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Gene Yoon tells Buyouts that the firm assesses deployment rates and aims to avoid risk-return dilution when setting its fund size targets – though Fund V represents a 32% increase over its predecessor.

The fund had set a target of $4.25bn in the fourth quarter of last year.

NPMI Fund II could be six times larger than its predecessor, PEI understands.

Along with the $50bn targeted for private equity over 2026-28, Carlyle aims to bring in more than $90bn for global credit strategies and more than $60bn for Carlyle AlpInvest, its secondaries platform.

“We have sent significant capital back to our investors over the last two to three years, and as you can imagine, it was very well-received given the liquidity-starved environment many LPs have highlighted,” said Neil White, the firm’s president and managing partner.

A new dynamic is driving private equity fundraising. In an increasingly bifurcated market, success will be yours according to whether you've returned capital to LPs.

As the tailwinds that have long powered performance fade – from cheap leverage to multiple expansion – the industry can no longer rely on a rising tide, says Hugh MacArthur, chair of Bain & Company’s global PE practice.

Takeshi Tsubota led Japan fundraising for the $908bn private markets manager since 2023.

'Our portfolio meets the times,' Brian Bernasek, co-head of Americas corporate private equity at Carlyle, told Buyouts. 'We have assets that buyers want.'

‘The first thing people want more than anything else is dignity and respect, a place of purpose and belonging,’ Garden City founder Michael Arrieta told Buyouts.