Goldman Sachs IPO raises US$507 million

Goldman Sachs Hedge Fund Strategies LLC ("HFS"), advised by Roger Le Tissier of the firm's Guernsey office, has raised US$ 507 million for the London IPO of its latest fund, Goldman Sachs Dynamic Opportunities Limited.

Goldman Sachs Dynamic Opportunities Limited, a new London Stock Exchange listed, closed ended fund of hedge funds, has been established to target attractive risk adjusted absolute returns above the risk free rate with lower volatility than broad equity markets over a full market cycle. In seeking to achieve its investment objective the company will (directly or indirectly) allocate its assets to a relatively concentrated portfolio of advisors (or entities managed by them) selected by the investment manager.

HFS will be responsible for the ongoing day to day management of the company's portfolio. As at 31 May 2006 HFS had assets under management of over US$15 billion and is part of Goldman Sachs Asset Management ("GSAM"), which manages over US$70 billion of alternative assets.

The issue is the largest initial public offering to date of a London-listed fund of hedge funds and attracted a broad range of UK and European institutional investors, including insurance companies, pension funds, discretionary asset managers and private wealth managers."