MarketWatch- Goldman Sachs is aiming to raise $4 billion to $6 billion for a new hedge fund as the investment bank tries to rebuild its reputation in the hedge fund business, it has told potential investors according to a story on the FT.com Web site Thursday.
The new fund – run by bank partners Raanan Agus, former head of the proprietary trading desk, and Kenneth Eberts, former head of the U.S. proprietary desk – will be the first from the bank to focus on picking shares, rather than using computerized, or quantitative, approaches. Goldman declined to comment, the story said.
If the new fund gets close to $6 billion, it will be one of the biggest launches ever, rivaling the $6 billion Convexity Capital, created last year by Jack Meyer, former head of the Harvard endowment, the article said.
Goldman’s fundraising goal is particularly aggressive because investors will not be able to withdraw their money for two years, a lock-up likely to deter many, the report said.
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