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MONEY MANAGEMENT

GSAM’s Petershill program takes minority stake in Accel-KKR

Goldman Sachs Asset Management’s Petershill program made a minority equity investment in technology-focused private equity firm Accel-KKR, said Accel-KKR spokesman Todd Fogarty.

Financial terms of the deal are not being disclosed. The investment by Petershill is a passive, non-voting stake in Accel-KKR that represents less than 10% of the economic interests of the firm.

Proceeds from the Petershill investment will be primarily used to increase Accel-KKR’s capital commitments to current strategies and to support potential new initiatives in the future. None of the capital is being distributed to the principals of Accel-KKR as part of the transaction.

GSAM spokesman Andrew Williams could not be reached for comment by press time.