October 23, 2007 / 2:22 AM / 10 years ago

Goldman looks to raise new $500 mln fund-WSJ

NEW YORK, Oct 8 (Reuters) - Goldman Sachs Group Inc (GS.N) is looking to raise more than $500 million to create a private equity fund that will buy stakes in hedge funds, the Wall Street Journal reported, citing a source.

    The new London-based fund will be headed by Jonathan Sorrell, son of Martin Sorrell, the head of advertising giant WPP Group Plc (WPP.L), the paper said.

    It will raise a mix of Goldman’s own cash and cash from outside investors for the fund, the WSJ reported.

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