About the fund
The fund sits within Goldman Sachs's "Horizon" platform — the firm's flagship direct private-markets sustainable investing series — which is built on two pillars: climate transition and inclusive growth. The Inclusive Growth strategy is the firm's first dedicated direct private-markets fund focused on the social-impact pillar. The thesis, as articulated by Shell, is that there are companies that focus on remedying exclusion as both a social/economic challenge and a market opportunity, where need drives demand, innovation expands access, and both lead to social impact and strong business fundamentals. Goldman explicitly positions this as non-concessionary capital — i.e., targeting market-rate (or better) private equity returns rather than accepting a return discount for impact.
The fund targets "high-growth companies creating greater access, affordability and better outcomes for individuals across underserved populations", with a particular interest in U.S. opportunities, including underserved geographies such as rural southern regions. Areas of emphasis include affordable and high-quality healthcare delivery, behavioral and mental health, K–12 and workforce-skilling education solutions, and financial inclusion / fintech serving lower-income consumers and small businesses.
Led by Greg Shell, Partner and Head of Inclusive Growth Strategy at Goldman Sachs Asset Management. He sits within the broader Sustainable Investing group alongside Ken Pontarelli (who leads climate transition) and works alongside Salome Makharadze, among others. The team draws on Goldman's broader alternatives platform — part of an alternatives business with roughly $600 billion in assets — for sourcing, due diligence, and operating support.
