Infrastructure in 2025: Megatrends and Mid-Market Opportunities

Philippe Camu Co-CIO and Chairman of Infrastructure
Tavis Cannell Co-CIO and Global Head of Infrastructure
 

Multiple trends— from sweeping global tariffs to power demand to the potential for persistent inflation—may influence the infrastructure opportunity set in 2025.

Geopolitical tensions, tariffs, and AI-driven market volatility have already been featured in 2025. And if the past few weeks is any indicator, further disruption is likely to unfold as the year progresses. In our view, the current dynamic environment underscores the strategic importance of infrastructure investments in providing stability and resilience to an investor’s portfolio through economic cycles. Infrastructure has continuously delivered investors defensive performance throughout market cycles, and we anticipate this to remain true throughout the current market uncertainty. Today’s environment also strengthens our conviction that mid-market infrastructure offers some of the most compelling opportunities within the broader market, including areas tied to US power demand, data center development, and circular economy business models.

We summarize key themes that may shape the landscape in the coming quarters, presenting potential for differentiated and attractive risk-adjusted returns in the mid-market infrastructure space.

Megatrends and Mid-Market Opportunities

Trump 2.0 and The Energy Transition

The inauguration of President Trump on January 20, 2025 was accompanied by the US re-withdrawing from the Paris Agreement.¹ A new executive order entitled ‘Unleashing American Energy’ was also announced to encourage traditional energy exploration and production and curb incentives and subsidies related to electric vehicle adaption. Regardless of the US administration’s policy priorities, we expect the underlying commercial drivers of sustainable investment opportunities—including sustainable-focused sectors in the mid-market space—to remain resilient. As we stated in our 2025 Asset Management Outlook, a multidimensional approach is required to support the energy transition while maintaining grid stability.²  Wind, solar, nuclear and gas will all be part of the power equation.

In our view, a full repeal of the Inflation Reduction Act (IRA) is unlikely. Executive orders have so far been muted on tax credits tied to the IRA. Changes to the tax code would require an act of Congress. There is also bi-partisan support for credits tied to areas such as solar and battery storage, which over the last decade have been tied to major economic development initiatives, particularly in Republican states. We are mindful that certain areas, such as offshore wind or funding of new green technologies, may experience some disruption. Meanwhile, we note that during the first Trump administration, installed wind and solar capacity in the US grew significantly, from 104GW to 167GW. This 60% increase resulted in a significant decrease in renewable technology cost, supporting the independent economic viability of these energy transition sources for the future.³

Broadly, we see the current environment creating interesting opportunities for infrastructure investors to capitalize on the energy transition space. The market disruption driven by the new administration as well as the pull back from market participants who invested heavily in recent years at stretched valuations create attractive tailwinds for buyers looking to deploy.

US Power Demand and AI Growth

We believe it is important to contextualize the significant shift and opportunity that we are seeing for power markets. In the US, power demand is expected to grow annually at a 2.4% CAGR through the end of the decade, after over a decade of zero demand growth.⁴ Digitalization and rapid adoption of AI across industries is driving an accelerated need for computing power and storage. Data center demand growth is expected to grow from 3% of total power demand in the US to 8% by the end of the decade, with AI representing about 20% of overall data center power demand by 2030.⁵ Based on installed power capacity across the grid, we expect a supply/demand imbalance in areas tied to data center development and manufacturing/industrial production. In addition, many “hyperscalers” such as Microsoft, Google and others have net zero goals in place and are targeting renewable energy power sources to meet those goals. Recessionary concerns aside, we remain bullish on the investment fundamentals tied to US renewables and all sources of power generation to meet these future demands.

Investing in Data Centers

Announcements such as the Stargate project (a joint venture between Softbank, Oracle, and OpenAI)⁶ and capital expenditure plans from Meta and Microsoft have solidified the importance of AI and signal a growing need for greater data center capacity. Simultaneously, developments around DeepSeek have led to greater scrutiny on AI-related infrastructure. As investors seek to ensure longevity and resilience regarding data center investments, we expect a sharper focus on where capital is being deployed.
 

Global Data Center Demand (GW)

Image

Source: IDC; McKinsey Data Center Demand Model; broker research; public company filings; GS Alternatives estimates.
 

We are cautious on the long-term outlook of data center capacity serving AI training demand. As DeepSeek dynamics partly highlighted, there continues to be technological risk. Significant graphics processing unit (GPU) efficiencies are expected over time as well as potential rationalization of such capacity. We remain focused on identifying markets with strong underlying demand drivers and connectivity where the capacity need is expected to be more resilient.

We continue to see an important need for data center capacity closer to demand hubs due to latency needs, increasing “cloudification” and AI adoption by enterprises and consumers. This applies to markets catching up in digitalization. If there is a path to building effective AI models with less compute needs—as DeepSeek developments demonstrate— we see such inference demand materializing even quicker, making the data and compute needs for enterprises increase at a faster pace.

To date, the majority of institutional capital has been focused on development-oriented data center investments which offer attractive development yields. Investors will need new pools of liquidity in the market to keep delivering on their growth ambitions and keep capturing yields at compelling levels. We see a growing need for recycling capital through the sale of stabilized data centers to yield focused investors. These assets (particularly in Tier I/II markets) offer compelling core/core+ investment characteristics, with long term streams of predictable cash flows from high quality investment grade tenants. In 2025, we expect this segment of the market to be an attractive investment thematic that will play an important role in institutional investors’ yield-seeking portfolios.

While data center development remains an area of significant market interest, we see this segment of the market as generally expensive, with multiples reaching upwards of 30x EV/EBITDA for certain assets, requiring prudent evaluation and a strategic platform expansion approach to reduce entry point multiples over the life of a fund’s investment.

Circular Economy: Overlooked and Underappreciated?

While renewable energy generation is a key component of any decarbonization strategy, the critical importance of a more circular economy is often overlooked. Currently, only 7% of used materials are cycled back into our economy after use, contributing to pollution, climate change, and biodiversity loss.⁷ Further, ~120mm T/yr of landfill disposal capacity is expected to close by 2030, necessitating circular solutions.⁸ A circular economy is one in which consumption of ecological resources is equal to or less than what the planet can regenerate. Estimates suggest the circular economy must contribute up to 45% of global carbon emission reductions to meet some of the world's net zero targets.⁹ We see exciting investment opportunities among companies with circular business models in areas such as water treatment and efficiency, waste management through beneficial reuse and recycling, and modular building solutions.

Chronic underinvestment in critical infrastructure serving people’s most basic needs is fueling a need for private capital and resulting in a large addressable market.

Circular economy investments can also exhibit attractive infrastructure characteristics given high barriers to entry, contracted business models, and resiliency through economic cycles including the global financial crisis (GFC) and COVID-19 crisis. In the US, decreasing landfill capacity and ever-increasing tip fees in parts of the country have created unique growth opportunities for incumbent players to provide innovative solutions. Our view is informed by prior and current investments related to cooking oil, wastewater, and organics recycling. We believe a mid-market, value-add investor mindset is particularly well-suited to these sectors and can support companies in their next phase of growth. A strong moat can be achieved through increased scale, facilities network effects, and long-term customer relationships and contracts, as well as reliability, safety, and track record. These aspects can enhance the resilience of circular business models beyond the traditional downside protections that contracts or regulations can provide. In our view, circularity is going to become more prevalent across industries and in our daily lives. This will enable economies to be more sustainable, efficient, and deliver productivity gains that should be value accretive to investors and communities.

European Infrastructure in Focus

Europe remains a thriving hub for infrastructure investment opportunities. The continent continues to attract global investor interest due to broad based political support for large investments in infrastructure to revitalize the economy and boost productivity.

One of the key drivers of infrastructure investment in Europe is the region’s drive towards green energy and sustainability, which remains critical to its economic competitiveness. In an environment of lower growth and increasing geopolitical challenges, we see infrastructure as a strong investment opportunity. While some of Europe’s larger economies are experiencing slower growth, others – particularly in Southern Europe, such as Spain – are expanding at a faster pace than the US.¹⁰ The US administration's recent pause on clean energy funding presents both challenges and opportunities for the European Union (EU). While it may reduce competition in the clean tech space, it also underscores the need for the EU to strengthen its own policies to attract such investments. At the same time, constrained public budgets and higher capital costs are driving both governments and corporates to seek external investment to fund critical infrastructure – creating a significant opportunity for private capital.

The EU Commission is simplifying sustainability reporting. The EU Green Deal was followed up by the ‘Clean Industrial Deal’ in February. This plan focuses on decarbonization of traditional, energy-intensive sectors and on fostering the growth of innovative clean technologies. The European Commission is expected to publish a Circular Economy Act in 2026 to reduce waste, improve domestic recycling and address resource shortages.¹¹ We view biomethane platform build-outs and distributed generation projects in Europe as examples of investment prospects in this space that combine a number of energy policy objectives around affordability, sustainability and security of supply.

Europe's extensive but aging infrastructure in transport and utilities demands renewal. Investments in modernizing rail networks, fiber, electricity grid upgrades, renewables and water and waste systems are also critical to maintaining Europe’s competitiveness, meeting urbanization trends, and advancing towards green targets. Europe is also a leader in digital infrastructure, with significant investment flowing into data centers, 5G networks, and broadband connectivity to meet rising digitalization demands. Governments and investors are aligning to close gaps in underserved areas. We believe Europe's stable financial and legal systems, coupled with a strong focus on public-private partnerships, provide an attractive risk-reward balance for investors. In 2025, we anticipate Europe will offer promising potential infrastructure opportunities in the green and digital economy, supported by increasing government investments designed to catalyze even more private capital.

Mid-Market Manager Dynamics

In recent years, infrastructure fundraising has largely centered in the large-cap space. Over 50% of the cumulative capital raised in 2023 went into funds that ultimately raised over $9 billion. This is leading to greater deployment challenges between large-cap managers who have been forced to transact in competitive opportunities, often at auction, to invest their mega-funds.¹²

In addition to wider market consolidation, this dynamic has placed upward pressure on entry EV/EBITDA multiples for the large-cap segment, and in turn, has created more tailwinds for mid-market infrastructure than ever before.¹³ The mid-market (which we define as companies with enterprise values of between $400 million and $2 billion) has become far less crowded, enabling managers to take advantage of attractive entry points and dynamic investing opportunities. However, success in the mid-market does not come without a rigorous investment approach. In this space, managers must earn the right to win. We believe those with strong reputations, long-standing market relationships, and clear partnership mindsets – both at the buy and on the sell – are well-positioned.

We anticipate manager selection to be the most critical component to capitalizing on the trends the infrastructure mid-market has to offer in 2025. Mid-market assets are generally smaller in size versus large-cap counterparts, providing ample opportunity to generate value and outsized returns. Managers with a deep ownership mindset and an extensive network to attract top-tier management teams and boards to portfolio companies will develop and grow mid-market assets into the resilient and defensive businesses expected by today’s infrastructure investors. These managers will be rewarded with exit optionality, including the same large-cap funds still looking to deploy their capital in assets that have successfully been through the mid-market lifecycle. Conversely, managers who are less focused on disciplined value creation may find the coming years challenging and will leave some of the mid-market infrastructure opportunity untapped.

Strategies for Persistent Inflation

Despite encouraging inflation data at the conclusion of last year, with 2024’s Consumer Price Index (CPI) ending at 3.25%, a significant drop from its peak of 6.64%, there remains a material probability that inflation stays persistently above target as we move further into 2025.¹⁴ And now, given the significant increases in tariffs and increasing concerns on the sustainability of long-term government finances, we expect investors’ focus on inflation and interest rates to only grow throughout the year.
 

Inflation Expectations are Materially Higher Compared to This Time Last Year

Image

Source: GS Investment Research. Measured on forecasted % change YoY of headline PCE price index. April 2025.
 

At all times, but particularly in today’s environment, inflation is a continued risk that infrastructure owners should be thinking critically about and must navigate to show the resiliency of their assets. We believe managers  must focus on infrastructure opportunities characterized by robust risk management frameworks, disciplined currency and interest rate hedging approaches, and conservative financing structures. With these underlying elements in place, the risk of persistent inflation (and broader macroeconomic uncertainty) can turn into opportunity. We’ve seen this at work in the recent period. We’ve witnessed well-placed portfolio companies with contracts explicitly linked to inflation enhance their market positions even in a time of market stress.

Today’s environment should serve as a reminder that a prudent focus on market leading, resilient infrastructure businesses with durable capital structures is always paramount but becomes increasingly more critical when the macroeconomic outlook is unclear.

Catching the “Wealth Wave”

Rising demand for private infrastructure from the private wealth channel is a major topic of discussion among market participants. As a new entrant to the wealth channel, infrastructure is potentially on course to catch one of the biggest waves of capital disruption the asset class has ever seen. To put the “wealth wave” in context, retail and wealth fundraising via semi-liquid products in alternatives has grown to ~$361 billion at a rapid 57% 4-Year Compound Annual Growth Rate (CAGR).¹⁵  Infrastructure has grown within that cohort at a 99% CAGR.

We think wealth adoption of infrastructure will continue to expand rapidly in 2025, particularly as megatrends such as digital infrastructure and energy transition continue to appeal to individual investors’ portfolios and personal goals. By contrast, a dilemma persists in infrastructure capital raising on the institutional side. 2023 and 2024 presented the most challenging fundraising environments infrastructure has seen, with less than $100 billion raised each of these years, compared to an average of ~$140 billion raised annually over the preceding five years.¹⁶ Capital remains trapped in the system, with sale processes proving increasingly difficult, and institutional clients focused on distributions and liquidity. “DPI is the new IRR” was the mantra of 2024. Transaction volumes are down over 50% since 2017, with exit sale success rates still moderately low compared with years past. The dilemma persists. Could wealth be what unlocks transaction volumes in 2025? We think there is a strong case to be made here.
 

Semi-Liquid Market NAV ($bn)

Image

Source: Bloomberg, Company filings, Goldman Sachs Global Investment Research. As of February 28, 2025.
 

Looking Ahead

As we navigate through 2025, the dynamic landscape of sweeping tariff policies, economic shifts and major megatrends underscores the strategic importance of infrastructure investments. Infrastructure can provide stability and resilience through economic cycles, and today’s environment reinforces our conviction that mid-market infrastructure offers some of the most compelling opportunities within the broader market. By focusing on key themes such as the energy transition, AI-driven power demand, data center investments, and the circular economy, we believe there is significant potential to generate attractive risk-adjusted returns.

1 Source: The White House (.gov). As of January 20, 2025.
2 Source: The White House (.gov). As of January 20, 2025.
3 Source: U.S. Energy Information Administration (EIA). As of 2025.
4 Source: Goldman Sachs Global Investment Research. As of April 2024.
5 Source: Goldman Sachs Global Investment Research. As of May 2024.
6 Source: Goldman Sachs Global Investment Research. As of January 2025.
7 Source: UNDP Climate Promise. What is circular economy and why does it matter?
8 Source: United States Environmental Protection Agency.
9 Source: World Economic Forum. “7 surprising facts to know about the circular economy for COP26”
10 Source: AP News. Foreign workers help Spain’s economic growth outpace the US and the rest of Europe. February 2025.
11 Source: Publyon, “ EU Circular Economy Act: How will it shape the future of the EU and your business.  As of Jan 3, 2025.
12 Source: Preqin. Data as of October 30, 2024.
13 Source: Goldman Sachs Asset Management. The Case for Mid-Market Infrastructure. September 2024.
14 Source: GS Investment Research. US Monthly Inflation Monitor: January 2025.
15 Source: Bloomberg, Company filings, Goldman Sachs Global Investment Research. As of Feb 28, 2025.
16 Source: Preqin Pro. Data as of March 2025.

Risk considerations and disclosures
Equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth” and “value”) tend to shift in and out of favor, and, at times, the strategy may underperform other strategies that invest in similar asset classes. The market capitalization of a company may also involve greater risks (e.g. "small" or "mid" cap companies) than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements, in addition to lower liquidity.

International securities may be more volatile and less liquid and are subject to the risks of adverse economic or political developments. International securities are subject to greater risk of loss as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

Emerging markets investments may be less liquid and are subject to greater risk than developed market investments as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this publication and may be subject to change, they should not be construed as investment advice.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Capital is at risk.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for educational and informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

This material is provided for informational purposes only. It is not an offer or solicitation to buy or sell any securities.

There is no guarantee that objectives will be met.

United States: In the United States, this material is offered by and has been approved by Goldman Sachs Asset Management, L.P., which is a registered investment adviser with the Securities and Exchange Commission.

United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

European Economic Area (EEA): This marketing communication is disseminated by Goldman Sachs Asset Management B.V., including through its branches (“GSAM BV”). GSAM BV is authorised and regulated by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands) as an alternative investment fund manager (“AIFM”) as well as a manager of undertakings for collective investment in transferable securities (“UCITS”). Under its licence as an AIFM, the Manager is authorized to provide the investment services of (i) reception and transmission of orders in financial instruments; (ii) portfolio management; and (iii) investment advice. Under its licence as a manager of UCITS, the Manager is authorized to provide the investment services of (i) portfolio management; and (ii) investment advice. Information about investor rights and collective redress mechanisms are available on am.gs.com/policies-and-governance. Capital is at risk. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law.

In the European Union, this material has been approved by either Goldman Sachs Asset Management Funds Services Limited, which is regulated by the Central Bank of Ireland or Goldman Sachs Asset Management B.V, which is regulated by The Netherlands Authority for the Financial Markets (AFM).

Switzerland: For Qualified Investor use only – Not for distribution to general public. This is marketing material. This document is provided to you by Goldman Sachs Asset Management Schweiz Gmbh. Any future contractual relationships will be entered into with affiliates of Goldman Sachs Asset Management Schweiz Gmbh, which are domiciled outside of Switzerland. We would like to remind you that foreign (Non-Swiss) legal and regulatory systems may not provide the same level of protection in relation to client confidentiality and data protection as offered to you by Swiss law.

Asia excluding Japan: Please note that neither Goldman Sachs Asset Management (Hong Kong) Limited (“GSAMHK”) or Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H ) (“GSAMS”) nor any other entities involved in the Goldman Sachs Asset Management business that provide this material and information maintain any licenses, authorizations or registrations in Asia (other than Japan), except that it conducts businesses (subject to applicable local regulations) in and from the following jurisdictions: Hong Kong, Singapore, India and China. This material has been issued for use in or from Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited and in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).

Australia: This material is distributed by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This document may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of GSAMA. To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either of the following entities. They are exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences, and are regulated under their respective laws applicable to their jurisdictions, which differ from Australian laws. Any financial services given to any person by these entities by distributing this document in Australia are provided to such persons pursuant to the respective ASIC Class Orders and ASIC Instrument mentioned below.

Goldman Sachs Asset Management, LP (GSAMLP), Goldman Sachs & Co. LLC (GSCo), pursuant ASIC Class Order 03/1100; regulated by the US Securities and Exchange Commission under US laws.
Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), pursuant to ASIC Class Order 03/1099; regulated by the Financial Conduct Authority; GSI is also authorized by the Prudential Regulation Authority, and both entities are under UK laws.
Goldman Sachs Asset Management (Singapore) Pte. Ltd. (GSAMS), pursuant to ASIC Class Order 03/1102; regulated by the Monetary Authority of Singapore under Singaporean laws
Goldman Sachs Asset Management (Hong Kong) Limited (GSAMHK), pursuant to ASIC Class Order 03/1103 and Goldman Sachs (Asia) LLC (GSALLC), pursuant to ASIC Instrument 04/0250; regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws
No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licence No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).
FOR DISTRIBUTION ONLY TO FINANCIAL INSTITUTIONS, FINANCIAL SERVICES LICENSEES AND THEIR ADVISERS. NOT FOR VIEWING BY RETAIL CLIENTS OR MEMBERS OF THE GENERAL PUBLIC.

Canada: This presentation has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law (“FIEL”). Also, Any description regarding investment strategies on collective investment scheme under Article 2 paragraph (2) item 5 or item 6 of FIEL has been approved only for Qualified Institutional Investors defined in Article 10 of Cabinet Office Ordinance of Definitions under Article 2 of FIEL

Compliance code: 415887-OTU-2222863
Date of first use: March 16, 2025