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Goldman Sachs Asset Management Appointed to Manage Eli Lilly and Company's $25 Billion Retirement Assets

October 15, 2025 | 5 minute read
Leading pharmaceutical company selects Goldman Sachs Asset Management to provide investment management services for retirement assets

NEW YORK – October 15, 2025 – Goldman Sachs Asset Management ("Goldman Sachs") today announced its appointment by Eli Lilly and Company to provide investment management services for Eli Lilly and Company's U.S. and Puerto Rico retirement plans. The mandate is approximately $25 billion and will cover defined benefit and defined contribution assets.

The decision reinforces Goldman Sachs Asset Management’s position as a leading provider of outsourced chief investment officer ("OCIO") services globally, with nearly $450 billion in OCIO assets under supervision globally as of September 30, 2025. The appointment follows a comprehensive selection process by Lilly’s plan fiduciaries.

"Lilly's commitment to providing comprehensive retirement benefits to its employees is impressive and we are honored to be selected as their partner,” said Tim Braude, co-head of Multi-Asset Solutions at Goldman Sachs Asset Management. “Our total portfolio solution allows our OCIO model to create flexible and customizable portfolios across asset allocation, portfolio construction and risk management on behalf of Lilly’s plans."

“We are proud to continue offering market-leading retirement benefits and are excited to collaborate with Goldman Sachs Asset Management to deliver these vital programs for our employees and retirees,” said Eric Dozier, Executive Vice President and Chief People Officer at Lilly. 

The mandate will leverage Goldman Sachs' deep capabilities in risk management and in generating long-term sustainable returns for plan beneficiaries and participants through holistic portfolio management across public and private assets. Goldman Sachs Asset Management has a long track record in liability-driven investing and investing across public and private markets through an open architecture platform.

The transitions to Goldman Sachs Asset Management’s investment management services are expected to be completed in Q4 2025, designed to provide continuity of investment operations for participants.

About Goldman Sachs Asset Management 

Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees approximately $3.5 trillion in assets under supervision as of September 30, 2025. Follow us on LinkedIn.

Media Contact:
Mary Athridge: Mary.Athridge@gs.com

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THESE MATERIALS ARE PROVIDED SOLELY ON THE BASIS THAT THEY WILL NOT CONSTITUTE INVESTMENT ADVICE AND WILL NOT FORM A PRIMARY BASIS FOR ANY PERSON'S OR PLAN'S INVESTMENT DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN. PLAN FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL INVESTMENT COURSE OF ACTION.

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