1 EXHIBIT 21.1 Significant Subsidiaries of the Registrant The following are significant subsidiaries of The Goldman Sachs Group, L.P. as of May 29, 1998 and the states or jurisdictions in which they are organized. Upon consummation of the Incorporation Transactions, such subsidiaries will become subsidiaries of The Goldman Sachs Group, Inc., as successor to The Goldman Sachs Group, L.P. Indentation indicates the principal parent of each subsidiary. Except as otherwise specified, in each case The Goldman Sachs Group, L.P. owns, directly or indirectly, at least 99% of the voting securities of each subsidiary. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a "significant subsidiary" as that term is defined in Rule 1.02(w) of Regulation S-X under the Securities Exchange Act of 1934. Name State or Jurisdiction of Entity - ---- ------------------------------- The Goldman Sachs Group, L.P. Delaware Goldman, Sachs & Co. New York Goldman Sachs (Asia) Finance Holdings L.L.C. Delaware Goldman Sachs (Asia) Finance Cayman Islands Goldman Sachs (UK) L.L.C. Delaware Goldman Sachs Holdings (U.K.) United Kingdom Goldman Sachs International United Kingdom J. Aron & Company (U.K.) United Kingdom Goldman Sachs Equity Securities (U.K.) United Kingdom Goldman Sachs International Finance United Kingdom Goldman Sachs Capital Markets, L.P. Delaware Goldman Sachs (Japan) Ltd. British Virgin Islands J. Aron Holdings, L.P. Delaware J. Aron & Company New York Goldman Sachs Mortgage Company New York Goldman Sachs Canada Canada Goldman Sachs Credit Partners, L.P. Bermuda Goldman Sachs Holdings (Netherlands) B.V. Netherlands Goldman Sachs Mitsui Marine Derivative Products, L.P. Delaware GS Equity Markets, L.P. (Bermuda) Bermuda Goldman Sachs Holdings L.L.C. Delaware Goldman Sachs International Bank United Kingdom