Citigroup Inc. plans to raise more than $3 billion for its private-equity and hedge funds, a person familiar with the matter said Friday.

Citi Capital Advisors, Citigroup’s alternative asset management platform, may seek $1.5 billion for private equity this year and $750 million for hedge funds, and an additional $1 billion of fundraising for hedge funds is targeted next year, this person said. Citi Capital Advisors currently oversees assets of about $14 billion.

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