Goldman Sachs raising $5 billion-$8 billion for private equity fund: Source

Goldman Sachs employees take a walk in the New York office
Source: Goldman Sachs
Goldman Sachs employees take a walk in the New York office

Goldman Sachs 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.