Goldman’s New Fund Designed for PE Returns, Sans the PE
Microsoft. Eli Lilly. Palantir. No one would mistake those stocks for private equity, but they’re the top holdings of a new Goldman Sachs Asset Management ETF designed to mimic PE returns.
The fund’s name is eye-catching for its reference to that: It’s the Goldman Sachs MSCI World Private Equity Return Tracker (GTPE). But make no mistake, it holds no private equity, and that’s a detail that the prospectus makes clear in bold capital letters. Instead, it tracks an index that “seeks to approximate the returns of private equity investments by replicating region, sector and style exposures through publicly listed equities,” according to the document.
The lack of actual PE is very much the point. For Goldman’s…
