Goldman Sachs raises $7 billion for new private equity fund, say sources: Reuters

Goldman Sachs Group Inc (GS.N) has raised around $7 billion 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 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.
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.

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, which would be the largest fund raised since the financial crisis by a buyouts firm.

Photo: A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014.  Reuters/Lucas Jackson