Goldman Sachs launches private markets platform for wealthy clients seeking direct stakes in startups

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Goldman Sachs has created a new platform to expand its offerings for wealthy clients and family offices who increasingly want direct stakes in fast-growing private companies, CNBC has learned.

The new group, called the Alternative Investments Platform, combines Goldman's existing alternatives business with two newly established teams, according to a memo seen first by CNBC.

The new teams focus on:

• Direct investments in individual private companies, rather than broader private equity funds
• Helping clients buy and sell those stakes

"There has been a lot of focus on the big growth tech names and getting clients access to those before they debut in the public markets," Kristin Olson, Goldman Sachs' global head of alternatives for wealth, told CNBC in an interview.

Strategic Shift on Wall Street

Goldman's move reflects two of the biggest trends reshaping Wall Street:

1. Wealth and asset management expansion — The firm has spent years pushing deeper into these areas, which are perceived as providing steadier revenues than investment banking and trading.
2. Startups staying private longer — The most successful companies are delaying public listings, allowing early investors to capture most of the gains before public investors get a chance.

"Companies are going public at a trillion dollars," Olson said. "If you haven't participated along the way, you're clearly missing a big part of the growth cycle."

AI Boom Drives Demand

Goldman has been arranging direct investments in later-stage private companies for wealthy clients for roughly two decades, Olson said, pointing to Facebook before its 2012 IPO and later SpaceX, Stripe, and Canva. However, growth in demand for the asset class convinced executives to break out the business.

The firm's goal, Olson noted, is to help clients identify promising companies before they become household names.

Rather than targeting early-stage startups, Goldman generally focuses on later-stage companies that have:

• Established products
• Meaningful revenue
• Clearer paths toward profitability

Olson described this as a "sweet spot" between risk and return.

The AI investment boom has only intensified demand. Beyond leading model developers, Goldman is increasingly steering clients toward investments in the infrastructure underpinning AI, including data centers and related projects, Olson said.

Watch Now Video: 3:57 — Investors are increasing their allocation to growth and venture managers: Goldman's Kristin Olson (Closing Bell, CNBC)

Record Revenue and Secondary Market Expansion

The announcement comes days after Goldman reported record quarterly revenue, with executives highlighting AI-driven activity across investment banking, trading, and financing businesses. The results reinforced investors' view that Goldman is positioned to benefit from multiple facets of the AI investment cycle.

The announcement also formalizes Goldman's growing business helping clients find liquidity for private investments.

Through its new Secondary Advisory Group, the firm plans to expand a marketplace that allows clients to buy and sell private holdings, while also advising clients looking to exit investments held outside Goldman.

"We said, let's break that out and let's make it very clearly defined as something that we're leaning into," Olson said.