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Goldman Pours Cash Into Wounded Quant Fund

by Carla Johnson, Investors Offshore.com, London

15 August 2007

After rumours about losses at Goldman, Sachs hedge funds last week sent the firm's shares down by more than 15%, Goldman and other investors took the bull by the horns (or the bear by the tail?) on Monday, pouring US$3bn into the Global Equity Opportunities fund, which the firm said had lost about 30% of its value last week.

Goldman described the cash infusion as the provision of resources to take advantage of good buying opportunities.

The firm also said that its Global Alpha fund was down about 27% this year, with half of that decline seen in the last week. The smaller North American Equity Opportunities fund is said to be down more than 30% this year.

Alongside Goldman Sachs Group itself, other investors taking part in the cash injection include former AIG chairman Hank Greenberg, Eli Broad, founder of KB Home and SunAmerica, and Perry Capital.

Goldman shares closed on Monday at US$177.50, a 10-month low.

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