Goldman Sachs 2007 Annual Report Download - page 15

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We see opportunity
In leading
innovation
GSTrUE
Successful companies may find
themselves needing capital to
meet strategic objectives, such as
funding further growth, but not
wanting to list on an exchange as
a publicly traded company.
Potential investors are always
looking for strong opportunities,
but also value the liquidity and
pricing transparency that a trading
market can provide. In 2007,
Goldman Sachs took several steps
to help create a platform where
issuers and qualified institutional
investors can trade restricted
Rule 144A equity securities.
In May 2007, we launched
Goldman Sachs Tradable
Unregistered Equity (GSTrUE).
The inaugural issue was an over
$1 billion offering for Los
Angeles-based Oaktree Capital
Management, and was followed
by an $896 million offering for
Apollo Management. The GSTrUE
platform is notable, among other
things, for its innovative method
of tracking settled trades to ensure
the total number of shareholders
meets regulatory guidelines.
The platform provides the
traditional benefits of being
public
—
access to capital, liquidity,
pricing transparency and support
for a longer-term business model.
The creation of this kind of
platform can also enhance the
dialogue between issuers and
a group of qualified investors.
In October, Goldman Sachs helped
broaden this market for 144A
equity listings by working with
NASDAQ and 11 other securities
firms to create The PORTAL
Alliance. The PORTAL Alliance
will be accessible to all eligible
participants and will further benefit
both investors and issuers.
13Goldman Sachs 2007 Annual Report