1As of March 27, 2020. For private equity we have estimated that actual marks, when finalized, will approximate around .65 of public equity returns. However, we note that correlations may increase during stressed markets, as in the current environment.

Source: GSAM, as of 3/27/20; Past performance does not guarantee future results, which may vary. The economic and market forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this presentation.

General Disclosures

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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.


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The figures published here are estimated and unaudited as of 3/27/20, and are subject to potentially significant revisions over time. This example is for illustrative purposes only and is not an actual result. If any assumptions used do not prove to be true, results may vary substantially. Estimates are provided by estimating assumed asset returns and change in liabilities due to interest rates.

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.

High-yield, lower-rated securities involve greater price volatility and present greater credit risks than higher-rated fixed income securities.

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No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.