Funds managed by Goldman Sachs Asset Administration are set to write down off nearly $900 million on investments in Swedish battery maker Northvolt AB, which filed for chapter safety this week, the Monetary Occasions reported, citing letters to buyers it has seen.
The US financial institution’s non-public fairness funds, which have no less than $896 million in publicity to Northvolt, will write that down in its entirety on the finish of the yr, the newspaper reported on Saturday.
“While we are one of many investors disappointed by this outcome, this was a minority investment through highly diversified funds. Our portfolios have concentration limits to mitigate risks,” Goldman mentioned in an emailed assertion.
Goldman’s holdings made it the second-largest shareholder in Northvolt, which is looking for to restructure beneath Chapter 11 proceedings within the US. The transfer capped months of talks with homeowners, prospects and collectors. Goldman was spearheading an investor group attempting to rescue the corporate. The bid failed, leaving the battery maker with only one week’s money in its accounts.
