Goldman Sachs has a pitch for investors: It’s more than just a bank. It’s a leading alternative asset manager, and thus, its chiefs need to be paid like they’re at one. Shareholders are set to vote on Wednesday on whether to approve $160 million in special bonuses for Goldman Sachs CEO David Solomon and President John Waldron. Those bonus packages are Goldman’s way of keeping talent and warding off competition. “The board considered the unique competitive threats for talent that Goldman Sachs faces, including from alternative management firms and others beyond the traditional banking sector,” the bank said when it announced the bonus proposals in January. Goldman’s annual executive pay has lagged behind that of large alternatives firms, such as Apollo Global Management and Blackstone. And its annual pay for senior leaders lags behind them, too. Investors aren’t yet valuing Goldman Sachs as a private-markets, alternatives behemoth. Its shares are worth about 12 times earnings, which is roughly line with JPMorgan Chase and Morgan Stanley. But KKR, for example, trades at about 30 times earnings, with Blackstone’s shares at around 37. The strong stock performance is a boon for alts CEOs like Blackstone’s Steve Schwarzman, who took in $1 billion in pay and dividends last year, my colleague Dawn Lim reported in February. He raked in about 11.5% more than he did the prior year because of his $916 million in dividends. Yale’s $41 billion endowment was among the first to pivot from investing in plain-vanilla stocks to more illiquid assets, such as private equity. In 2000, about 25% of its endowment was allocated to private equity, compared with the average university’s 2.2% allocation at the time. Now, the fund is exploring selling private equity fund stakes, as my colleagues Marion Halftermeyer and Janet Lorin reported this week. Evercore is advising the endowment on a process that has been in the works for months.