Goldman £5bn buyouts play

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The bank believes this will help exploit the gap in the market left by the credit squeeze while encouraging new deals that have largely dried up since the crisis began.

Goldman will use the fund to buy senior loans, those that are paid off before other debts.

The investment bank already has a $20 billion fund that invests in mezzanine debts, paid after the senior debt. The Financial Times says the funds together will allow Goldman to commit to financing large deals on its own without recourse to external investors.

The new fund is expected to operate under Goldman's private-equity arm, with money from the firm's clients, bank and partners representing the latest convergence between private equity and debt investing.

Reports suggest Goldman is already looking for deals to be financed under the scheme.