Goldman Sachs Alternatives is nearing a first close at USD 2bn for its fifth flagship infrastructure fund, marking strong early momentum for a vehicle that began fundraising in the second quarter of this year, sources familiar said.

The West Street Infrastructure Partners V (WSIP V) core-plus and value-add equity fund is targeting USD 4bn and is looking to reach a first close “early in the new year”, one of the sources added.

WSIP V primarily invests across Europe and North America and has not yet made any investments, another of the sources said.

Previous funds in the series have typically targeted net IRRs of around 13%.

The fund is the first flagship infrastructure vehicle launched by Goldman Sachs after the departure of former infrastructure co-head Scott Lebovitz, who joined TPG in February 2024 to run its infrastructure strategy.

The infrastructure franchise is led by Philippe Camu, chairman of infrastructure and based in London, and New York-based Tavis Cannell, global head of infrastructure, who jointly serve as co-chief investment officers.

Its predecessor fund, WSIP IV, closed on USD 4bn in 2023 and has invested in assets including Finnish modular buildings platform Adapteo, Spanish biomethane portfolios, Norwegian salmon farming business Frøy, US fibre provider ImOn Communications and a UK smart metering platform.

It has meanwhile offloaded some assets from its 2015 vintage 15-year fund third West Street fund, including UK smart meters group Calisen, US cooking oil recycling specialist Restaurant Technologies and airport cargo facility operator Aviation Facilities Company Management.

The third fund, which raised USD 2.5bn versus a USD 3bn target, retains stakes in assets including European bulk terminals business HES International and UK altnet CityFibre.

Goldman Sachs also runs an infrastructure secondaries strategy, known as Vintage Infrastructure Partners, alongside its evergreen G-Infra platform aimed at private wealth investors.

Goldman Sachs declined to comment.