Growth Investor with GrowthCap‘s RJ Lumba Accomplished Tech Investor: Goldman Sachs’ Growth Equity Co-Head Darren Cohen
Jul 17, 2024
Darren Cohen, Co-Head and CIO of Goldman Sachs Growth Equity, shares insights from his 25+ years in tech investing. He discusses the evolution of Goldman’s growth equity strategy, emphasizing a collaborative team culture and innovative deal sourcing models. Cohen highlights key investment themes in enterprise software, fintech, and healthcare, including the rise of robotics and telehealth. He also reveals the importance of providing scalable capital and resources to founders, enhancing their growth potential.
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Hybrid Sourcing Drives High-Quality Deal Flow
- Deal flow combines strong outbound thematic sourcing with unique Goldman channels like banking and internal engineering teams.
- Enterprise software makes up ~50%, fintech ~30%, and healthcare software ~20% of their focus.
Scale AUM Without Diluting Senior Focus
- Grow AUM thoughtfully and keep senior partners focused on a small number of active deals.
- Limit senior leads to roughly five to eight portfolio companies to preserve attention and performance.
Retail Demand Meets Product And Infrastructure Gaps
- Massive retail demand exists for alternatives but product, liquidity, and distribution barriers remain.
- Semi-liquid products and private market infrastructure are starting to unlock retail access.