Goldman Sachs Group Inc. has raised $4.5 billion for its new private equity fund, The Wall Street Journal reported, citing "people familiar with the matter."
Additional fundraising is expected in early 2017 and a final close is estimated in the first half of 2017, according to the report. The Journal reported in July that the company was seeking to raise $5 billion to $8 billion for the fund called West Street Capital Partners.
Goldman has put in just a small amount of its own capital in the fund but has the right to invest more money if the Volcker rule, which limits banks to invest just 3% of the money for private equity funds, is repealed, sources told the publication.
The fund has reportedly committed to several investments.