Morgan Stanley and Goldman Sachs offered Anthropic investors sharply different fee structures for February fundraising access

Morgan Stanley charged a 1% placement fee with no management fee or carried interest, while Goldman Sachs proposed a 1.25% management fee and 17.5% carried interest (if returns reached at least 8%), according to the Financial Times.

Goldman Sachs co-invested alongside its wealth clients and acted as a fiduciary, whereas Morgan Stanley did not act as a fiduciary—meaning it offered the investment without making a recommendation.

Both banks received allocations in Anthropic's $30bn round in February, which valued the company at $350bn. Goldman's typical wealth clients hold about $70m in assets, while Morgan Stanley's typically hold $20m or more.