GSAM XIG PE Investment Team

The GS AIMS Private Equity Group (PEG) is indeed a part of Goldman Sachs' Alternatives business, and it appears to align with your description of handling Primaries, Secondaries, GP Stakes, and Co-investments. Here's a breakdown based on the most helpful WSO content:

Mandate and Structure

• Mandate: The group focuses on a mix of private equity strategies, including:
  • Primaries: Investing in private equity funds.
  • Secondaries: Acquiring stakes in existing private equity funds.
  • Co-investments: Investing alongside other private equity funds in specific deals.
  • GP Stakes: Taking ownership stakes in private equity firms themselves.
• Generalist Role: Analysts in the group typically work across all these areas, gaining exposure to a variety of investment types. Associates, however, may specialize in specific areas like co-investments or primaries.

Comparison to Other Goldman Groups

• AIMS PE vs. PIA/Merchant Banking Group:
  • AIMS PE is more focused on fund investments and co-investments, which are distinct from the direct investment focus of the Merchant Banking Group (now part of Goldman Sachs Asset Management).
  • PIA and the Merchant Banking Group historically had more direct LBO-style investing, which might align better with traditional MF/UMM PE recruiting.
  • AIMS PE analysts still achieve strong exits to UMM and some MF PE roles, though the modeling exposure may be less intensive compared to direct investment groups.

Exit Opportunities

• Placement: Analysts from AIMS PEG have successfully exited to top-tier private equity firms, including Berkshire, TPG, Bain, Apax, Francisco Partners, and General Atlantic. This suggests strong exit opportunities, though not necessarily at the same level as GS IBD or elite boutiques.
• On-Cycle Recruiting: The group provides solid preparation for on-cycle recruiting, leveraging co-investment experience and diligence work alongside other sponsors.

Culture, Hours, and Compensation

• Culture: Generally regarded as better than traditional investment banking. Analysts report minimal weekend work and early Fridays, contributing to a more balanced lifestyle.
• Hours: Lighter than GS IBD, with less intense demands.
• Compensation: Comparable to GS IBD analysts, with base salaries around $110k-$125k for first and second years, and bonuses on a January cycle.

Rebranding and Reshuffling

• The reshuffling within Goldman Sachs Alternatives has led to some rebranding, but the core functions of AIMS PE remain intact. The group continues to operate as a significant player in the private equity space, with large fundraises like the $15bn Vintage IX fund.

In summary, while AIMS PE may not offer the same direct investment exposure as PIA or the Merchant Banking Group, it still provides excellent exit opportunities, a more balanced lifestyle, and competitive compensation. If your goal is to transition to a traditional MF/UMM PE role, the group can serve as a strong stepping stone, though direct investment groups might have a slight edge in terms of modeling experience.

Sources: GS AIMS Private Equity Group, Goldman Sachs AIMS Private Equity, LA PE Firms Rep / Culture - LGP, Ares, Platinum Equity, Marlin Equity, Incoming SA in a BB FIG group (MS/GS/JPM), but long-term goals are PE. How should I approach the summer?, Ares Management Pay, Exit, Culture?