Alternative Investments

Our Relationship with Clients. We act as an investment adviser or as a broker depending on our relationship with you, and may act as both for some clients. Our role and obligations will vary depending on the capacity in which we act. Where we act as an investment adviser, our primary role is to give you advice, help you manage your investments or help you hire another adviser to do so. Where we act as a broker, our primary role is to execute trades for you based on your instructions and any advice we give you is incidental to our brokerage services. How we are compensated by you (and sometimes by issuers or managers of investments who compensate us based on what you buy) and how your Private Wealth Management team is compensated will vary depending on whether you have an advisory or brokerage account and on the investments we or you make in your account, and may change over time. Goldman Sachs & Co. LLC (“we,” “us,” and “GS&Co.,” and together with its affiliates, “Goldman Sachs” or “GS”) is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). We predominantly offer investment advisory and brokerage services to retail investors through our Wealth Management business unit, which includes Private Wealth Management (“PWM”). Investment advisory and/or financial counseling services may be provided by GS&Co., an affiliate, or an external manager under the wrap program sponsored by GS&Co. Brokerage services are provided by GS&Co.

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Entities Providing Services.

The below entities are affiliated entities that are subsidiaries of The Goldman Sachs Group, Inc. (collectively, the “Firm” or “Goldman Sachs”).  Please note that offering of services is subject to jurisdictional requirements, and may not be available to all clients.

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United States

Investment advisory and/or financial counseling services may be provided by Goldman Sachs & Co. LLC (“GS&Co.”), an affiliate, or an external manager under the wrap program sponsored by GS&Co. Entities and/or affiliates may include but are not limited to Goldman Sachs Wealth Services, L.P. or another affiliate. Brokerage services are provided by GS&Co., member Financial Industry Regulatory Authority (“FINRA”) / Securities Investor Protection Corporation (“SIPC ”).

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EMEA

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Asia

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Conflicts of Interest. GS&Co. generally acts as placement agent for funds (the “Funds”) offered to PWM clients. GS&Co. receives compensation for its role as placement agent with respect to direct and indirect placements into the Funds. The payment of compensation to GS&Co. creates a conflict of interest because the amount of compensation received by GS&Co. is dependent on the amount of assets it places (directly or indirectly) into each Fund. There may be additional conflicts of interest relating to certain alternative investments and their service providers, including Goldman Sachs and its affiliates. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investment (defined below). These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment.

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Alternative Investment Risks. GS&Co. offers a range of alternative investment products (“Alternative Investments”) that you should carefully consider for their unique terms and risks prior to investing to ensure they are appropriate for your individual circumstances.  Please review the offering documents and product prospectuses for particular products, as well as additional information about the nature and risks of these and other products in GS&Co.’s ADV Part 2A Brochure and PWM Relationship Guide. Investing involves the risk of loss. In connection with your consideration of an investment in any Alternative Investment, you should be aware of the following risks:

• Alternative Investments are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains, and such fees may offset all or a significant portion of such Alternative Investment’s trading profits. An individual’s net returns may differ significantly from actual returns. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of the Alternative Investment.
• Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested.
• Alternative Investments may purchase instruments that are traded on exchanges located outside the United States that are “principal markets” and are subject to the risk that the counterparty will not perform with respect to contracts.
• Alternative Investments are offered in reliance upon an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. No public or other market is available or will develop. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers.
• Alternative Investments may themselves invest in instruments that may be highly illiquid and extremely difficult to value. This also may limit your ability to redeem or transfer your investment or delay receipt of redemption or transfer proceeds.
• Alternative Investments may involve complex tax and legal structures and accordingly are only suitable for sophisticated investors. You are urged to consult with your own tax, accounting and legal advisers regarding any investment in any Alternative Investment.
• Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant

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Tax Information. GS does not provide legal, tax or accounting advice, unless explicitly agreed in writing between you and GS, and does not offer the sale of insurance products. You should obtain your own independent tax advice based on your circumstances. The information included in this presentation, including, if shown, in the Tax Summary section, does not constitute tax advice, has not been audited, should not be used for tax reporting, and is not a substitute for the applicable tax documents, including your Form 1099, Schedule K-1 for private investments, which we will provide to you annually, or your monthly GS account statement(s). The cost basis included in this presentation may differ from your cost basis for tax purposes. Information regarding your Alternative Investments and transactions for retirement accounts are not included in the Tax Summary section.

Educational Only.  This information provided on this site is intended for educational and informational purposes only and is provided solely on the basis that it will not form a primary basis for any investment decisions. This information is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

Goldman Sachs & Co. LLC is registered with the Securities and Exchange Commission (“SEC”) as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”).

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