KUWAIT CITY, Oct 28: Goldman Sachs is in discussions to secure a $10 billion mandate from Kuwait’s sovereign wealth fund for its asset-management business, Bloomberg News reported on Monday.

The talks involve the Kuwait Investment Authority (KIA) providing funds over the coming years across multiple Goldman Sachs funds, primarily targeting the bank’s private equity, credit, and infrastructure investments, according to sources familiar with the matter.

Goldman Sachs declined to comment, while KIA did not immediately respond to a request for comment.

The bank has been accelerating its expansion into private markets and alternative assets as it aims to diversify away from its traditional trading and investment banking revenue streams. CEO David Solomon said during the bank’s earnings call earlier this month that Goldman plans to raise $100 billion in alternative assets this year, including private credit, real estate, and hedge funds, surpassing previous expectations. The firm reported $374 billion in alternative assets under supervision at the end of the third quarter.

The potential deal coincides with Goldman’s broader push in the Gulf region. The bank opened an office in Kuwait earlier this month to expand services to regional clients and strengthen its Middle East presence.

Kuwait, an oil-rich nation, is home to the KIA, one of the world’s largest sovereign wealth funds.