Goldman Sachs plans to raise $8 billion in its second buyout fund
By MYBRANDBOOK
Enhancing its ability to secure deals worldwide, Goldman Sachs Group Inc is planning to raise $8 billion in its second buyout fund since the 2008 financial crisis, according to two people privy of the matter.
The Wall Street heavyweight will kick off the fundraising next week via its private equity arm West Street Capital Partners, said the people.
The bank is undeterred by the fast-spreading coronavirus that is casting a shadow over the global economy as it is mainly targeting offshore, non-Chinese prospective investors, said one of the people.
The new fund, substantially smaller than Goldman's biggest fund of $20 billion in 2007, underscored its commitment to the private equity business. Many banks, including Citigroup Inc and JPMorgan Chase & Co, have spun out or divested their private equity arms in recent years following the adoption of the Volcker Rule, which limits banks from investing their own balance sheets in funds.
Goldman's new fund will focus on deals where it gets majority control, with the goal of deploying 60% of the capital in America, said the first person. It also plans to make about 25 investments in various sectors, with the deal size ranging between $150 and $600 million.
Like its last fund, the new fund will seek capital from both institutional investors and the bank's own employees, said the person.
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