Goldman Sachs Charges 1.25% SPV Fee, 17.5% Carry on Anthropic Stake
Goldman Sachs offered clients participation in Anthropic’s $30 billion funding via an SPV charging a 1.25% management fee plus 17.5% carried interest above an 8% return hurdle, while Morgan Stanley levied a single 1% placement fee with no carry. Goldman co-invested alongside ultra-wealthy clients averaging $70 million.
1. Fee Structures for Anthropic SPV
Goldman Sachs structured its Anthropic SPV with a 1.25% ongoing management fee and 17.5% carried interest after clients achieve at least an 8% return. Morgan Stanley offered access through an SPV with a one-time 1% placement fee and no ongoing or carried charges.
2. Client Co-Investment and Fiduciary Roles
Goldman co-invested alongside its wealth clients and acted as a fiduciary, aligning its interests with client outcomes. By contrast, Morgan Stanley did not invest its own capital or act as a fiduciary, positioning itself as a pure arranger without making recommendations.
3. Client Demographics and Strategy
The divergent fee proposals reflect each bank’s target clientele: Goldman’s average wealth-management account is about $70 million, justifying higher fees for bespoke deals, while Morgan Stanley’s clientele typically holds around $20 million and benefits from simpler, lower-cost access.