BEIJING - The Beijing municipality signed an agreement on Thursday to invest in Goldman Sachs Group Inc's yuan-denominated private equity (PE) fund, which reportedly aims to raise 5 billion yuan ($770 million).

The State-owned Capital Operation and Management Center, a unit of Beijing municipality, is responsible for the investment, said a spokesman with Beijing Municipal Bureau of Financial Work, who declined to be named.

The spokesman added that similar cooperation with Morgan Stanley will come next week.