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Fund VII, which has an undisclosed target, held its most recent interim close on $1.79bn in November, PEI data shows.

The firm had previously been expecting to hit Fund VI’s $13bn target by end-2025.

The buyout giant, which recorded $116bn of dry powder as of the end of the first quarter, wants to 'invest more when the world is most uncertain', according to co-chief executive Scott Nuttall.

Investors believe uncertainty caused by US President Donald Trump's tariff policies could postpone a thaw in exit markets, compounding existing fundraising challenges.

Tell us who you think should be included in our fifth annual list, which celebrates the achievements of women working across alternative assets

Muted appetites have led to steep discounts, leaving some listed private equity trusts vulnerable to shareholder activism and an incoming tide of potential competitors.

Blackstone raised $11bn through the wealth channel in Q1 2025, up nearly 40% year-over-year to the highest level in nearly three years.

The tariffs turmoil is exacerbating the trends and challenges facing private markets, creating a 'fantastic time for secondaries', XIG global head Michael Brandmeyer tells PEI.

Here are responses from industry thought leaders including Goldman Sachs, Carlyle, Apollo and NYCRS across areas such as dealmaking, fundraising and secondaries.

The firm expects private markets to benefit from the uncertainty as investors look to insulate portfolios from tariff impact.