{ "docId": "019dd923-5e88-73ef-bd5a-28c72cc9d740", "docSlug": "1b9c53be021f8188", "documentTitle": "asset and wealth management mn", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 46, "pageCount": 183, "prevPage": 45, "nextPage": 47, "slideType": "appendix_disclosure", "function": "other", "density": "dense", "nDataPoints": 0, "notes": "Form ADV disclosure page 46.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/46", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-46", "components": [ { "bbox": { "h": 0.25, "w": 0.74, "x": 0.13, "y": 0.42 }, "kind": "paragraph", "text": "XIG provides investment management and advisory services designed to assist clients in diversifying risk generally through investments with Unaffiliated Advisers, including Unaffiliated Advisers engaged in hedge fund, private equity, real estate, credit and fixed-income, and public equity strategies, although XIG also makes direct investments as described below. XIG manages client assets through selection of one or more Unaffiliated Advisers, selection of Unaffiliated Advisers to sub-advise pooled investment vehicles or separately managed accounts managed by XIG and/or its affiliates (such pooled investment vehicles and separately managed accounts, “Manager of Manager Accounts”), direct investment in Underlying Funds that are private and/or public funds advised by Unaffiliated Advisers, and establishment of investment vehicles managed by XIG that invest their assets in such third-party managed Underlying Funds (“XIG Program Funds”). In formulating its investment views, XIG may rely on macroeconomic and global insights, capital market views, corporate and industry expertise, and policy insights of its own personnel, other GSAM professionals and data from third-party information providers.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3896f2b7-ae70-4544-ac35-234a013c41ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.27, "w": 0.74, "x": 0.13, "y": 0.68 }, "kind": "paragraph", "text": "In connection with its Unaffiliated Adviser activities, XIG uses a multi-step diligence process to evaluate investments, and ultimate investment decisions are generally made by an investment committee. After XIG makes a primary or secondary investment, Unaffiliated Advisers are typically responsible for the day-to-day investment decisions, although XIG may develop benchmarks and written investment guidelines for the management of Advisory Account assets by Unaffiliated Advisers. XIG’s responsibilities with respect to Unaffiliated Advisers generally are limited to the selection, appointment, evaluation, monitoring and removal of such Unaffiliated Advisers, and XIG generally does not have any rights with respect to determining or approving specific investments made by the Unaffiliated Advisers other than setting general investment objectives and guidelines. Similarly, with respect to direct co-investments, although XIG will be involved with the selection, evaluation and monitoring of such investments, after the initial investment decision is made, XIG’s role generally is passive and the Unaffiliated Advisers are typically responsible for day-to-day investment decisions. The Unaffiliated Advisers generally are responsible for compliance with all applicable laws, rules and regulations pertaining to their investment activities. In certain situations, XIG has agreed, and may in the future agree, with certain clients to provide a different or lower level of services (including relating to due diligence, oversight and/or monitoring of Unaffiliated Advisers and/or Underlying Funds) than would typically be the case absent such agreement.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3a785414-dfc4-4a7f-81d4-66eb00d889a8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.74, "x": 0.13, "y": 0.14 }, "kind": "paragraph", "text": "in census tracts designated as “opportunity zones” in underserved and economically distressed U.S. urban communities in accordance with the “Opportunity Zone” program created under the Tax Cuts and Jobs Act of 2017.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4c8d4a8c-8229-4b1e-aeee-4ee99cdb46da", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.74, "x": 0.13, "y": 0.21 }, "kind": "paragraph", "text": "Certain Advisory Accounts advised by GSAM Private that make direct investments in the private equity, credit, real estate, and infrastructure markets as described elsewhere in this GSAM Private section also invest in those markets through co-investments with Unaffiliated Advisers and transactions which seek to provide liquidity to existing investors in a private fund, such as traditional secondary investments, investments in continuation vehicles, preferred equity transactions, and other similar transactions. With respect to such Advisory Accounts, GSAM Private generally retains portfolio management responsibilities for direct investments in the markets described above and generally delegates to XIG portfolio management and certain other services with respect to the other forms of liquidity transactions described above. Investments made by such Advisory Accounts may be made alongside current and future Goldman Sachs private investment funds, including XIG Advisory Accounts. For additional information regarding the XIG business, please see “External Investing Group” below.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "70517841-b8b6-46f5-882a-8b70703bed56", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.13, "y": 0.09 }, "kind": "title", "text": "Goldman Sachs Asset Management", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "822f0825-329d-4a0d-8aad-1ae52bc072df", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.13, "y": 0.19 }, "kind": "title", "text": "GSAM Private – Multi-Strategy", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5aa18276-9945-4541-a088-4b20db7f43b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.13, "y": 0.4 }, "kind": "title", "text": "External Investing Group (“XIG”)", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9090ff51-e8c2-449b-8929-0fca313f5028", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "from": 21, "beatId": "1aa218e4-2433-4634-8147-937f217e5111", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "Goldman Sachs Asset Management describes its advisory business, investment strategies, and risk management approaches in detail.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }