Asset & Wealth Management, External Investing Group (XIG), Real Estate Primaries — Vice President — New York

Goldman Sachs•New York, NY

2d•Onsite

About The Position

The External Investing Group (XIG) is Goldman Sachs Asset Management's dedicated external manager platform, providing clients with investment and advisory solutions across leading private equity funds, private credit funds, real estate managers, infrastructure managers, hedge funds, public equity strategies, fixed income strategies, and impact strategies. XIG manages globally diversified programs, targeted sector-specific strategies, customized portfolios, and a range of advisory services. Clients access opportunities through new fund commitments, fund-of-fund investments, strategic partnerships, secondary-market investments, co-investments, and seed-capital investments. With over 400 professionals across 13 offices around the world, XIG provides manager diligence, portfolio construction, risk management, and liquidity solutions to investors — drawing on Goldman Sachs' market insights and risk management expertise — and invests or advises on more than $500 billion of alternative investments, public equity strategies, and fixed income strategies on behalf of the world's leading sovereign wealth funds, pension plans, governments, financial institutions, endowments, foundations, family offices, and ultra-high-net-worth individuals. The XIG Real Estate platform (AUM c.$20bn) is responsible for manager selection, due diligence, portfolio construction, and ongoing oversight of the firm's external real estate investments globally, spanning primaries, secondaries, and co-investments across the core, core-plus, value-add, opportunistic and RE credit segments of the market. The platform invests on behalf of customized institutional mandates, commingled fund vehicles and the broader Goldman Sachs Asset Management client base. XIG Real Estate also serves as a senior fiduciary for the c. $10bn of real estate assets managed on behalf of XIG OCIO clients. The Real Estate Primaries team also co-manages the Goldman Sachs Real Estate Diversified Income Fund ("REDIF" / Ticker: GSRHX), the firm's flagship diversified closed-end Real Estate interval fund. REDIF provides simplified access and exposure to high conviction real estate funds and public securities across sectors, geography and risk profile (equity and debt).

Requirements

12+ years of relevant experience in real estate investing, with deep expertise across private real estate funds, public REITs, and/or real estate credit; meaningful exposure to manager selection, fund-of-funds construction, or multi-asset real estate portfolio management strongly preferred.
Demonstrated investment judgement as a capital allocator, investor or principal; '40 Act registered fund and interval fund experience is a meaningful plus.
Established network and credibility among the leading global real estate GPs, with the gravitas and reputation to represent the platform externally with institutional LPs, wealth clients, consultants, and the wider market.
Strong understanding of private real estate fund economics, vehicle structures (drawdown, evergreen, interval, BDC, SMA, joint venture, continuation vehicle), GP-LP legal terms and alignment, leverage and hedging mechanics, and the institutional due diligence process.
Working familiarity with the real estate secondaries market — LP portfolios, continuation vehicles, preferred equity, and structured solutions — and the points of intersection with primary fund commitments.
Experience contributing to the development of an investment team, including hiring, mentorship, succession planning, and the ability to set culture, raise the bar on investment standards, and drive a process-oriented, evidence-led decision framework.
Exceptional written and verbal communication skills, with the ability to clearly and credibly articulate complex real estate investment theses, performance attribution, and risk considerations to Investment Committees, Fund Boards, institutional LPs, and sophisticated wealth clients.
Highly developed analytical and problem-solving capabilities, including fluency with fund-level performance attribution, manager underwriting frameworks, sector and capital markets analysis, leverage and liquidity modeling, and portfolio construction across public and private real estate.
Strong organizational skills and sound judgment, with the ability to balance the strategic demands of running a global platform with the day-to-day rigor of '40 Act portfolio management, multiple fundraising cycles, and competing client priorities.

Responsibilities

Play a senior role across the XIG Real Estate Primaries platform globally including manager sourcing, due diligence, underwriting, negotiation, IC approval, post-close monitoring, and re-up decision-making for primary fund commitments to third-party real estate managers across geographies, sectors, and the full risk-return spectrum.
Provide dedicated investment coverage and input to Goldman Sachs Real Estate Diversified Income Fund (REDIF), contributing to the Fund's top-down positioning (public vs. private; equity vs. credit; sector and geography allocation), bottom-up fund and security selection within the private sleeve, leverage and liquidity management, and ongoing portfolio risk oversight; partner with the Fund's Portfolio Managers across the public real estate securities sleeve to ensure a coherent, integrated portfolio.
Contribute to the platform's regulatory and fiduciary obligations as a '40 Act fund portfolio manager, including accurate prospectus, SAI, and shareholder reporting; alignment with the Fund's principal investment strategies and concentration limits; coordination with legal counsel, compliance, and the Independent Trustees; and oversight of quarterly repurchase mechanics.
Serve as senior fiduciary for the c. $10bn of real estate assets managed on behalf of XIG OCIO clients, including discretionary asset allocation, pacing, manager selection, rebalancing, and Investment Committee engagement; partner with the broader OCIO portfolio management team on cross-asset class construction.
Serve as a voting member of the XIG Real Estate Primaries Investment Committee; sponsor investments, set the platform's risk framework, and ensure consistency of investment process, documentation, and standards across the team.
Partner closely with Vintage Real Estate Partners, providing primaries-side manager views, GP fundraising intelligence, asset-level color, and benchmark context that strengthen VREP's underwriting on secondary transactions — and in turn benefiting from VREP's secondaries flow, pricing data, and bottom-up market insights to inform primaries pacing, manager conviction, and sector positioning across REDIF and the broader primaries portfolios.
Help build, mentor, and develop a high-performing team of real estate investment professionals across analyst, associate and VP levels; allocate coverage across managers, sectors, and geographies; and drive a culture of intellectual honesty, evidence-led debate, and ownership over investment outcomes.
Continuously refine the platform's manager coverage universe, house views, and capital pacing plan across cycles; produce thematic and sector-level research that informs portfolio construction across REDIF, separately managed accounts, and commingled vehicles; calibrate exposure across logistics, residential, data centres, retail, lodging, office, alternative property types, and real estate credit.
Build, expand, and deepen long-term relationships with the world's leading real estate GPs, translating Goldman Sachs' scale and reputation into preferential access, capacity, fee economics, co-investment flow, and early information rights; represent the platform externally at industry conferences.
Coordinate closely with internal stakeholders across the firm, including the broader XIG investment teams (Private Equity Primaries, Private Credit, Imprint, Petershill, Vintage), Multi-Asset Solutions, Wealth Management, Alternatives Capital Formation (ACF), Goldman Sachs Asset Management's listed Real Estate Securities team, Legal, Compliance, Risk, Operations, Tax, Controllers, and senior management.
Act as the senior investment voice for the real estate primaries franchise with existing and prospective LPs, third-party wealth distribution partners, the REDIF Board of Trustees, consultants, and current shareholders — articulating fund strategy, performance, positioning, and the firm's house view on real estate markets in DDQs, IC presentations, capital-raising roadshows, board materials, and shareholder communications.
Participate in driving product development and platform growth in partnership with XIG leadership, Goldman Sachs Alternatives Capital Formation, and the broader Wealth and Distribution franchises, including new evergreen, drawdown, sector-specialist, and customized institutional mandates that extend the firm's external real estate platform.