Vanguard Group is launching a private equity fund, a striking move for the money management giant that built a household brand on the back of low-cost funds for everyday investors.

The new fund is part of chief executive Tim Buckley’ s push to broaden the Malvern, Pennsylvania-based company’s appeal as a financial adviser for larger investors. With Buckley at the helm, the firm with $6.2tn in assets under management has pressed beyond the index-fund business it is best known for and further into the advisory business. It has also added more actively managed funds to its financial lineup.