AMERICAS DISTRESS DAILY: Goldman Raises $10 Billion for PE Firms

Goldman Sachs is raising funds to help private equity firms struggling to return cash to investors, by offering hybrid capital that combines debt and equity. The move is part of the bank’s efforts to capitalize on the liquidity logjam faced by private equity firms in a muted environment for mergers and initial public offerings.

• Goldman Sachs is also raising $15 billion for the latest iteration of its flagship secondaries fund, which will invest in private equity stakes and continuation vehicles, allowing firms to hold their investments for longer.
• The bank’s push into hybrid capital is part of a broader trend ...