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Goldman looking to expand PE business

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Goldman looking to expand PE business

Goldman Sachs Group Inc. plans to ramp up private equity fundraising efforts over the next couple of years.

Chairman and CEO David Solomon said the company is looking to execute multiple fundraising plans and is working to outline that more clearly. He noted that Goldman's current private equity business is not as big as others in the industry, which underscores the potential growth opportunity.

"We [can] have meaningful growth without setting overly ambitious targets," Solomon said during a Jan. 16 earnings conference call.

Goldman plans to hire additional talent for these new efforts, but Solomon believes the company can leverage its existing resources and doubts a significant build-out is necessary. The current platform has the ability to source capital and has demonstrated a capability to manage money for institutional and individual clients.

Goldman previously raised several billion dollars for a private equity fund in 2017.