Goldman Execs. Cash Out Hedge Fund, P.E. Portfolios

Mar 30 2009 | 1:11am ET

A pair of Goldman Sachs executives are among the few profiting in a big way from the hedge fund investments this year. The firm has bought their stakes in the its hedge fund and private equity businesses for almost $60 million, the New York Post reports.

Jon Winkelreid, Goldman’s retiring co-president, and Gregory Palm, its general counsel, are the big winners. Winkelreid’s golden parachute totals $19.7 million. Palm is now $38.3 million richer.

In recent months, Goldman has found itself bailing out several executives who took a bath in its hedge funds. But Winkelreid and Palm are not the receipients of that corporate welfare: they are among Goldman’s largest individual investors.

Their investments were “purchased at an amount equal to the capital contributions made by” the two, Goldman said in a Securities and Exchange Commission filing. Their hedge fund and private equity investments netted them a payout “based on the estimated net asset value of the funds’ investment portfolio,” or “at a discount to the net asset value.”

The Post reports than another 200 Goldman executives are expected to make similar deals with the firm.

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