FROM: Don Pierce, Chief Investment Officer
SUBJECT: Goldman Sachs MCA Update
RECOMMENDATION:
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Goldman Sachs Asset Management MCA Update.
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BACKGROUND:
In September 2025, SBCERA approved an MCA relationship with Goldman Sachs Asset Management ("GSAM") with an initial allocation of $200 million to invest in global credit opportunities. As part of this relationship, SBCERA committed $100 million to West Street Strategic Solutions Fund II ("WSSS II"), GSAM's global hybrid capital strategy.
Beat Cabiallavetta, Partner and Global Head of Hybrid Capital ("HC") with 21 years of tenure at GSAM, was designated key-person for the MCA relationship given his seniority within the HC strategy, depth of experience, and prominence within the firm. In March 2026, GSAM announced Beat's departure from the firm.
Key-Person Impact & Staff Assessment
Beat's departure constitutes a key-person event under the MCA, given his role as the senior professional overseeing SBCERA's relationship. While the MCA relationship is at an early stage, the Investment Staff is actively monitoring the HC team for indications of organizational instability, including team changes, shifts in investment philosophy or process, and changes to underwriting standards.
Key-person Replacement
Following engagement with GSAM, Patrick Armstrong and Moritz Jobke have been selected to succeed as key-persons for the MCA relationship. They serve as co-heads of the HC strategy and are Partners at GSAM, each with over 16 years of tenure at the firm. Patrick, based in New York, will assume primary relationship management role, leading deal-flow activity and MCA-related discussions. Moritz, based in London, will provide supplementary coverage and strategic support for the relationship.
Investment Staff will continue to monitor developments within the GSAM HC team and will report any material changes to the Board as warranted.
BUDGET IMPACT:
Investment Costs are deducted from Net Asset Value. ...
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