Citi Seeks $3.5 Billion for Private-Equity, Hedge Fund

Citigroup Inc. is looking to raise approximately $3.5 billion for its private-equity and hedge funds, a person familiar with the situation said Friday.

Citi Capital Advisors, Citigroup's alternative-asset management platform, will try to raise around $1.5 billion for private equity and around $1.75 billion for hedge funds, the person said, without elaborating on the time frame or how much Citigroup will invest in the funds.

Bloomberg, which reported the fundraising plans Friday, said the funds will be raised within the next two years.

The planned fund raising comes as U.S. lawmakers consider banning banks from owning and investing in alternative funds.

Read Full Article from Wall Street Journal

- Posted: 2010-06-18 10:04:38

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