Goldman Sachs' Jupe Sees Optimism in Private Markets Despite Macro Uncertainty, Favors US Middle Market and Sector Specialists

 Amy Jupe, Managing Director within Goldman Sachs Asset Management’s External Investment Group, discusses the firm’s current outlook on private markets in an interview from IPEM Cannes 2025, expressing cautious optimism despite ongoing macro uncertainties.

The conversation covers its investment focus areas, preference for experienced managers who can drive proactive value creation, and the growing importance of sector specialization in private markets

The External Investment Group at Goldman Sachs focuses on primary investing in private markets, acting as a limited partner investing in and alongside GPs across private equity, private credit, and other strategies on behalf of clients globally.

Key Points from the Interview:

• Optimistic outlook driven by choice and visibility: Despite acknowledging ongoing challenges, Goldman Sachs views the current environment positively due to abundant LP choice with a high volume of funds in the market. In addition, increased macro visibility provides more certainty around inflation, interest rates, and the post-US election political landscape.
• Focus on US mid-market buyouts and resilient sectors: The firm particularly favours the US mid-market buyout space given the deep universe of companies and experienced managers operating in it. Within this, it targets sectors with resilient growth trends, for example technology and healthcare.
• Preference for experienced, proactive managers: Goldman Sachs seeks managers with multi-cycle experience that can drive value creation through proactive measures such as add-on acquisitions, expansion into new markets, and product development. It sees this as particularly important in an environment with fewer macroeconomic tailwinds.
• Sector specialization replacing geographic focus: Over the past 10-15 years, private equity has shifted from geographic to sector specialization. Goldman Sachs viewssector specialists as increasingly attractive in competitive markets, given the valuethese managers can add for LPs.
• Three key benefits of sector specialization: Specialized managers can gain sourcing advantages, mapping markets to find companies before competitors, can better drive value through deeper sector understanding and business model expertise, and can improve exit planning through knowledge of sector dynamics and potential buyers from day one of ownership.