Goldman Sachs Said to Plan $3 Billion Infrastructure Fund

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Lloyd Blankfein
Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc. Photographer: Chris Ratcliffe/Bloomberg

Goldman Sachs Group Inc. is seeking to raise about $3 billion for a fund to invest in infrastructure, four people with knowledge of the matter said.

The fund will have a mandate to buy a variety of assets including airports, water networks and toll roads, two of the people said, asking not to be identified as the information is private. Goldman Sachs, based in New York, plans to complete the fundraising by the end of the first half, one of the people said.

The U.S. bank is raising capital at a time when investors are increasingly turning their focus to infrastructure, lured by consistent returns and the opportunity to hedge against inflation. Norway’s government this month started a process that could allow its $880 billion wealth fund, the world’s largest, to invest in infrastructure.

Goldman’s last infrastructure fund raised $3.1 billion in 2010, and Goldman Sachs has raised more than $10 billion for investments in the industry since starting the business in 2006, according to its website.

Last month, Goldman Sachs and Prudential Plc agreed to sell a stake in Associated British Ports, the U.K. port operator, for 1.6 billion pounds ($2.4 billion). A spokesman for Goldman Sachs in London declined to comment.

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