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Capital Optimized Fixed Income (Insurance Dedicated) Fund

A series of SALI SVW Multi-Series Fund, L.P., an insurance-dedicated platform, managed by Goldman Sachs Asset Management, L.P., following a fixed income and structured credit strategy. This file sets out what the fund and its adviser have filed with the SEC.

AdviserGoldman Sachs Asset Management, L.P.
StrategyFixed income and structured credit
StructureDelaware limited partnership
Gross assetsUSD 251.2 million
AuditorKPMG, LLP
Adviser's record17 matters reported
Ask about this fundManager fileAll funds
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Editorial assessment on UHNW criteria
Reviewed 4 November 2026 · Q4 2026 edition
Updated every quarter
Research byPPLI.com Fund IntelligenceResearch desk
About the rating
In brief

Capital Optimized Fixed Income (Insurance Dedicated) Fund at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports about 2 beneficial owners and none outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

It is a series of SALI SVW Multi-Series Fund, L.P., a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Goldman Sachs Asset Management, L.P. manages the investments.

The filing reports an annual audit by KPMG, LLP and that 100% of the assets were valued last year by a person not related to the adviser.

Goldman Sachs Asset Management, L.P. reports 17 regulatory actions in Item 11 of its Form ADV between 2015 and 2025, 2 concerning the adviser itself and the rest other companies in its group, with reported sanctions of about USD 1.0 billion. The filing also reports 1 matter concerning an individual, which is weighed in the rating but not published. The full record is set out below.

The rating

The rating of Capital Optimized Fixed Income (Insurance Dedicated) Fund

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameCapital Optimized Fixed Income (Insurance Dedicated) Fund Series Interests of the SALI SVW Multi-Series Fund, L.P.
OrganisedDelaware limited partnership
SEC CIK0002051923  EDGAR
Private fund ID805-8811704289  ADV
Investment managerGoldman Sachs Asset Management, L.P.  IAPD
PlatformSALI SVW Multi-Series Fund, L.P.  IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)
First sale1 December 2020
Minimum investmentUSD 50,000,000
Amount soldUSD 249.8 million to date
Investors in the offering2
Sales commissionsNone reported
Latest filingForm D/A, 8 September 2026  Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 251,157,051 (ADV filed 25 August 2026)
Beneficial ownersAbout 2
Owned by non-US persons0%

Service providers

AuditorKPMG, LLP
CustodianState Street Bank & Trust Co.
AdministratorState Street Bank & Trust Co.
Prime brokerNone reported
Valued by a person not related to the adviser100% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

Interest from loans and bonds is ordinary income for a US taxpayer, taxed at up to 37% plus the 3.8% net investment income tax, every year. Held through a policy that meets the tax rules, the same income compounds without a yearly tax bill. How the numbers work

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

SALI reports that all of the fund's assets were valued last year by a person not related to it, the strongest answer the form allows. Still ask who values the positions and how often.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Goldman Sachs Asset Management, L.P.

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

20259 May 2025

Regulatory action by Sweden's Finansinspektionen (SFSA): civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

Effective as of May 4, 2026, Sweden's Finansinspektionen (the "SFSA") issued a fine, equivalent to approximately US $162,600.00, against the Goldman Sachs Group, Inc. ("GS Group") based on a finding that, during the period between March 20, 2024 and April 9, 2025, GS Group failed to timely report changes in certain shareholdings held in proprietary accounts of one or more of its subsidiaries within the statutory time limits required under the Swedish Financial instruments Trading Act.

Sweden's Finansinspektionen (SFSA) · Decision 4 May 2026 · USD 162,600 · Concerns another company in the group · Form ADV, Item 11 disclosure
202425 September 2024

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On September 25, 2024, the Goldman Sachs groups, Inc. ("GS Group") entered into an order instituting cease and desist proceedings with the Securities and Exchange Commission (the "SEC" and the order, the "SEC order"), which alleged that GS Group and certain of its affiliates failed to timely file reports on forms 3 and 4 in accordance with Section 16(a) of the Securities Exchange Act 1934, as amended, and Rule 16a-3 thereunder.

US Securities and Exchange Commission · Order 25 September 2024 · USD 300,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
202222 November 2022

Regulatory action by US Securities and Exchange Commission: civil penalty

Fund concerned: public ESG and non-ESG funds. None of the insurance-dedicated funds in this file is named.

On November 22, 2022, the Securities and Exchange Commission ("SEC") entered an order instituting cease and desist proceedings against GSAMLP. The SEC found that from April 2017 to February 2020, GSAMLP failed to adopt and implement policies and procedures reasonably designed to prevent violations of the Investment Advisers Act concerning the Investment process utilized while advising an ESG (environmental, social and governance) separately managed account strategy and two ESG mutual Funds.

US Securities and Exchange Commission · Order 22 November 2022 · USD 4.0 million · Concerns the adviser itself · Form ADV, Item 11 disclosure
202124 February 2021

Regulatory action by Finanstilsynet - the Financial Supervisory Authority of Norway: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On February 24, 2021, Finanstilsynet, the Financial Supervisory Authority of Norway concluded that Goldman Sachs Group, Inc., Goldman Sachs International, and Goldman Sachs & Co. LLC violated the notification requirement under Section 3-14 of the Norwegian Securities Trading Act, cf. Regulation (EU) no 236/2012 ("SSR") Article 5, cf. Article 9, by not notifying Finanstilsynet of net short positions within the time limit laid in accordance with SSR.

Finanstilsynet - the Financial Supervisory Authority of Norway · Decision 16 June 2021 · USD 41,939 · Concerns another company in the group · Form ADV, Item 11 disclosure
202022 October 2020

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On October 22, 2020, the Goldman Sachs Group, Inc. ("GS Group") entered into an order instituting cease and desist proceedings with the Securities and Exchange Commission (the "SEC" and the order, the "SEC order"), which alleged GS Group failed to reasonably maintain a sufficient System of Internal accounting controls between 2012 and 2015 with respect to the process by which it reviewed and approved the commitment of firm Capital in large, significant and complex transitions, such as the 1Malaysia Development Berhad ("1MDB") offerings, and that documentation prepared in connection with the 1MDB transactions did not accurately reflect certain aspects of the bond offerings, including the ...

US Securities and Exchange Commission · Order 22 October 2020 · USD 400.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure
202022 October 2020

Regulatory action by New York State Department of Financial Services: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On October 22, 2020, the Goldman Sachs Group, Inc. ("GS Group") entered into a consent order for a civil money penalty with the new York State Department of Financial Services (the "DFS", and the consent order, the "DFS order"), which alleged violations of the new York Banking Law ("Banking Law") arising out of investments by a GS Group wholly-owned subsidiary, Goldman Sachs Bank USA ("GS Bank"), in instruments related to 1Malaysia Development Berhad ("1MDB"). The Conduct described in the DFS order includes (I) the failure of GS Group to adequately detect or address certain red flags in connection with the 1MDB bond transactions; (II) GS Group's failure to escalate or address allegations of ...

New York State Department of Financial Services · Order 22 October 2020 · USD 150.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure
202022 October 2020

Regulatory action by Federal Reserve Board: cease and desist

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On October 22, 2020, the Goldman Sachs Group, Inc. ("GS Group") "on October 22, 2020, the Goldman Sachs Group, Inc. ("GS Group") entered into an order to cease and desist and order of assessment of a civil money penalty with the Board of Governors of the Federal Reserve System (the "Federal Reserve", and the order, the "Federal Reserve order"), which alleged GS Group engaged in unsafe and unsound Banking practices relating to the 1Malaysia Development Berhad ("1MDB") bond transactions that resulted from deficient policies, procedures and controls. Such deficiencies included (I) the lack of, or failure to implement, adequate compliance policies and procedures to ensure the 1MDB offerings ...

Federal Reserve Board · Order 22 October 2020 · USD 154.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure
201920 September 2019

Regulatory action by Swedish Financial Supervisory Authority (Finansinspektionen - SFSA): other sanction

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On September 20, 2019 the Swedish Financial Supervisory Authority (Finansinspektionen - "SFSA") imposed an administrative fine on the Goldman Sachs Group, Inc. ("GS Group") in the amount of 70,000 Swedish krona (sek) (approximately USD 7,200). SFSA alleges a violation by GS Group of Chapter 6, Section 3 a, subsection 1 of the Financial instruments Trading Act due to a delay in notifying a relevant change in GS Group's Holding of shares and other Financial instruments in fingerprint cards AB.

Swedish Financial Supervisory Authority (Finansinspektionen - SFSA) · Consent 19 December 2019 · USD 7,430 · Concerns another company in the group · Form ADV, Item 11 disclosure
20181 May 2018

Regulatory action by Federal Reserve Board: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Board of Governors of the Federal Reserve System (the "Federal Reserve") has alleged that: whereas the Goldman Sachs Group, Inc. ("GS Group") serves as a Foreign Exchange ("FX") dealer through certain of its indirect subsidiaries ("FX subsidiaries"), by buying and selling U.S. dollars and Foreign Currency for their own account and by soliciting and receiving orders through communications between customers and sales personnel that are executed on the spot Market ("covered FX activities"), from October 2008 through October 2012, GS Group and certain subsidiaries (together, the "firm"): (a) lacked adequate governance, compliance risk Management, compliance AND/OR audit policies to ensure ...

Federal Reserve Board · Consent 1 May 2018 · USD 54.8 million · Concerns another company in the group · Form ADV, Item 11 disclosure
20181 May 2018

Regulatory action by New York State Department of Financial Services: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The new York State Department of Financial Services (the "DFS") has alleged that: (a) certain Foreign Exchange ("FX") traders at certain affiliates of the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA (together, "Goldman Sachs") engaged in improper Conduct over the period 2008 through early 2013; (b) escalation of certain compliance concerns did not always occur as required, allowing potentially improper activity to continue unnecessarily; and (c) Goldman Sachs conducted Banking business in an unsafe and unsound manner, in violation of new York Banking Law § 44.

New York State Department of Financial Services · Consent 1 May 2018 · USD 54.8 million · Concerns another company in the group · Form ADV, Item 11 disclosure
201812 January 2018

Regulatory action by Federal Reserve Board: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Goldman Sachs Group, Inc. ("GS Group") and Goldman Sachs Bank USA ("GS Bank") entered into an order of assessment of a civil money penalty issued upon consent pursuant to the Federal deposit insurance Act, as amended, with the Board of Governors of the Federal Reserve System (the "Federal Reserve") on January 12, 2018 (the "consent assessment"). The consent assessment related to allegations by the Federal Reserve that, prior to September 1, 2011, GS Group and GS Bank had engaged in deficient practices in residential mortgage loan servicing and foreclosure processing involving Litton loan servicing LP ("Litton"), a former subsidiary. Without admitting or denying the allegations, GS Group ...

Federal Reserve Board · Consent 12 January 2018 · USD 14.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure
20184 January 2018

Regulatory action by The Czech National Bank: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Czech National Bank ("CNB") issued an order alleging that the Goldman Sachs Group, Inc. (the "firm") failed to notify the cnb within the statutory time limit that its shares in the voting rights of a certain issuer Company had exceeded 1%, in deemed violation of Article 122(1), and in conjunction with Article 122(2), of the Capital Market undertakings Act.

The Czech National Bank · Decision 13 August 2018 · USD 33,945 · Concerns another company in the group · Form ADV, Item 11 disclosure
201621 December 2016

Regulatory action by Commodity Futures Trading Commission: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On December 21, 2016, the Commodity Futures Trading Commission ("CFTC") entered an order instituting proceedings pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, making findings and imposing remedial sanctions (the "order") against the Goldman Sachs Group, Inc. ("GS Group") and Goldman, Sachs & co. ("GS&CO.", and together with GS Group, "Goldman") relating to attempted manipulation of the U.S. dollar International swaps and derivatives association fix ("USD ISDAFIX"), an interest rate benchmark. Specifically, the CFTC found that, from January 2007 through March 2012, certain traders on gs&co.'s interest rate products Trading desks submitted bids and offers, and executed ...

Commodity Futures Trading Commission · Order 21 December 2016 · USD 120.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure
20162 August 2016

Regulatory action by Federal Reserve Board: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Board of Governors of the Federal Reserve System (the "Board of Governors") has alleged that: (a) Goldman, Sachs & co. ("GSCo") and the Goldman Sachs Group, Inc., (together with GSCo, (the "firm") failed to monitor electronic mail for documents containing confidential Supervisory information; (b) firm employees, including senior managers, had confidential Supervisory information of the Board of Governors and other Banking regulators in their possession without the authorization required by Law; (c) a firm employee engaged in criminal theft of confidential Supervisory information of the Board of Governors and other Banking regulators, and disseminated such information to multiple ...

Federal Reserve Board · Order 2 August 2016 · USD 36.3 million · Concerns another company in the group · Form ADV, Item 11 disclosure
201627 June 2016

Regulatory action by New York Mercantile Exchange - CME Group: civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On April 25, 2016, GSAM held a long position of 2,202 May 2016 Henry Hub natural gas Futures contracts ("MAY16 NG"), which was 1,202 over the standard expiration month limit which went into effect at the close of business on April 22, 2016.

New York Mercantile Exchange - CME Group · Decision & Order of Offer of Settlement 5 October 2016 · USD 40,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure
20158 December 2015

Regulatory action by Swiss Federal Department of Finance: other sanction

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Federal Department of Finance ("FDF") of the Swiss confederation alleged that the Goldman Sachs Group, Inc. ("GS Group") published twice an incomplete notification regarding the firm's Holdings in certain Securities in the period between December 12, 2013 and February 12, 2014, and published delayed notification of the firm's qualified shareholding in certain Securities exceeding the notification threshold in the period between August 19, 2014 and August 8, 2015, each in alleged infringement of Article 41 of the Swiss Federal Act on Stock exchanges and Securities Trading ("SESTA").

Swiss Federal Department of Finance · Consent 8 December 2015 · USD 20,350 · Concerns another company in the group · Form ADV, Item 11 disclosure
201528 October 2015

Regulatory action by New York State Department of Financial Services: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The new York State Department of Financial Services (the "DFS") has alleged that: (a) a former associate of Goldman, Sachs & co. (together with the Goldman Sachs Group, Inc., ("Goldman Sachs") engaged in the theft of DFS confidential Supervisory information, and that a former Goldman Sachs managing director improperly received this information without reporting it; and (b) Goldman Sachs failed: (I) to effectively supervise the associate to prevent this theft from occurring; (II) to implement and maintain adequate policies and procedures relating to post-employment restrictions for former government employees; and (III) to implement and maintain sufficient policies and procedures to ensure ...

New York State Department of Financial Services · Order 28 October 2015 · USD 50.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure

The filing also reports 1 matter that concerns an individual; such matters are weighed in the rating by the person's role and are not published here. These are the matters Goldman Sachs Asset Management, L.P. reports in Item 11 of its Form ADV, filed 25 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.

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Sources

  1. Form D/A of Capital Optimized Fixed Income (Insurance Dedicated) Fund, filed 8 September 2026: sec.gov EDGAR, CIK 0002051923
  2. All Form D filings of the fund: sec.gov EDGAR filing index
  3. Form ADV of SALI Fund Management, LLC (SALI Fund Services), filed 25 August 2026, Schedule D Section 7.B.(1): adviserinfo.sec.gov
  4. Form ADV of Goldman Sachs Asset Management, L.P., Item 11 and disclosure pages: reports.adviserinfo.sec.gov, CRD 107738; adviser summary: adviserinfo.sec.gov/firm/summary/107738

About this file

Prepared by PPLI.com Fund Intelligence from the public filings listed, checked on 4 November 2026. The rating makes no judgment of the fund's returns. Facts and ratings are updated every quarter, or sooner when a new filing appears.

For the manager

If a fact here is wrong or out of date, write to [email protected] with the filing that shows it. We correct what we can verify and record the date of the change.

Important. Educational research only. Nothing here is an offer, a solicitation or a recommendation to invest in any fund or to buy any policy. Interests in insurance-dedicated funds are available to the public only through insurance policies. Tax results depend on a policy meeting the tax rules and on each family's circumstances; take advice in the countries concerned.

File Capital Optimized Fixed Income (Insurance Dedicated) FundChecked 4 November 2026Published 4 November 2026
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