Goldman Sachs 2004 Annual Report Download - page 18
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Creating a partnership for
conservation.
I D E A S
InSeptember2004,GoldmanSachsfinalizedtheframework
ofanextraordinaryventure,theresultofacreativeapproach
towhatinitiallyappearedtobearoutinetransactionforthe
PrincipalFinanceGroupinourFixedIncome,Currencyand
Commoditiesbusiness.In2002,wepurchasedaportfolioof
distresseddebt,whichincludednotessecuredby680,000
acresofecologicallysignificantforestlandontheChileanside
oftheislandofTierradelFuego.Theteamlookedbeyond
thetraditionaloptionsforthispropertyandidentifiedarare
opportunitytocreatevalue.Wedeterminedthatthishugetract
ofoldgrowthforests,grasslandsandpeatbogs,uniqueinthe
SouthernHemisphere,couldandshouldbepreserved.
C A P I TA L
Thefirmusesitsbalancesheettopurchaseandrestructure
defaultedanddistressedfinancialassets.Theseactivities
areessentialtokeepingvaluableassetsproductive.Inthis
transaction,wewereabletouseourskillstosecurean
irreplaceableassetforthebenefitoffuturegenerations.
PEOPLE
Sincetheinceptionofthisproject,thefirmhasworkedwith
localandinternationalconservationiststoplanforanature
reservethatwillprotectthekeyecologicalfeaturesofthisland.
Afteracomprehensivesearch,GoldmanSachsselectedthe
WildlifeConservationSociety(WCS)toreceivethelandand
totakeprimaryresponsibilityforcreatingandmaintainingthe
naturereserve.WCSisoneofthemostrespectedconservation
institutionsintheworldandanidealpartnerforthiseffort.
16G O L D M A N S A C H S 2 004 A N N U A L R E P O RT
16G O L D M A N S A C H S 2 004 A N N U A L R E P O RT