Goldman Sachs is seeking to raise several billion dollars for a new global fund to invest in stressed and distressed debt, according to the Financial Times.

Richard Friedman, Goldman’s head of merchant banking, will reportedly head the fund, to be run as part of the bank’s PIA private equity arm.

The FT story did not elaborate on whether “external investors” will involve wealthy clients, although they have been, along with institutions, among the type of external investors for such assets in the past.

The bank has other funds that can invest in distressed debt. The Special Situations Group uses the bank’s money to invest in relevant distressed opportunities and last summer Goldman Sachs raised a $10bn fund to invest in loans backing leveraged buy-outs. There is also GS Liquidity Partners III, which buys various kinds of debt in distressed companies.