(The Wall Street Journal) -- Goldman Sachs wants to raise more than $500m for a private-equity fund that will buy stakes in hedge funds, a person familiar with the matter said.

The new fund will be based in London and headed by Jonathan Sorrell, son of Martin Sorrell, the boss of UK marketing-services giant WPP Group, the person said. It will be a mixture of Goldman Sachs' own cash and money raised from outside investors.