Citigroup Inc is looking to raise more than $3 billion for its private equity and hedge fund units this year, Bloomberg said, citing people with direct knowledge of the plan.

Citi Capital Advisors, a unit of Citigroup, may seek $1.5 billion for private equity and $750 million for hedge funds, the people told the agency.

Citi hopes to raise an additional $1 billion for its hedge funds next year, the agency said.

Citi Capital Advisors is an alternative asset management unit that offers strategies and products to select institutional and ultra high net worth investors.

Citigroup could not immediately be reached for comment by Reuters outside regular U.S. business hours.

(Reporting by Sakthi Prasad in Bangalore; Editing by Jon Loades-Carter)

Citigroup