Goldman Sachs Capital Partners is reportedly raising a $20 billion (€15 billion) fund, which will make it among the largest megafunds raised to date, and would put Goldman firmly in competition with its own private equity clients like The Blackstone Group, Texas Pacific Group and The Carlyle Group.
Goldman Sachs’ chief executive, Lloyd Blankfein, said the amount to be raised for GS Capital Partners VI “might be a little more, it might be a little less” than $20 billion, the Associated Press reported. Blankfein made the comments Tuesday at the firm’s annual meeting in New York.
GS Capital Partners VI had raised $12 billion by early February, well surpassing its original target of $10 million.
Private equity firms for which Goldman Sachs frequently provides financing are currently raising similarly sized funds. Kohlberg Kravis Roberts is reportedly north of $20 billion for several buyout funds, while Blackstone has already raised more than $18 billion toward its current fund, expected to close on $20 billion.
At Tuesday’s annual meeting, Blankfein was also asked why Goldman Sachs was not among the firms underwriting Blackstone’s initial public offering, the AP said.
Blankfein reportedly praised the relationship between the two firms, but stressed that Goldman Sachs was “not going to do every piece of business from them or from anybody else.”
Goldman Sach’s last fund, GS Capital Partners V, closed last year on $8.5 billion.