Goldman Sachs’s asset management arm has raised one of the largest pools of capital targeting stakes in private real estate funds, benefiting from investors’ desire to take advantage of mounting liquidity problems among other investment managers and their limited partners.

The New York firm said it has collected $3.4bn for its Vintage Real Estate Partners III fund and related vehicles, around 23% more than the $2.75bn it brought in for a predecessor pool when it wrapped up in 2020. In May, Goldman finished raising $7bn to lend to real estate investors and developers, a market the bank’s asset manager sees as undercapitalised.