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Alternatives

INFRASTRUCTURE

Our infrastructure team has deep expertise and a history of sourcing proprietary opportunities and executing complex transactions. With the definition of traditional infrastructure evolving significantly, our value-add strategy offers access to the infrastructure assets of the future.

$180bn+

Total Enterprise Value
of Investments At Acquisition1

 

16+ yrs

Investing
History2

 

30+

Infrastructure
Professionals2

 

Video

Our Infrastructure Strategy


We navigate complexity, and leverage the Goldman Sachs franchise, to find and create value.

 

Scott Lebovitz

Co-CIO of Goldman Sachs Infrastructure

Goldman Sachs Infrastracture

What Makes Us Different?

Sourcing Advantage

Our long-standing relationships, together with Goldman Sachs’ established infrastructure and utilities advisory practice, makes for a robust sourcing network of companies, entrepreneurs, governments, municipalities, and financial intermediaries around the world. 

 

Navigating Complexity

Complexity can come in many forms. It can be the early identification of emerging thematic trends, seeing through a dislocation or macro disruption, or a complex acquisition. Our investment process aims to focus on identifying and investing at key market inflection points, and seeks to navigate thematic trends, market dislocations and opportunities underappreciated by the wider market.

 

Value Creation Focus

We act like owners, are dedicated to our goals of accelerating value creation and supporting our portfolio companies Our process is focused on creating value across the investment life cycle, at acquisition, throughout our ownership and at exit.

About Our Team

30+ infrastructure investors with deep domain and cross-sector expertise – senior team members:

Philippe Camu

Managing Director & Global Co-head

 


 

Philippe is managing director and global co-head of the Infrastructure Investment Group based in London and joined Goldman Sachs in 1992.

Scott Lebovitz

Managing Director & Global Co-head

 


 

Scott is a managing director and global co-head of the Infrastructure Investment Group, based in New York and joined Goldman Sachs in 1997.

Robert Clark

Managing Director

 


 

Robert is a managing director based in London and joined Goldman Sachs in 2008.

Sebastien Gagnon**

Managing Director

 


 

Sebastien is a managing director focused on energy and natural resource investing based in London. Joined Goldman Sachs in 2013.

Jonathan Hunt

Managing Director

 


 

Jonathan is a managing director responsible for transportation investments in the Americas and joined Goldman Sachs in 1999.

Kunal Koya

Managing Director

 


 

Kunal is a managing director based in London and joined Goldman Sachs in 2013.

Cedric Lucas

Managing Director

 


 

Cedric is a managing director based in New York and joined Goldman Sachs in 2019.

Matteo Botto Poala

Managing Director

 


 

Matteo is a managing director based in London and joined Goldman Sachs in 2001.

Leonard Seevers**

Managing Director

 


 

Leonard is a managing director focused on the digital infrastructure sector based in New York. He joined Goldman Sachs in 2005.

Peter Vermette**

Managing Director

 


 

Peter is a managing director focused on debt capital markets activity based in New York and joined Goldman Sachs in 1998.

 

**Indicates team members who have direct alternative investing within GS Asset Management (“GS Asset Management Private”) responsibilities in addition to the infrastructure team.

Infrastructure Opportunities Are Evolving

 

Historically infrastructure was narrowly defined as assets needed for the movement of people and physical goods, with focus on transportation and fossil fuels. This definition has evolved to today include more modern infrastructure, assets that incorporate the delivery of data and services, with a focus on digitization and energy transition. While the type of assets considered to be infrastructure has evolved, the key characteristics of infrastructure have remained more constant -- defensive and contractual cash flows, resiliency through economic cycles, incumbency advantages, and a critical role in society.

 

As of February 28, 2022. 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 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 has no obligation to provide any updates or changes.

Our Portfolio - Select Investments

 

Energy and Renewables

Orsted: A leading owner of renewable energy infrastructure assets in Europe. Aligned with the theme of the continued transition towards an economy with lower carbon footprint driven by strong sustainability tailwinds.


 

Transport and Logistics

Red de Carreteras de Occidente (RCO): One of the largest operators and developers of private toll roads and related infrastructure in Mexico.


 

Essential Services

Synagro: Provider of waste recycling, biosolids treatment and water and wastewater facilities across North America. Aligned with our principal focus on businesses that provide an essential service.


 

Digital Infrastructure

CityFibre: The largest full fiber platform in the UK. Positioned to take advantage of the growth and importance of fiber networks.


 

Case studies were selected to highlight the largest investment made in each of the four key investment areas ending February 28, 2022. A full list of assets is available upon request. For illustrative purposes only. Performance results vary depending on the client’s investment goals, objectives, and constraints. There can be no assurance that the same or similar results to those presented above can or will be achieved

Resources

Ready to learn more about our infrastructure capabilities?

 

Please reach out to your Goldman Sachs Asset Management relationship manager

1 Reflects aggregate Total Enterprise Value (“TEV”) at acquisition of the companies as of December 31, 2021. 

2 As of December 31, 2021.  

** As of December 31, 2021. Indicates team members who have GS Asset Management Private responsibilities in addition to the infrastructure team

 

Disclosures

Alternative Investments - Hedge funds and other private investment funds (collectively, “Alternative Investments”) are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of such Alternative Investments. 

Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested. There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers. 

 

Conflicts of Interest 

There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investment. These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment.

A fund, underlying funds, and/or portfolio assets may utilize leverage which could have significant adverse consequences. In particular, a fund will lose its investment in a leveraged portfolio investment more quickly than a non-leveraged portfolio investment if the portfolio investment declines in value. Money borrowed for the purpose of leveraging investments will also be subject to interest costs as well as financing, transaction and other fees and costs that may not be recovered. You should understand fully the risks associated with the use of leverage before making an investment in a fund. 

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 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 has no obligation to provide any updates or changes. 

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.

Investments in real estate companies, including REITs or similar structures are subject to volatility and additional risk, including loss in value due to poor management, lowered credit ratings and other factors.

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.

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.

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.

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. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

Environmental, Social, and Governance (“ESG”) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated. 

Entities Providing Services. This presentation is intended only to facilitate your discussions with the applicable Goldman Sachs entity including, but not limited to, Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs AG, Goldman Sachs Paris Inc. Et Cie., Goldman Sachs Saudi Arabia, Goldman Sachs Bank AG, Goldman Sachs (Asia) L.L.C, Goldman Sachs (Singapore) Pte (Company Number: 19862165W), Goldman Sachs Futures Pte. Ltd (Company Number: 199004153Z); Goldman Sachs Australia Pty Limited. In connection with its distribution in the United Kingdom, this material has been issued and approved by Goldman Sachs International which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by GSI, Plumtree Court, 25 Shoe Lane, London EC4A 4AU; by Goldman Sachs Canada, in connection with its distribution in Canada; in the United States by Goldman Sachs & Co. LLC; in Hong Street (Beijing) Equity Investment Management Co., Ltd., in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs Japan Co., Ltd; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); and in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 19862165W). 

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. 

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. Nothing in this document should be construed to constitute allocation advice or recommendations. 

United Kingdom and European Economic Area (EEA): 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. Switzerland: For Qualified Investor use only— Not for distribution to general public. 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 Pacific: Please note that neither Goldman Sachs Asset Management International nor any other entities involved in the Goldman Sachs Asset Management business 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 and Malaysia. 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). 

Australia: This material is distributed in Australia and 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. 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. The material provided herein is for informational purposes only. This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. 

Canada: This presentation has been communicated in Canada by Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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. 

Confidentiality 

No part of this material may, without Goldman Sachs Asset Management’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.

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