Alternatives: $115 Billion Raised in a YearNarrow moat

Goldman Sachs (GS) — moat facet

Goldman raises private-fund money at the pace of the biggest alternatives managers, and sells it through its own wealth clients.

The fastest-growing part of Goldman's fund business is alternatives: private equity, private credit, real estate and hedge funds. Gross third-party fundraising was a record $115 billion in 2025, of which $48 billion went to corporate equity, $34 billion to credit, $25 billion to hedge funds and other strategies and $8 billion to real estate1. The firm has raised $438 billion since 20192.

Gross third-party alternatives fundraising ($bn)1152025 full year59Q2 2026 aloneGoldman Sachs Q4 2025 and Q2 2026 earnings presentations
Half of a record year in one quarter.

Then 2026 went faster. The second quarter brought a record $59 billion, and the total since 2019 reached $523 billion3. Alternatives assets under supervision were $350 billion at the end of 2024, $420 billion at the end of 20254 and $459 billion in June 20265.

These are the richest fees in asset management. The average effective fee on alternatives was 58 basis points in the second quarter of 20266; in the fourth quarter of 2025 corporate equity funds earned 89 basis points and credit funds 697. Alternatives management and other fees were a record $2.37 billion in 20258, and $725 million in the second quarter of 2026, up 22%9.

The advantage is distribution. Goldman can offer its funds to the institutions it trades with and to wealth clients who already hold about $2.0 trillion with the firm10. A standalone private-markets manager has to find each of those investors itself.

Alternatives assets under supervision were $371 billion in June 2025, $429 billion in March 2026 and $459 billion in June 202611. In 2025 alternatives drew $52 billion of net inflows12. Gross fundraising and net inflows differ because older funds return capital to investors as they sell holdings.

The pace of the second quarter took total alternatives fundraising since 2019 to $523 billion13, from $438 billion at the end of 202514. The presentation lists it among the quarter's records, alongside record management and other fees15.

Fees are the proof. Alternatives fees grew only 8% in 2025 while fundraising set a record16; if they did not grow by double digits in 2026, the firm's own target17, the new money would be earning less than it appears.

Moat trajectory: Widening

Alternatives AUS $350bn (2024) to $459bn (June 2026).

The number that tests this moat
Reported
Alternatives management fees, latest quarter
$725M (Q2 2026, +22%)

The richest fee Goldman earns on funds; growth below 10% while fundraising set records would mean the new money earned less than it appeared.

Source: Goldman Sachs Q2 2026 earnings presentation ↗
⚠ Threats to the moat
⚠ THREAT 01
Fundraising Is Not Yet Fee Income
Goldman's record private fundraising has not yet turned into fee growth to match.
References
  1. ReportedGross third-party fundraising was a record $115 billion in 2025, of which $48 billion went to corporate equity, $34 billion to credit, $25 billion to hedge funds and other strategies and $8 billion to real estate.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  2. ReportedThe firm has raised $438 billion since 2019.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Global Banking & Markets: league tables, wallet share, clients, financing and intermediation. — FY2025 · publ. 15 January 2026 · source ↗
  3. ReportedThe second quarter brought a record $59 billion, and the total since 2019 reached $523 billion.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedAlternatives assets under supervision were $350 billion at the end of 2024, $420 billion at the end of 2025 and $459 billion in June 2026.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  5. ReportedAlternatives assets under supervision were $350 billion at the end of 2024, $420 billion at the end of 2025 and $459 billion in June 2026.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  6. ReportedThe average effective fee on alternatives was 58 basis points in the second quarter of 2026; in the fourth quarter of 2025 corporate equity funds earned 89 basis points and credit funds 69.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  7. ReportedThe average effective fee on alternatives was 58 basis points in the second quarter of 2026; in the fourth quarter of 2025 corporate equity funds earned 89 basis points and credit funds 69.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  8. ReportedAlternatives management and other fees were a record $2.37 billion in 2025, and $725 million in the second quarter of 2026, up 22%.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  9. ReportedAlternatives management and other fees were a record $2.37 billion in 2025, and $725 million in the second quarter of 2026, up 22%.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  10. ReportedGoldman can offer its funds to the institutions it trades with and to wealth clients who already hold about $2.0 trillion with the firm.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedAlternatives assets under supervision were $371 billion in June 2025, $429 billion in March 2026 and $459 billion in June 2026.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  12. ReportedIn 2025 alternatives drew $52 billion of net inflows.
    Goldman Sachs full-year and fourth-quarter 2025 earnings results, Form 8-K exhibit 99.1 - net revenues by region, net interest income, deposits, loans, AUS rollforward, capital returned and Apple Card effects. — FY2025 · publ. 15 January 2026 · source ↗
  13. ReportedThe pace of the second quarter took total alternatives fundraising since 2019 to $523 billion, from $438 billion at the end of 2025.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  14. ReportedThe pace of the second quarter took total alternatives fundraising since 2019 to $523 billion, from $438 billion at the end of 2025.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  15. ReportedThe presentation lists it among the quarter's records, alongside record management and other fees.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  16. ReportedAlternatives fees grew only 8% in 2025 while fundraising set a record; if they did not grow by double digits in 2026, the firm's own target, the new money would be earning less than it appears.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  17. ReportedAlternatives fees grew only 8% in 2025 while fundraising set a record; if they did not grow by double digits in 2026, the firm's own target, the new money would be earning less than it appears.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
Sources
Generated September 28, 2026