Goldman SachsGroup Inc. will offer a new private equity fund of between $5billion and $8 billion and is targeting a first close by year-end, The Wall Street Journal reported July21, citing "people familiar with the matter."

The company will provide a small portion of its own capitalinto the fund, called West Street Capital Partners, to comply with regulations,according to the report. Goldman aims to raise about $500 million from itsemployees for the fund, which would not exceed the 3% limit on banks set by theVolcker rule for private equity or hedge fund capital injections, the Journal noted.