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Goldman Sachs is offering its network of former partners, who range from tech executives to prime ministers, exclusive access to a new investment vehicle that will put money into the Wall Street firm’s private market funds.

The so-called 1869 fund, which takes its name from the year Goldman was founded, invests across multiple private funds managed by the firm’s asset management division, according to five people familiar with the matter.

Former partners who invest in the fund of funds receive discounted management and performance fees, with the total amount an individual can put in capped at $5mn, the people said.

They have previously had access to private funds through Goldman’s wealth management platform and paid the same fees as other clients.

The 1869 fund invests in Goldman Sachs Asset Management’s private funds, which are focused on alternative investments including private equity and real estate opportunities.

It has so far raised about $1bn, two of the people added, although it is unclear how much capital has been deployed.

Ex-partners see the vehicle as an attempt by Goldman to retain an attachment to former top bankers who have left to pursue other opportunities as well as those who might feel disgruntled after being pushed out.

“You helped create our 152-year history of excellence in the industry, and with this offering, we hope to show our gratitude for your support, leadership and friendship over the years,” the bank wrote to former partners last year in a note announcing the new vehicle, which was seen by the Financial Times.

Goldman declined to comment.

Becoming a partner at Goldman Sachs, a title that brings with it multiple perks including a guaranteed salary of $1mn a year, has historically been one of the most prestigious positions on Wall Street.

Goldman names new partners every two years, but by 2020 the group’s ranks had swollen to the point where David Solomon, chief executive, decided to elevate fewer bankers to cut costs and ensure the title retained its exclusivity.

Former Goldman partners include Gary Gensler, the chair of the Securities and Exchange Commission, and Anthony Noto, the CEO of fintech company SoFi who was formerly chief operating officer at Twitter.

Steven Mnuchin, who worked as US Treasury secretary in the Trump administration, is also a former partner, as is Malcolm Turnbull, Australia’s former prime minister. It is unclear which former partners have invested in the 1869 fund.

Alternative asset management is one of the areas Solomon has targeted to help diversify the bank away from investment banking and trading.

Solomon has set the bank’s asset management division a goal of raising $225bn to invest in alternative assets between 2020 and 2024.

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