—size, and to consider the multiples at which these companies are trading in the market. In essence, it seeks to allow holders of illiquid positions to assess the fair price of an asset if it were to be sold today. The appropriate metric will depend on the type of investment being pursued and the stage of development of the target company or asset.
Source: Goldman Sachs Asset Management. For illustrative purposes only.
We believe subjectivity in this valuation technique centers on the companies selected as comparables and any potential adjustments that may be necessary. Many PE-backed companies may not have a robust set of true comparables in the public market, often because public counterparts are too large and diversified or the private companies operate in a niche not captured by GICS (Global Industry Classification Standards) sub-sectors. Another important consideration is the differing composition of public and private markets, which can meaningfully impact headline numbers. The S&P 500, for example, has less exposure to industrials, materials, and resources, which has favored PE in the current environment. And while they have similar exposure to information technology, PE is more oriented towards enterprise rather than consumer-facing businesses that have seen greater performance headwinds. There have been important performance differences across sizes too, with larger PE funds—which have closer public comps and more macro exposure—experiencing more significant write-downs than smaller vehicles.
Source: Cambridge Associates. As of September 30, 2022.
Growth rates are another complicating factor, as the higher growth rates often found in private markets can be difficult to model and compare to public markets. Comparable companies’ valuations may also figure in idiosyncratic factors. Due to these differences, identified comparable companies may trade at a wide range of multiples today, necessitating some subjectivity in reconciling those into one number.
Another potential drawback of public market comparables is that the metrics are susceptible to shifts in sentiment, which may not reflect operating fundamentals or longer-term value trends. Indeed, while public equity markets over the long term tend to track estimates of future earnings, the relationship is least reliable in volatile markets. Given the high level of noise observed over short periods, PE managers have some discretion when adjusting public market comparables for their specific investment, particularly if underlying fundamentals remain intact. The lagged nature of private markets also allows managers to filter out short-term market noise and sentiment shifts; if the public markets have already rebounded by the time private market valuations for the quarter are being established, GPs may curtail their multiple contraction in the current quarter and subsequently mute their expansion the following quarter. Of note, private markets tended to lag on the rebounds as well.
To help remove market noise, and because selling an ownership stake is quite different than trading liquid minority positions, private market investors often prefer to use recent transactions to establish comps. Valuation techniques and subjectivity parameters parallel those of public market comparables: identify available data on closely comparable companies, then adjust and triangulate to calculate a truly comparable multiple. Intermittent deal activity presents continual challenges to this method, particularly in down markets such as the current one when transaction data may be upwardly biased because dealmaking declines and concentrates in the highest quality assets. At the same time, it is impossible to accurately gauge what multiple could have theoretically been assigned to transactions that didn’t get done because the buyer and the seller could not agree on a price.
Buyouts tend to rely on all three metrics noted above, while earlier-stage venture and growth investments take a somewhat different approach to valuations. Growth equity investors generally benefit from being able to underwrite some level of financial operating performance in their investments, but more uncertainty about the magnitude and timing of cash flows largely deems DCFs less useful than in the buyout space. And while private growth-backed companies may have some similarities to public market firms, the private enterprises tend to be significantly smaller, less mature, and, most likely, faster-growing.
Many venture-backed startups do not even generate financials, let alone have public market peers. Unlike the dot-com era, however, when businesses were notoriously valued based on rudimentary metrics like “eyeballs,” today there are well-established metrics to measure tangible progress for startups lacking financials. In consumer software, for example, metrics including daily/monthly active users, churn, and detailed engagement profiles provide a richer view of how products are gaining traction; however, these metrics are still just signals and often lack strong comparable market data.
With these shortcomings rendering comparables somewhat less relevant, especially in the earliest stages, VC and growth investors rely more on precedent transactions – specifically, the value at which the company they own received its last capital injection. While funding rounds of companies at similar stages of development will be considered, the funding history of the target company often plays an outsized role. From that valuation, adjustments can be made to reflect progress made by the company in the interim, as well as the prevailing valuations for VC-backed companies at similar stages. While some investors make prudent adjustments for changes in fundamentals, valuations often are fairly sticky until the next funding round is on the horizon with some visibility into pricing. This works in both directions: valuations may prove conservative when the market is trending up but may appear overly optimistic when the market is trending down, as is the case today.
When explaining recent disparities in public and private performance, we believe it makes sense to start with the foundation of valuations: fundamentals. Historically, PE companies’ fundamentals have been more resilient than those of public companies due to a variety of factors. Some of the common reasons given for PE outperformance include close collaboration between owners and management, enhanced governance structures, and a long-term orientation. Furthermore, PE owners may have the capacity to finance acquisitions and/or provide a capital infusion to support growth or fortify the balance sheet.
Source: Cambridge Associates LLC Private Investments Database, FactSet Research Systems, and Frank Russell Company. Data from January 1, 2000 – March 31, 2022
Even as macro headwinds accumulated in 2022, both earnings and revenue growth of buyout-backed companies have remained strong. The median buyout company grew revenues by almost 20% year over year (as of 3Q 2022), and EBITDA grew by over 10%.2 Performance so far has highlighted this resilience in a challenging environment. However, GPs must acknowledge meaningful headwinds: broader margin compression and higher interest expenses that may increase further as rates rise. As you can see in Riding the Tri-Cycle, market uncertainty remains high, requiring both GPs and portfolio companies to continue to evolve and adapt.
While EBITDA—the preferred metric of buyout investors—is unaffected by rising interest expenses, we believe managers need to honestly consider the longer-term impact of rising rates amidst a more challenging operating environment. With higher interest expenses, some companies may be left with less cash flow than budgeted for value-creation initiatives, while the most indebted will have little room for operational missteps before encountering distress. All this may warrant some valuation re-rating at the aggregate level as margins compress, but the ongoing operating strength thus far has given GPs little reason to significantly adjust valuations.
In VC and growth equity, we foresee a slow, gradual valuation adjustment rather than a severe move downwards as existing investors and founders meet new realities. The volume of new funding rounds, which typically inform valuations, has slowed drastically. Many management teams quickly and aggressively cut costs, shifting operational focus from growth to capital efficiency given the increased cost of capital. This has created more cash runway than expected and allowed many companies to forego expected financing. Still, there are companies that have spent down cash reserves and require additional financing, and the valuation environment has changed drastically given the rise in interest rates and broader economic headwinds.
Many companies raised capital at lofty valuations that will take time to grow into, even under optimistic scenarios. While their trajectory has changed, many are still reluctant to accept a lower valuation and the realities it brings, including dampening employee morale. For companies that require additional capital, many are opting for non-dilutive financing options that do not come with a valuation reset. Some high-profile and high-quality companies, however, are reportedly accepting reduced valuations to bring in the right partners and establish a more sustainable trajectory, which could help to thaw the market.
Over the longer term, today’s challenges will amplify differences between companies. The strongest and most developed companies maintain strong growth rates and margins, while others are struggling to adjust their business models and improve unit economics. In the long run, venture returns famously follow a power law distribution, with a small number of outliers driving a disproportionate share of returns. This characteristic of the strategy may lead to categorically aggressive valuations in aggregate, as investors underwrite to a large total addressable market. But while this may lead to potentially lofty valuations broadly, undoubtedly, there are VC-backed companies today that will transform industries—some are even commercially viable now, and growing fast, with lots of runway. We believe the question for investors is whether they have exposure to those outlier winners.
Aggregate market data can be a helpful guide, but we believe the highly idiosyncratic nature of private market investing necessitates a deep look into the underlying trajectories of individual portfolios—particularly at a time when dispersion is on the rise. In addition to the raw fundamentals and comparable multiples, GPs consider a variety of other more qualitative factors. One is the underlying sources and drivers of value creation, and whether these are repeatable and sustainable as the environment shifts. The valuation can also be impacted by how the business model is positioned for the new environment, and whether value creation initiatives are feasible under new cost structures, where more resources may need to be allocated towards paying interest. GPs should be able to explain how different positions within the portfolio performed and justify relative differences both within the portfolio and with external sources. We believe comparisons should be made to both public market troughs and updated company trajectories.
We believe fund returns need to be assessed through multiple lenses to gain a full picture. As explained in Axiom of Choice: Measuring Private Market Performance, both IRR and MOIC should be analyzed, with different considerations depending on the specific stage of the fund life. IRR can appear elevated early if there are very early distributions, for example, but tends to settle close to the final absolute and relative level by around year seven. For MOIC, it’s also important to break out distributed value from remaining value. In robust markets, distributions increase as PE managers sell into strength. Funds also tend to markup existing assets, increasing both realized and unrealized returns.
When assessing a particular manager or fund, changes in historical marks can be a helpful guide. How did the GP value their positions during prior market cycles? Has the GP been aggressive or conservative in their historic marks relative to the eventual realization/exit? The manager’s broader fundraising cycle should also be considered, as research has shown GPs tendency to paint the most favorable picture of performance when preparing to launch a new fund.3
PE funds generated strong returns during the post-pandemic recovery, with newer funds posting mostly unrealized gains that may precipitate subsequent write-downs if companies are unable to achieve what is many cases were optimistic underwriting standards. Broadly, however, it appears that private market assets have continued to deliver strong operating performance, and owners have been willing and able to navigate a period with few liquidity opportunities.
Committed to providing you with the insights you need to build your practice.
1Cambridge Associates, as of September 2022. Refinitiv, as of December 31, 2022.
2Burgiss, as of September 30, 2022.
3Institutional Investor, Private Equity Firms ‘Try to Manipulate Their Performance’ When Raising Money, As of February 9, 2021
Diversification does not protect an investor from market risk and does not ensure a profit.
Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.
The views expressed herein are as April 12, 2023 and subject to change in the future. Individual portfolio management teams for Goldman Sachs Asset Management may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.
Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security, they should not be construed as investment advice.
Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.
Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.
Examples are for illustrative purposes only and are not actual results. If any assumptions used do not prove to be true, results may vary substantially.
There is no guarantee that objectives will be met.
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.
THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON’S OR PLAN’S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN. PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.
This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.
Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.
References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.
The opinions expressed in this white paper are those of the authors, and not necessarily of Goldman Sachs. Any investments or returns discussed in this paper do not represent any Goldman Sachs product. This white paper makes no implied or express recommendations concerning how a client’s account should be managed. This white paper is not intended to be used as a general guide to investing or as a source of any specific investment recommendations.
This material represents the views of Goldman Sachs Asset Management. It is not financial research or a product of Goldman Sachs Global Investment Research (GIR). It was not a product nor financial research of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed herein may vary significantly from those expressed by GIR or any other groups at Goldman Sachs. Investors are urged to consult with their financial advisers before buying or selling any securities. The information contained herein should not be relied upon in making an investment decision or be construed as investment advice. Goldman Sachs Asset Management has no obligation to provide any updates or changes.
United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.
European Economic Area (EEA):This material is a financial promotion disseminated by Goldman Sachs Bank Europe SE, including through its authorised branches ("GSBE"). GSBE is a credit institution incorporated in Germany and, within the Single Supervisory Mechanism established between those Member States of the European Union whose official currency is the Euro, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufischt, BaFin) and Deutsche Bundesbank.
Switzerland: For Qualified Investor use only – Not for distribution to general public. This is marketing material. This document is provided to you by Goldman Sachs Bank AG, Zürich. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Bank AG, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law.
Asia excluding Japan: Please note that neither Goldman Sachs Asset Management (Hong Kong) Limited (“GSAMHK”) or Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H ) (“GSAMS”) nor any other entities involved in the Goldman Sachs Asset Management business that provide this material and information maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, Malaysia, India and China. This material has been issued for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited, in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H) and in or from Malaysia by Goldman Sachs (Malaysia) Sdn Berhad (880767W).
New Zealand: This material is distributed in New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (’GSAMA’) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978, fall within the definition of a wholesale client for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA) and the Financial Advisers Act 2008 (FAA),and fall within the definition of a wholesale investor under one of clause 37, clause 38, clause 39 or clause 40 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) of New Zealand (collectively, a “NZ Wholesale Investor”). GSAMA is not a registered financial service provider under the FSPA. GSAMA does not have a place of business in New Zealand. In New Zealand, this document, and any access to it, is intended only for a person who has first satisfied GSAMA that the person is a NZ Wholesale Investor. This document is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAMA.
Australia: This material is distributed by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This document may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of GSAMA. To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either of the following entities. They are exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences, and are regulated under their respective laws applicable to their jurisdictions, which differ from Australian laws. Any financial services given to any person by these entities by distributing this document in Australia are provided to such persons pursuant to the respective ASIC Class Orders and ASIC Instrument mentioned below.
No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licence No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).
Canada: This presentation has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.
Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd.
South Africa: Goldman Sachs Asset Management International is authorised by the Financial Services Board of South Africa as a financial services provider.
Malaysia: This material is issued in or from Malaysia by Goldman Sachs (Malaysia) Sdn Bhd (880767W)
Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited.
Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).
Israel: This document has not been, and will not be, registered with or reviewed or approved by the Israel Securities Authority (ISA”). It is not for general circulation in Israel and may not be reproduced or used for any other purpose. Goldman Sachs Asset Management International is not licensed to provide investment advisory or management services in Israel.
Jordan: The document has not been presented to, or approved by, the Jordanian Securities Commission or the Board for Regulating Transactions in Foreign Exchanges.
Colombia: Esta presentación no tiene el propósito o el efecto de iniciar, directa o indirectamente, la adquisición de un producto a prestación de un servicio por parte de Goldman Sachs Asset Management a residentes colombianos. Los productos y/o servicios de Goldman Sachs Asset Management no podrán ser ofrecidos ni promocionados en Colombia o a residentes Colombianos a menos que dicha oferta y promoción se lleve a cabo en cumplimiento del Decreto 2555 de 2010 y las otras reglas y regulaciones aplicables en materia de promoción de productos y/o servicios financieros y /o del mercado de valores en Colombia o a residentes colombianos. Alrecibir esta presentación, y en caso que se decida contactar a Goldman Sachs Asset Management, cada destinatario residente en Colombia reconoce y acepta que ha contactado a Goldman Sachs Asset Management por su propia iniciativa y no como resultado de cualquier promoción o publicidad por parte de Goldman Sachs Asset Management o cualquiera de sus agentes o representantes. Los residentes colombianos reconocen que (1) la recepción de esta presentación no constituye una solicitud de los productos y/o servicios de Goldman Sachs Asset Management, y (2) que no están recibiendo ninguna oferta o promoción directa o indirecta de productos y/o servicios financieros y/o del mercado de valores por parte de Goldman Sachs Asset Management.
Esta presentación es estrictamente privada y confidencial, y no podrá ser reproducida o utilizada para cualquier propósito diferente a la evaluación de una inversión potencial en los productos de Goldman Sachs Asset Management o la contratación de sus servicios por parte del destinatario de esta presentación, no podrá ser proporcionada a una persona diferente del destinatario de esta presentación.
Bahrain: This material has not been reviewed by the Central Bank of Bahrain (CBB) and the CBB takes no responsibility for the accuracy of the statements or the information contained herein, or for the performance of the securities or related investment, nor shall the CBB have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. This material will not be issued, passed to, or made available to the public generally.
Kuwait: This material has not been approved for distribution in the State of Kuwait by the Ministry of Commerce and Industry or the Central Bank of Kuwait or any other relevant Kuwaiti government agency. The distribution of this material is, therefore, restricted in accordance with law no. 31 of 1990 and law no. 7 of 2010, as amended. No private or public offering of securities is being made in the State of Kuwait, and no agreement relating to the sale of any securities will be concluded in the State of Kuwait. No marketing, solicitation or inducement activities are being used to offer or market securities in the State of Kuwait.
Oman: The Capital Market Authority of the Sultanate of Oman (the "CMA") is not liable for the correctness or adequacy of information provided in this document or for identifying whether or not the services contemplated within this document are appropriate investment for a potential investor. The CMA shall also not be liable for any damage or loss resulting from reliance placed on the document.
Qatar This document has not been, and will not be, registered with or reviewed or approved by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or Qatar Central Bank and may not be publicly distributed. It is not for general circulation in the State of Qatar and may not be reproduced or used for any other purpose.
Saudi Arabia: The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. If you do not understand the contents of this document you should consult an authorised financial adviser.
The CMA does not make any representation as to the accuracy or completeness of these materials, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of these materials. If you do not understand the contents of these materials, you should consult an authorised financial adviser.
United Arab Emirates: This document has not been approved by, or filed with the Central Bank of the United Arab Emirates or the Securities and Commodities Authority. If you do not understand the contents of this document, you should consult with a financial advisor.
Date of First Use: April 20, 2023. 311034-OTU-1771263