Goldman Funds Take $900 Million Hit on Northvolt Stake, FT Says

Funds managed by Goldman Sachs Asset Management are set to write off almost $900 million on investments in Swedish battery maker Northvolt AB, which filed for bankruptcy protection this week, the Financial Times reported, citing letters to investors it has seen.

The US bank’s private equity funds, which have at least $896 million in exposure to Northvolt, will write that down in its entirety at the end of the year, the newspaper reported on Saturday.

Goldman told the FT its investment was a minority one “through highly diversified funds” and said its portfolios “have concentration limits to mitigate risks,” ...