Goldman Sachs Asset Management
Exchange Place funds
UnknownAll Cap III (2026 vintage) took $1.43B in its first close (first sale 2026-06-17). Later closings are not public.
- Assets
- ≈$22.9B
- Fee a year
- Not disclosed
- Minimum
- $1M
- Tracking error
- Not disclosed
- Investors
- 5,595
- Open to
- Qualified purchasers
- Lock-up
- 7 years for the full tax deferral
- New money gets in
- Vintage offerings with an initial close
- Illiquid sleeve
- Captive private REIT per vintage (Exchange Place All Cap REIT, Inc. and All Cap II REIT, Inc.; each Form D shows 125 shareholders at $1,000). An '(Equity Only)' feeder also exists.
- Holdings
- Not disclosed
- Benchmark
- Russell 1000 / Russell 3000
- Custodians
- State Street
- Access
- Through an advisor
- Launched
- 2014
- Assets, in detail
- As of 2026-03. Sum of Form ADV gross asset values for four Exchange Place feeders: Exchange Place LP $7.62B, All Cap LP $6.74B, Equity Only All Cap LP $1.77B, All Cap II LP $5.36B (GSAM LP 2026 annual Form ADV, read from privatefunddata.com and aum13f.com, because IAPD has no PDF for GSAM). Plus $1.43B Form D amount sold for All Cap III (first sale 2026-06-17), which is not yet in the ADV data. The Exchange Place Master LP ($12.8B) is not added, to avoid double counting. Gross asset value can include borrowing.
- Fee schedule
- Not published.
- Other costs
- Form D estimated placement commissions: $56M for All Cap II, $45M for All Cap III. Placement agents for All Cap III: Goldman Sachs & Co., Merrill Lynch, Morgan Stanley Smith Barney, Charles Schwab.
- Tracking error, method
- Not disclosed. No public feeder fund.
- Capacity and queue
- Recent vintages average about $2.4M-$4.3M per investor (Form D amount sold / investors).
Assets over time
Funds 6
| Fund | Year | Amount | Note |
|---|---|---|---|
| Exchange Place LP | 2014 | $7.62B2026-03 | Form ADV gross asset value (GSAM LP 2026 annual ADV, via privatefunddata, rounded to $0.01B); 1,528 beneficial owners; minimum $1M; feeder into Exchange Place Master LP. Form D (2019-10): $2.10B sold to 1,068 investors. CIK 1623075. |
| Exchange Place: All Cap LP | 2020 | $6.74B2026-03 | Form ADV gross asset value (GSAM LP 2026 annual ADV, via privatefunddata, rounded to $0.01B); 1,808 beneficial owners; minimum $1M; feeder into Exchange Place Master LP. Form D (2023-10): $3.45B sold to 2,179 investors. CIK 1805596. |
| Exchange Place (Equity Only): All Cap LP | 2021 | $1.77B2026-03 | Form ADV gross asset value (GSAM LP 2026 annual ADV, via privatefunddata, rounded to $0.01B); 189 beneficial owners; minimum $1M; feeder into Exchange Place Master LP. Form D (2026-07): $1.31B sold to 199 investors. CIK 1842180. |
| Exchange Place: All Cap II LP | 2024 | $5.36B2026-03 | Form ADV gross asset value (GSAM LP 2026 annual ADV, via privatefunddata, rounded to $0.01B); 1,734 beneficial owners; minimum $1M; feeder into Exchange Place Master LP. Cayman Islands. Form D (2025-09): $3.29B sold to 1,370 investors. CIK 2030931. |
| Exchange Place: All Cap III LP | 2026 | $1.43B2026-08 | Form D cumulative amount sold; 336 investors; CIK 2133701. First sale 2026-06-17; $1.43B sold by the 2026-07-02 Form D. Estimated commissions $45M include expected payments over 12 months. Not yet in the Form ADV data, so Basis adds the Form D amount sold (contribution value). |
| Exchange Place Master LP | Not disclosed | $12.8B2026-03 | Master fund. Form ADV gross asset value $12.8B; 3,273 beneficial owners. Not added to the total, to avoid double counting with the feeders. |
Sources
Checked 2026-10. Confidence: medium. Basis estimated the assets, investors from public data.
- Private Fund Data: Exchange Place LP (GSAM Form ADV data)
- Private Fund Data: Exchange Place: All Cap LP (GSAM Form ADV data)
- Private Fund Data: Exchange Place (Equity Only): All Cap LP (GSAM Form ADV data)
- Private Fund Data: Exchange Place: All Cap II LP (GSAM Form ADV data)
- Private Fund Data: Exchange Place Master LP (GSAM Form ADV data)
- AUM13F: Exchange Place Master LP (Form ADV data, IAPD source)
- IAPD: Goldman Sachs Asset Management, L.P. (CRD 107738), Form ADV filed 2026-09-25 (no PDF available)
- SEC Form D, Exchange Place LP (CIK 1623075)
- SEC Form D, Exchange Place: All Cap LP (CIK 1805596)
- SEC Form D, Exchange Place (Equity Only): All Cap LP (CIK 1842180)
- SEC Form D, Exchange Place: All Cap II LP (CIK 2030931)
- SEC Form D, Exchange Place: All Cap III LP (CIK 2133701)
- SEC Form D, Exchange Place All Cap REIT, Inc. (CIK 1839772)
- Cache: list of exchange fund providers
Where to get it
The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.
| Through | Their fee | All-in fee | Minimum | Onboarding and queue | Status |
|---|---|---|---|---|---|
| Morgan Stanley Wealth ManagementWirehouse | Not disclosed | Not disclosed | $1M | Eaton Vance does not publish closing dates. | Unknown |
| Goldman Sachs Private Wealth ManagementPrivate bank | Not disclosed | Not disclosed | $10M | Goldman does not publish closing dates. Exchange Place LP grew from 30 investors (2014) to 1,068 investors (2019) on Form D. | Unknown |
| UBS Wealth Management (US)Wirehouse | Not disclosed | Not disclosed | $1M | Not disclosed | Unknown |
| Merrill (Bank of America)Wirehouse | Not disclosed | Not disclosed | $1M | Not disclosed | Unknown |