Goldman Sachs is part of a consortium that could soon close a deal for a minority stake worth US$250 million in shipbuilder Jiangsu Rongsheng Heavy Industries Group, the Wall Street Journal reported. The deal is of a significant size for China's nascent private equity scene, which has seen 46 deals made worth a total of US$1.6 billion this year. New York hedge fund DE Shaw is also in the buyers' consortium, making this the fund's first private equity venture. If the investment in Jiangsu Rongsheng works out, it would be a victory for Goldman, which has lately been blocked by the securities regulator on two deals. The regulator denied GS Capital Partners V Fund, a Goldman private equity fund, its bid to buy a US$119.4 million stake in Fuyao Group Glass Industries last week. The deal was rejected because Shanghai-listed Fuyao's prices had risen with the rocketing A-share market, making Goldman's initial offer look underpriced.