{ "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": 83, "pageCount": 183, "prevPage": 82, "nextPage": 84, "slideType": "appendix_disclosure", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": "This is a regulatory disclosure page from a Goldman Sachs Asset Management Form ADV document.", "elementsJson": [ "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/83", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-83", "components": [ { "bbox": { "h": 0.15, "w": 0.75, "x": 0.13, "y": 0.79 }, "kind": "list", "text": "Risks Related to TK Structures—GSAM may structure certain acquisitions of Japanese investments through a special purpose acquisition structure known as the tokumei kumiai (“TK”) structure. If an Advisory Account is deemed to be directly or indirectly involved in the management or operation of the TK, such Advisory Account may be directly or indirectly subject to full Japanese national and local taxes and the underlying investors may be required to file Japanese income tax returns.\nRisks Related to TMK Structures—GSAM may also structure certain acquisitions of Japanese investments through a tokutei mokuteki kaisha (“TMK”), a special purpose vehicle more than 50% of each class and each type of the equity", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f1c4af2-cbbf-4740-a1ff-ac4b4333cbd8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.75, "x": 0.13, "y": 0.24 }, "kind": "list", "text": "Growth Equity Transactions—While growth-equity investments offer the opportunity for significant capital gains, such investments may involve a higher degree of business and financial risk that can result in substantial or total loss, including as a result of substantial capital needs and intense competition from more established companies with greater resources.\nEarly-Stage Investments—Companies that are in a conceptual or early-stage of development are often characterized by short operating histories, new technologies and products, quickly evolving markets and management teams that may have limited experience working together, all of which enhance the difficulty of evaluating investment opportunities in such companies.\nInvestments in Junior Securities—Securities of companies that have already received one or more rounds of financing may be among the most junior in a portfolio company’s capital structure, subjecting Advisory Accounts that invest in such securities to a greater risk of loss.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "90623d55-d413-4c4a-b2c6-510980f8b6e2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.13, "y": 0.5 }, "kind": "list", "text": "Changes in Legislation Relating to Qualified Opportunity Zones (“QOZs”)—Additional legislation or administrative guidance (including, without limitation, changes to applicable tax rates or census tracts designated as QOZs) may cause an Advisory Account to fail to qualify as a QOF or to fail to provide investors with the anticipated tax benefits of the QOF program, and there may be no remedies that GSAM will be able to undertake in order to qualify such Advisory Account to receive such benefits.\nEconomic Risks of Investing in Opportunity Zones—Investments in certain census tracts (generally low-income urban, suburban or rural communities) that have been designated as QOZs are subject to the risk that the anticipated economic growth may not materialize, and there can be no assurance that an Advisory Account will achieve the intended tax or investment objectives.\nUncertainty of and Compliance with QOZ Rules—Certain Advisory Accounts are formed for the purpose of qualifying as a QOF; however, no assurance can be provided that such Advisory Accounts will so qualify or that, even if they qualify, any or all of the tax benefits available to qualified opportunity funds will be available to any particular investor.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d6821906-cde7-4047-8547-6abab862fdc7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.13, "y": 0.14 }, "kind": "paragraph", "text": "Valuation of Certain Technology Companies—Certain private Technology Companies, including companies providing services delivered via or related to the internet, recently have been accorded very favorable market valuations, however there can be no assurance that such businesses will continue to be afforded such valuations.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fd7c54c2-611d-4b8a-b2c4-d87e5af406e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.13, "y": 0.21 }, "kind": "title", "text": "RISKS THAT APPLY PRIMARILY TO GROWTH EQUITY INVESTMENTS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4651c708-f3ec-45e7-9350-b12680d84d2c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.13, "y": 0.76 }, "kind": "title", "text": "RISKS THAT APPLY PRIMARILY TO CERTAIN JAPANESE ACQUISITION STRUCTURES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9d3d1d75-6b4c-48d1-bf62-c3858a1a2e58", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.13, "y": 0.47 }, "kind": "title", "text": "RISKS THAT APPLY PRIMARILY TO INVESTMENTS IN OPPORTUNITY ZONES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a3eb405b-e306-45cf-bb0c-9b0bd3011d5c", "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": "e4709513-05ab-4ac8-85b6-debb7b97a70b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "List presentation", "slug": "list-presentation", "agent": null, "layer": "slide", "matchId": "5fa91453-f8d1-4cdd-b993-f2f30a97f832", "evidence": "The slide contains a list/bullet component, which is a clear indication of a list presentation.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 100, "from": 51, "beatId": "507e0c14-e8eb-4eed-82dc-6d107669f55c", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The firm provides evidence and proof of its investment strategies and risk management practices, such as data on assets under management and performance-based fees.", "position": 3, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }