Goldman's private equity funds, which have at least $896 million in exposure to Northvolt, will write that down in its entirety at the end of the year, signaling major losses.
Goldman's holdings made it the second-largest shareholder in Northvolt, which is now seeking to restructure under Chapter 11 proceedings in the US after a failed rescue bid.
While we are one of many investors disappointed by this outcome, this was a minority investment through highly diversified funds. Our portfolios have concentration limits to mitigate risks.
The move capped months of talks with owners, customers and creditors, ultimately leaving Northvolt with just one week's cash in its accounts.
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