Morgan Stanley and Goldman Sachs offered their wealthy clients widely divergent rates for access to Anthropic’s $30 billion private fundraising in February, the Financial Times reported.

Citing people familiar with their terms, the paper said that Morgan Stanley, which has a much larger wealth management business than Goldman Sachs, offered a deal with a one per cent management fee for access to the deal.

Goldman Sachs’s offering was significantly more expensive, pitching it via a special purpose vehicle known as a single investment fund. Investors would be charged a 1.25 per cent management fee, with interest of 17.5 per cent of profits if returns reached at least eight per cent.

Goldman Sachs also invested alongside its clients, whereas Morgan Stanley did not, meaning it offered the investment without making a recommendation in favour, people familiar with the matter said.

“For single asset opportunities, we usually act as fiduciaries, investing alongside our wealth clients,” a spokesperson for Goldman Sachs told the paper. “Our clients gain access to the same deep due diligence and high-conviction investments as our institutional funds, utilising a consistent, traditional fee structure.”

A Morgan Stanley Wealth Management spokesperson attributed its fees to the size of its operation, saying to the Financial Times that: “When offering private markets access to wealth clients our scale enables us to frequently offer access without management or carry fees, similar to what institutions receive.”

Anthropic is expected to pursue an initial public offering later this year, and was valued at $380 billion post its February raise. The size of its raise demonstrates investor appetite for funding private AI companies including Anthropic and its rival OpenAI despite general concern over the state of the private credit market.

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