By Parikshit Mishra
(Reuters) – Goldman Sachs Group Inc will start marketing a new corporate buyout fund of $5 billion to $8 billion, its first such fund since the 2008 financial crisis, according to a source familiar with the matter.
Goldman hoped to raise about $500 million from its employees and was aiming for an initial close by the end of the year, according to the source.
The bank will contribute a tiny slice of its own capital to comply with post-crisis rules meant to make banks safer, according to the source.
The Wall Street Journal first reported that Goldman Sachs was raising $5 billion to $8 billion for its private equity funds.
The new buyout fund is smaller than previous ones, less than half the $20 billion Goldman raised in 2007 for GS Capital Partners VI, the Journal also reported.
Goldman Sachs declined to comment.
(Reporting by Parikshit Mishra and Arunima Banerjee; Additional reporting by Rama Venkat Raman; Editing by Richard Chang and Bill Rigby)