Washington: US investment giant Goldman Sachs has raised $5.5 billion in investor commitments to buy private-equity investments at a discount on the secondary market, The Wall Street Journal and Financial Times said Sunday.
The new Goldman fund, GS Vintage Fund V, is the largest secondary fund ever raised, the two newspapers said in their online editions.
The fund hopes to benefit from the trouble bigger banks and other institutional investors are having in recovering some of the money they placed in private-equity businesses.
Sales of such interests are occurring at deeply discounted prices of 50% to 70% or more from face value, private-equity executives say.
JPMorgan Chase is also considering raising investor commitments for its own secondary fund, the Financial Times said.