How we invest.

Investors shape the future.

We take a holistic approach to responsible investing, which covers responsibility for our investors through to the investments themselves. Investments influence the future, and the world influences the future of our investments, our investors and their descendants. The crucial questions are: how do we want to shape the future together? And how can we make a difference with our investments?

We think in generations, not in quarters. Responsibility for our investors, for the investments, for society and a common vision are the building blocks for a better future.

Dr Matthias Reicherter
Managing Partner · Chief Investment Officer (CIO)

Responsibility for more than returns. Make a difference.

We are one of Europe’s leading independent asset managers for alternative investments. Our investments have an impact. A lasting impact. It is our responsibility to generate sustainable income and attractive returns for our investors.

But we take things to another level: our equity and credit investments in companies give us significant influence over society, and so over a large number of people. We assume this responsibility in our day-to-day work by making sure that sustainability criteria are rigorously integrated into our decisions. We know this is the only way we can do justice to our role in society and are convinced that including sustainability criteria makes our risk management better and enables us to identify additional ways in which our investments can add value and so increase their own value.

The five phases of our investment process.

We have developed a structured investment process to assess the quality of a fund manager. All the funds that meet the basic requirements for an investment must go through this process. Among all the fund managers active in the world this enables us to identify the ones which offer the prospect of generating an above-average return with a reasonable level of risk.

1 · Market screening

It all begins with a comprehensive market analysis, drawing on a wide range of sources including contacts to fund managers, intermediaries and other investors. The results are collated in a proprietary fund database. This produces a market overview of all the relevant segments and regions, which is permanently updated and serves as the foundation for the fund pipeline and ranking in the next phase.

2 · Side-by-side analysis (preselection)

In the next stage we actively approach interesting fund managers. Every fund is discussed by the investment team and given a provisional ranking on the basis of the first meeting and the available fund data. The aim is to identify attractive funds at an early stage and to keep refining the fund pipeline.

3 · Intensive due diligence

The core element of investment selection is an intensive due diligence review of the fund manager. The preselection process is followed by the fund review, which consists of extensive number crunching and in-depth conversations with the fund managers. Strategy, track record, team, fund terms and structure and ESG aspects are analysed in detail according to defined criteria.


  • Strategy: Value-added approach, consistency, investment and asset management process, deal generation
  • Track record: IRR/Multiple (gross/net), return volatility, benchmarking, performance
  • Team: Organisational structure, individual experience and professional network, stability and succession, alignment of interests
  • Fund terms / Structure Management fees, carried interest, investment guidelines, legal and tax due diligence
  • ESG analysis Rating of ESG values, organisation and reporting, identification of ESG risks and improvement potential

This process generally takes place over a period of several weeks or months.

4 · Investment decision

The main results of the due diligence are summarised in an investment proposal, which is then subject to a final discussion in the investment team and with the partners in the Investment Committees. A unanimous vote by the Golding Investment Committees is required for a positive decision.

5 · Monitoring and relationship-building

The investment process continues well after the investment decision itself. For the duration of the investment the quarterly and annual reports from the target funds and their portfolios are analysed regularly. The Golding investment team also maintains close contact to the managers of the portfolio funds via investor days and informal team visits.