The news that Goldman Sachs closed a $20 billion private equity fund certainly made for some huge ripples on Wall Street. For the moment, it is the largest in the industry, which raises some questions about its strategy going forward. In the past, the firm has always made clear that it saw itself as a co-investor. In fact, 80 percent of its investments were co-investments. But is that set to change? If you raise $20 billion, you have to put it to work. So it seems inevitable that it will butt up against clients and even strategic buyers--would be investment banking clients. Some have already discerned something of a rivalry between Kohlberg Kravis Roberts and Goldman Sachs. Then again, the size of deal is such that perhaps $20 billion may be co-investable after all.

For more:
- here's the Investment Dealers' Digest article (For FierceFinance readers)