By Dan Primack
January 4, 2011

Goldman Sachs appears to be raising the additional $1.5 billion for Facebook from clients of its private wealth management unit, with the Wall Street Journal reporting that the investment floor is $2 million with a commitment to hold for at least two years. Moreover, participating clients must have a net worth of at least $10 million.

That all makes sense, but something seems to be missing. Specifically, are these the only Goldman Sachs (GS) clients with access to Facebook? How about limited partners in GS Capital Partners, the ginormous private equity fund which Goldman sponsors and manages?

This Facebook transaction might not look like the typical GS Capital Partners deal — particularly since it only represents a small minority equity interest —  but it’s still a private equity investment in a company Goldman believes to be worth $50 billion (and climbing). If I already had invested tens of millions (or more) with Goldman for the purpose of private equity investing, I’d be a bit pissed to be shut out of the planet’s hottest company…

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