Managers

Co-founder Leon Black said the vehicle is a work in progress and one of several projects to augment permanent or long-term capital at the firm.

From Sydney to Boston, a slew of firms emerged this year and raised capital from limited partners betting that getting in early can pay out big.

With big changes in many of the Latin American economies, the firm is considering its next fundraising move in the region.

The boutique investment bank has raised more than half of its intended target of up to $900m for the RMB Fund III in less than six months.

The alternative asset manager paid $3.5m in placement fees for its $24.7bn ninth vehicle, lower than what it paid for Fund VIII.

The Gulf-based firm's global ambitions are characterised by its single emerging-markets fund.