Qatar Investment Authority (QIA) and Goldman Sachs Asset Management have signed an agreement to expand their strategic partnership, with QIA targeting a combined commitment of up to $25 billion to funds managed by Goldman Sachs Asset Management, as well as co-investment opportunities.

Under the agreement, QIA will support Goldman Sachs Asset Management across its established business areas and new growth segments, as well as through direct investment opportunities. The expanded partnership builds on a longstanding relationship between the two institutions and aims to broaden access to global investment opportunities.

As part of the arrangement, QIA will act as an anchor investor in several of Goldman Sachs’ flagship and innovative investment strategies. The agreement also provides for deeper cooperation between Goldman Sachs and the State of Qatar across multiple areas.

Goldman Sachs will expand its Doha operations, increasing headcount and positioning the office as its largest regional asset management hub. The move is expected to enhance services for Qatari clients and support global investors seeking regional exposure.

The firm and its Value Accelerator network will also support Qatar’s national development goals, including strengthening the financial ecosystem and providing advisory services on capital formation, mergers and acquisitions, and capital market development. In addition, the partnership aims to deepen collaboration between Gulf Cooperation Council countries and global partners, including in the Asia-Pacific region, leveraging Goldman Sachs’ global network.

Goldman Sachs Asset Management is a major global investor in alternative assets, with more than $625 billion in assets under management and over three decades of experience across private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds.

QIA and Goldman Sachs said they will continue to explore additional areas of cooperation. The agreement remains subject to certain terms, conditions, and deliverables.