Goldman Sachs Asset Management is looking to raise hundreds of millions of dollars for a fund of hedge funds that will invest in smaller, undiscovered managers in exchange for reduced fees, according to two people familiar with the plans.

The new fund, which hasn't yet launched, will be run out of New York by a team led by Ryan Roderick, a managing director in hedge fund strategies, GSAM's fund of funds division. Roderick reports to New York-based chief investment officer Kent Clark. GSAM declined to comment.