Wednesday, 24 August 2016
Last updated 17 min ago
Mar 28 2007 | 11:27am ET
Just a week after being snubbed in The Blackstone Group’s initial public offering, Goldman Sachs announced that the private equity firm’s new $18.1 billion buyout fund—revealed in its IPO prospectus—will not, in fact, be the largest ever. Goldman plans to take that honor itself.
Lloyd Blankfein, CEO of the Wall Street giant, told shareholders at the company’s annual meeting that Goldman will raise upwards of $20 billion for its next corporate buyout fund. “It might be a little more, it might be a little less,” he said.
Goldman is widely perceived to have been left out of the Blackstone IPO because Blackstone and other p.e. firms resent Goldman’s foray into their turf. But Blankfein dismissed its exclusion as retaliation, telling Reuters that Goldman has “a terrific relationship” with Blackstone. But he warned that Goldman is not about to be bullied.
“Based on the public statements from some of our competitors, they look at our business model and they try to emulate it,” he said. “We are not abandoning our approach.”