Goldman Sachs Real Estate Diversified Income Fund
GSRDX
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- Goldman Sachs Real Estate Diversified Income Fund (GSRDX) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940 that seeks to produce income and achieve capital appreciation with low to moderate volatility and low to moderate correlation to the broader equity markets. The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its Managed Assets in a portfolio of equity and debt investments in issuers primarily engaged in or related to the real estate industry, including publicly traded real estate investment trusts and their foreign equivalents (Public REITs); real estate operating companies (REOCs); private real estate investment funds that invest in real estate equity (Private Real Estate Equity Funds) and private real estate investment funds that invest in real estate credit (Private Real Estate Credit Funds) managed by unaffiliated institutional asset managers (collectively, Private Real Estate Investment Funds); non-traded publicly registered real estate investment trusts (Non-Traded REITs); affiliated or unaffiliated SEC-registered investment companies that invest principally in real estate industry companies, including exchange-traded funds (ETFs), mutual funds (including index funds and actively-managed funds), and closed-end funds (collectively, Public Investment Funds, and together with Private Real Estate Investment Funds, Underlying Funds); and commercial mortgage-backed securities (CMBS), with up to 35% of Managed Assets allocated to CMBS. The Fund offers multiple share classes, including Class A (GSRDX), Class C (GSREX), Class I (GSRHX), Class L (GSRJX), Class W (GSRQX), and Class P (GCADX), with quarterly repurchase offers for between 5% and 25% of outstanding shares at net asset value to provide limited liquidity, and it may employ leverage of up to 33 1/3% of total assets (or 50% in the case of preferred shares issuance). As the successor to the Resource Real Estate Diversified Income Fund (the Predecessor Fund) following a reorganization, the Fund has assumed the Predecessor Fund's historical performance and maintains similar investment objectives and strategies. The Fund is managed by Goldman Sachs Asset Management, L.P. (GSAM), an indirect wholly-owned subsidiary of The Goldman Sachs Group, Inc., with co-lead portfolio managers including Abhinav Zutshi, John Papadoulis, Sean Brenan, and Kristin Kuney, CFA, who collectively bring an average of 20 years of industry experience. It operates as an interval fund with a focus on income-producing real estate equity and debt securities diversified across property types (such as logistics, student housing, core properties, and industrial real estate), geographies (principally U.S. issuers with up to 30% in foreign securities), and asset classes (public equity approximately 30%, private equity approximately 70%), targeting stabilized properties for current income generation while integrating environmental, social, and governance (ESG) factors in public security selection. The Fund concentrates at least 25% of its Managed Assets in the real estate industry, investing without restriction as to issuer capitalization and including up to 60% in non-investment grade debt securities (rated BB+/Ba1 or below or equivalent), with a typical dollar-weighted average debt maturity of two to ten years; top holdings as of March 31, 2025 include Oaktree Real Estate Income Fund, L.P. (11.0%), CBRE U.S. Core Partners, LP (6.2%), TA Realty Core Property Fund, L.P. (6.1%), and others focused on logistics, student housing, and industrial real estate. It may also utilize derivatives such as interest rate swaps, futures, options (including writing call options on up to 30% of the portfolio), and credit default swaps for hedging, duration management, or enhancing returns, as well as short exposures via swaps, futures, or short sales. Geographically, the Fund primarily targets U.S. real estate markets but permits up to 30% exposure to non-U.S. issuers, serving income-focused investors such as financial advisors and institutions seeking real estate diversification with quarterly distributions (12-month distribution rate of 7.41% ex-capital gains as of March 31, 2025). Recent updates include a prospectus dated January 28, 2025, confirming ongoing contractual fee waivers and expense limitations through at least that date (with net expense ratio of 1.84% for Class A shares), and performance fact sheets as of March 31, 2025, reflecting total net assets of $343.6 million, 42 holdings, and a NAV of $8.38 for Class A shares. The Fund continues quarterly repurchase offers in March, June, September, and December, with no reported acquisitions, funding rounds, new product launches, or major strategic shifts in the last 1-2 years beyond standard operational expense management and portfolio rebalancing amid real estate market conditions. Headquartered through its investment adviser at 200 West Street, New York, New York 10282, the Fund leverages Goldman Sachs' global real estate expertise across its $2.82 trillion assets under supervision as of December 31, 2024.