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Goldman Sachs to raise ninth PE fund, says CEO

Goldman Sachs is planning to raise funds for its ninth private equity fund later this year, according to a report by Reuters citing comments made by Chief Executive Officer David Solomon at a conference in Miami on Tuesday.

Solomon didn’t disclose the target size of the fund, which will be known as Capital Partners IX, but described it as a “significant fundraising”. Goldman closed its eighth private equity fund in 2022 with $9.7bn in capital commitments.

According to Solomon, Goldman is targeting mid-teen percentage returns for its global banking and markets business in the medium-term and is projecting strong margins for its asset and wealth management business, while admitting that “a little bit more work” was needed to narrow the focus of the consumer business.

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