Goldman Sachs (GS) is expanding its partnership with the Qatar Investment Authority (QIA), potentially resulting in a total of $25B committed with the investment bank’s asset management unit, according to a media report on Tuesday.
QIA, Qatar’s sovereign wealth fund, is planning to deploy the capital toward new and existing private market strategies as a key backer, in addition to direct investments, Bloomberg reported, citing a statement. The wider alliance comes as the Middle East has become a key and growing funding source for Goldman Sachs Asset Management and other private capital managers.
Goldman (GS) reportedly said it will build out its presence in Doha by boosting headcount and becoming the largest regional office for asset management. It will also explore offering strategic advisory services, as well as guidance on capital formation, mergers-and-acquisitions opportunities and capital markets — which could include “encouraging foreign direct investment opportunities and supporting the growth of key Qatari companies,” it said.
Neither Goldman Sachs (GS) nor QIA immediately responded to Seeking Alpha’s request for comment.
Last month it was reported that Brookfield Asset Mnagament (BAM) and QIA were teaming up to create a $20B joint venture to invest in artificial-intelligence infrastructure in Qatar and select international markets.