Goldman Vies for $10 Billion From Kuwait in Private Funds Push

Goldman Sachs Group Inc. is jockeying for a $10 billion mandate for its asset-management arm from Kuwait’s wealth fund, as part of the Wall Street bank’s efforts to bolster its private markets strategy and compete with larger players in the Middle East.

The firm has been in talks with the Kuwait Investment Authority to receive the money over the coming years and across multiple funds, according to people familiar with the matter. The capital is likely to be allocated largely toward Goldman’s private equity, credit and infrastructure funds, some of the people said.

Representatives for the KIA and Goldman declined ...