The Goldman Sachs Group, Inc. (GS) Opens Talk with Kuwait Wealth Fund over $10B Funding

The Goldman Sachs Group, Inc. (NYSE:GS) is one of the best blue-chip stocks to buy now. On October 27, reports emerged indicating that The Goldman Sachs Group Inc. (NYSE:GS) is in discussions with the Kuwait Investment Authority (KIA). The investment bank is looking to secure a $10 billion mandate as it seeks to strengthen its asset management arm.

The US investment bank aims to secure $10 billion over the next few years, allocated across multiple funds. Talks with Kuwait’s wealth fund come at a time when Goldman Sachs has been accelerating its push into private markets and alternative asset businesses.

The expansion is part of an effort aimed at shifting away from the traditional revenue mix of trading and into investment banking. While delivering third-quarter results, CEO David Solomon reiterated plans to raise $100 billion in alternative assets, such as real estate, hedge funds, and private credit.

Meanwhile, on November 4, Barclays analyst Jason Goldberg reiterated a “Buy” rating and a $850 price target on the stock.

The Goldman Sachs Group, Inc. (NYSE:GS) is a leading investment banking, securities, and investment management firm.

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Disclosure: None. This article is originally published at Insider Monkey.