Hellman & Friedman, the San Francisco-based private equity group, is looking to raise $8bn (€6.3bn) for its latest fund in a record-breaking year for private equity fundraising.

The fifth fund could be the firm's largest and is expected to launch by year-end or early in 2007 according to an industry source. Its previous offering, Hellman & Friedman Capital IV, raised roughly $3.5bn in 2004.