(Bloomberg) -- Funds managed by Goldman Sachs Asset Management are set to write off almost $900 million on investments in Swedish battery maker Northvolt AB, which filed for bankruptcy protection this week, the Financial Times reported, citing letters to investors it has seen.

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The US bank’s private equity funds, which have at least $896 million in exposure to Northvolt, will write that down in its entirety at the end of the year, the newspaper reported on Saturday.

“While we are one of many investors disappointed by this outcome, this was a minority investment through highly diversified funds. Our portfolios have concentration limits to mitigate risks,” Goldman said in an emailed statement.

Goldman’s holdings made it the second-largest shareholder in Northvolt, which is seeking to restructure under Chapter 11 proceedings in the US. The move capped months of talks with owners, customers and creditors. Goldman was spearheading an investor group trying to rescue the company. The bid failed, leaving the battery maker with just one week’s cash in its accounts.

--With assistance from Eyk Henning.

(Updates with Goldman Sachs’s comment in third paragraph.)

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