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Blackstone Raises Largest Buyout Fund at $22 Billion

  • Firm expects to eclipse industry record reached by Apollo
  • Industry fundraising gaining momentum after stellar two years
Updated on

Blackstone Group LP has raised more than $22 billion for its flagship buyout fund -- making it the largest in the firm’s history -- and it’s not finished raking in cash.

New York-based Blackstone completed the first close for its eighth private equity fund last month, according to people with knowledge of the matter. The firm hasn’t yet set a limit for the pool, which it expects to eclipse Apollo’s record $24.7 billion when it wraps up fundraising later this year, said the people.