PRINCETON, N.J. (HedgeWorld.com)–Goldman Sachs Princeton LLC registered four strategy-focused funds of funds and one multi-strategy vehicle with the Securities and Exchange Commission this Monday, as closed-end investment companies.
The four strategy groups are equity long/short; tactical trading, covering managed futures and global macro; event driven, which includes merger arbitrage, high-yield/distressed securities and special situations; and relative value, focused on convertibles, equity arbitrage and fixed income.
Each of the four funds, Goldman Sachs Global Equity Long/Short Registered Fund LLC, Goldman Sachs Global Tactical Trading Registered Fund LLC, Goldman Sachs Global Event Driven Registered Fund LLC and Goldman Sachs Global Relative Value Registered Fund LLC, are expected to invest with seven to 25 managers.
The long/short fund will allocate to a wide range of styles, such as managers that focus on specific industries, certain countries or regions or employ a more diversified approach that cuts across investing styles, industries and geographic regions.
A fifth vehicle, Goldman Sachs Hedge Fund Partners Registered Fund LLC, will be invested in all four hedge fund sectors, with initially 30 to 75 underlying managers. It will have specified ranges of allocations so that each strategy group contributes roughly an equivalent amount to the expected portfolio risk of the fund of funds.