Goldman Sachs buys VC fund

Goldman Sachs has had considerable success raising investment funds in recent years. One notable success was its $6.5 billion infrastructure fund. It is known to be in the middle of a $10 billion fund raising effort for a new private equity fund. So it is something of a surprise that it has chosen to buy a venture capital fund. It will buy the portfolio of a VC unit of Mellon, which is merging with Bank of New York, and has decided to focus on the servicing business. No one doubts that Goldman could have built a VC fund from scratch. So it must have seen something in the portfolio it liked. Alternatively, it likely has a high regard for the executives it will retain, notably Larry Mock, the president and chief executive of Mellon Ventures. Others involved in the management of 52 direct investments will also stay.

For more:
- here's a brief from Financial News