On Tuesday, Goldman Sachs Group Inc (N:GS) said that it had closed a USD 9.7 billion private-equity fund that seeks to invest in companies with an enterprise value of about USD 750 million to USD 2 billion. This is the investment banking company’s largest since 2007.

The said fund sits under the Wall Street giant’s asset management arm. It is known as ‘West Street Capital Partners VIII.’ The fund plans to invest USD 300 million in taking controlling stakes in companies in sectors including financial, business services, healthcare, consumer, technology and climate change transition.

Goldman Sachs Asset Management (GSAM) oversees USD 2.5 trillion in assets, with private equity (PE) accounting for USD 176 billion. However, Goldman’s money managers are not alone in raising PE funds.

BlackRock Inc (NYSE:BLK) has about USD 35 billion focused on PE strategies. Last year, it raised USD 3 billion to invest in PE secondary market deals. Reportedly, Morgan Stanley (NYSE:MS) Investment Management has also closed several private equity funds this year with assets under management in excess of USD 3.25 billion.

The company’s Private Credit & Equity platform has USD 40 billion in assets under management, including USD 25 billion in direct, secondary and co-investment private equity funds. Goldman’s latest venture includes investors such as pension funds, sovereign wealth funds, financial institutions, family offices and high-net-worth individuals.

The companies backed by the fund are Netherlands-based pharmaceutical company Norgine, Japan-based road pavement compan Nippo Corp, and US-based clinical research organisation Parexel.