Goldman Sachs Alternatives, investing through its vintage strategies, has backed Greykite’s European real estate fund.
The Greykite European Real Estate Fund I has secured a limited partner (LP) commitment from the vintage strategies at Goldman Sachs Alternatives. While the exact amount is undisclosed, it is understood to be approximately €50m.
The Goldman Sachs vintage strategies provide liquidity solutions to private market LP investors and general partner fund managers. In June this year, Goldman Sachs raised $3.4bn (€3.1bn) for its Vintage Real Estate Partners III fund, the largest ever amount the manager had received for its real estate secondaries strategy.
The Goldman Sachs commitment to Greykite’s European fund follows the fund’s initial close in March 2024, which included LP commitments from Capital Constellation and Leucadia Asset Management.
The European fund was launched with a flexible mandate to invest in properties and corporations across various asset classes with strong fundamentals in select European markets. This includes opportunities arising from special situations and market disruptions, Greykite said.
Last month, the fund acquired a seed portfolio for a newly formed €300m logistics partnership with White Star Real Estate. The deal involved Greykite European Real Estate Fund buying a 142,000sqm portfolio of three properties in Warsaw, Strykow and Gliwice in Poland as the initial investment in the new joint venture with Central Europe-focused real estate developer and manager White Star.
Michael Abel, founder and CEO of Greykite, said: “Goldman Sachs is one of the leading, global investors, and having them as partners is another important milestone as we continue to build out a differentiated investment firm.
“It is a very interesting point in the cycle, and we are in a unique position to be able to make a difference with our experience and skill set.”
Igor Ostrowski, managing director at Goldman Sachs Alternatives, said: “We are excited to partner with Greykite on this fund commitment as well as current and future co-investment opportunities.
“We believe that Greykite has assembled a capable team and is in a strong position to capitalise on the compelling investment opportunity in Europe.”
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