Goldman’s GTPE ETF Offers Liquid Access to PE Premia

Goldman Sachs launched the MSCI World Private Equity Return Tracker ETF (GTPE) in fall 2025 to provide liquid access to private-equity premia. The fund carries a 50 basis-point expense ratio and has returned 12.6% year-to-date.

During a recent webcast, managers from Goldman Sachs Asset Management outlined the ETF’s approach and investor demand. A viewer survey during the event found 47% of respondents reported no current private-equity exposure, while just under a quarter said they hold exposure through private-equity replication ETFs.

Goldman says GTPE uses public equities and other liquid securities to track the factors that drive private-equity performance. The firm reports it relies on larger private-company data samples than earlier replication efforts and aims to capture just over half of the private-equity return premium in a systematic way. The ETF offers daily liquidity and lower ongoing fees than direct private investments.

Sarah Rich, lead portfolio manager for Americas Third-Party Wealth, noted private equity’s historical outperformance at about a 450 basis-point annualized edge over public equities as a key source of investor interest. She added that many wealth and retirement clients seek liquidity, clearer tax treatment and more transparency than closed-end private funds, which commonly include lockups and unpredictable capital calls.

Marissa Ansell, head of ETF investment strategy, characterized GTPE as an option for investors seeking alternative sources of return within a liquid allocation. She said the ETF can act as a bridge while investors await capital calls on direct private-equity commitments and help meet target allocations without the same fee and liquidity constraints of private funds.

Goldman notes that future performance will depend on the continued correlation between public securities and the private-equity return drivers the strategy targets. Managers add that replication is intended to capture a portion, rather than the entirety, of private-equity premiums.

The presentation came amid increased industry interest in liquid vehicles designed to broaden access to private-capital returns. Goldman recommends GTPE as one component of a private-equity allocation or as a liquid alternative.