July 21, 2016 / 11:57 PM / a year ago

Goldman Sachs raising $5 billion-$8 billion for private equity fund: source

Traders work on the floor of the New York Stock Exchange near the Goldman Sachs stall July 16, 2010. REUTERS/Brendan McDermid

(Reuters) - Goldman Sachs Group Inc will start marketing a new corporate buyout fund of $5 billion to $8 billion, its first such fund since the 2008 financial crisis, according to a source familiar with the matter.

Goldman hoped to raise about $500 million from its employees and was aiming for an initial close by the end of the year, according to the source.

The bank will contribute a tiny slice of its own capital to comply with post-crisis rules meant to make banks safer, according to the source.

The Wall Street Journal first reported that Goldman Sachs was raising $5 billion to $8 billion for its private equity funds.

The new buyout fund is smaller than previous ones, less than half the $20 billion Goldman raised in 2007 for GS Capital Partners VI, the Journal also reported.

Goldman Sachs declined to comment.

Reporting by Parikshit Mishra and Arunima Banerjee; Additional reporting by Rama Venkat Raman; Editing by Richard Chang and Bill Rigby

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