FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016.
REUTERS/David Gray/File Photo
Goldman Sachs Group Inc (GS.N)
has raised around $7 billion (5.48 billion pounds) for its new private
equity fund, near the top of its targeted goal, according to two people
familiar with the matter.
The
Wall Street firm, which was seeking to raise $5 billion to $8 billion
for its first buyouts fund since the 2008 financial crisis, is expected
to close the fund in the coming weeks.
Called
West Street Capital Partners, the fund has already invested around $2
billion in deals, the people added. The sources could not be identified
because they are not authorized to speak to the media.
Some
of these deals include the acquisition of digital marketing company
Dominion Web Solutions for $680 million alongside French investment
company Eurazeo in May, as well as engineered materials company
Transcendia Inc in June.
The
fund's investors include the Minnesota State Board of Investment which
committed $150 million to it at the end of 2016, according to state
records.
A Goldman spokeswoman declined to comment on the fund.
The
new fund is substantially smaller than Goldman's last fund in 2007,
which raised $20 billion. Many banks, including Citigroup Inc (C.N) and JPMorgan Chase & Co (JPM.N),
have spun out or divested their private equity arms in recent years
following the adoption of the Volcker Rule, which limited banks from
investing their own money in funds.
It also comes at a time when private equity firms are raising record amounts of capital.
Apollo Global Management LLC (APO.N)
is seeking to raise $22.5 billion for its new fund. It would be the
largest fund raised since the financial crisis by a buyouts firm.
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