Goldman Sachs Asset Management closed its debut equity growth fund – West Street Global Growth Partners I – at $5.2 billion, exceeding its initial targets of $3 billion and $5 billion.

The raise included $3.7 billion from both institutional and high net worth investors, alongside a significant commitment from Goldman Sachs and its staff – making it the largest first-time equity growth fund ever raised, surpassing the $4.5 billion raised by Blackstone Growth in 2021.

The fund is dedicated to investing in minority stakes in early- to mid-stage companies in four sectors: enterprise technology, fintech, healthcare and consumer, with an average investment size commitment of about $50 million.

The fund is managed by the Growth Equity business within Goldman Sachs Asset Management led by Darren Cohen, Nishi Somaiya and Stephanie Hui.

“Goldman Sachs has a decades-long history of backing the world’s leading founders and bringing the full resources of the firm to help them scale and build category-defining businesses,” said Julian Salisbury, chief investment officer for asset and wealth management at Goldman Sachs.

West Street Global Growth Partners has already invested in a number of companies, including 4G Clinical, a leader in the randomization and trial supply management market, AlphaSense, a market intelligence software company, Exotec, a robotic warehouse systems provider, Fortanix, a multi and hybrid cloud data security platform and MegaRobo, a life sciences robotics solutions provider in China.

Goldman Sachs Asset Management has $2 trillion of assets under management as of December 31, 2022.