Goldman Sachs is launching a private markets platform for wealthy clients intended to provide easier access to the most promising startups, according to Reuters.

Citing an internal memo, the publication reported that Goldman Sachs is seeking to meet demand for both wealth management and access to direct investments in late-stage private companies.

The publication reported that Matt Doherty, head of alternative capital markets group at Goldman Sachs, will head up the new platform while remaining in his current role. CNBC separately reported that the new team will be a combination of Doherty’s existing team and two new groups.

“There has been a lot of focus on the big growth tech names and getting clients access to those before they debut in the public markets,” Kristin Olson, global head of alternatives for wealth at Goldman Sachs, told CNBC in an interview.

Many valuable startups, particularly in the tech, energy, and defence sectors, remain private for years and eventually debut at high price points. For example, SpaceX took 24 years to go public and did so at a $1.77 trillion valuation.

The AI developer Anthropic has also filed for IPO, as has its competitor OpenAI, with the FT reporting that both could end up at over $1 trillion valuations.

CNBC reported that Goldman Sachs is aiming to provide clients with a straightforward route to buying and selling private holdings while companies are rising in valuation and beat out public investors.

In April, the Financial Times reported that both Goldman Sachs and Morgan Stanley had offered wealthy clients access to Anthropic’s $30 billion private fundraising at different rates.

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