Goldman Sachs Secures Monumental $70B Retirement Contract with Verizon & Lockheed
New York, NY — July 9, 2026 — Goldman Sachs Asset Management has landed one of the most significant outsourced investment mandates in recent corporate history. The firm has won contracts to manage a combined $70 billion in retirement assets for telecommunications titan Verizon Communications and defense contractor Lockheed Martin.
The groundbreaking deal is structured as follows: approximately $30 billion in defined benefit pension assets from both Verizon and Lockheed Martin, and $40 billion in Verizon’s defined-contribution assets — primarily 401(k) plans — will all be placed under Goldman’s management as Outsourced Chief Investment Officer (OCIO). These appointments reflect a sweeping industry trend of large corporate pension sponsors partnering with a single expert OCIO provider to streamline oversight of increasingly complex portfolios spanning public equities, fixed income, and private markets.
With these new mandates, Goldman Sachs’ OCIO division now oversees approximately $480 billion in assets. This is part of the firm’s broader $3.7 trillion in assets under supervision as of March 31, 2026. Goldman has previously secured major OCIO mandates from UPS ($43.4 billion), Shell PLC ($40 billion), and Eli Lilly ($25 billion). This deal underscores Goldman’s strategic push to build stable, recurring revenue streams to offset its more volatile trading and investment banking operations.
- Previous Major OCIO Mandates:
- UPS: $43.4 billion
- Shell PLC: $40 billion
- Eli Lilly: $25 billion
Source: CNBC — Goldman Sachs lands $70 billion in asset management contracts