Goldman Sachs is looking to raise more than $500 million for a private-equity fund to invest in hedge funds, according to a report in the Wall Street Journal. The London-based fund has already bought a 10 per cent stake in Winton Capital Management, a hedge fund with $10 billion under management. The Goldman fund is headed by Jonathan Sorrell, son of Martin Sorrell, the boss of U.K. marketing-services giant WPP Group. Separately, Goldman will purchase real estate funds operator Simplex Investment Advisors in Japan for $1.4 billion, through a joint venture with Aetos Capital according to published reports. Commercial land prices rose 1 per cent for the year ending 30 June 2007, the first increase in 16 years.