Matt Doherty will lead the new division, maintaining his existing oversight of the bank’s broader alternatives business. By merging the fiduciary single-asset investment arm with the family office-focused direct investment team, Goldman intends to streamline how its clients build and manage portfolios of non-public assets.

This structural shift reflects a broader Wall Street trend driven by the current AI investment boom. With many high-value firms staying private for longer periods, traditional public market exposure is no longer sufficient for investors seeking significant growth. The bank’s decision to consolidate these resources follows a strong second-quarter performance, where increased dealmaking and market volatility helped push equities revenue to record levels.