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Goldman Sachs Said to Ready Blackstone Challenge for Hedge-Fund Startups

Bloomberg – Goldman Sachs Group Inc. (GS) is seeking money to bankroll fledgling hedge funds, its second attempt since 2008 to break into a business now dominated by Blackstone Group LP (BX), according to three people with knowledge of the plan.

The bank has spent the past year trying to attract clients for a seeding fund, which provides managers with startup investing capital in exchange for a cut of their fees, said the people, who asked not to be identified because the effort is private. Blackstone recently raised $2.4 billion for its second seeding fund, the industry’s biggest.

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