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There could be almost $80bn of NAV in funds where carry is owed back to LPs that have backed US vehicles, according to research from Upwelling Capital Group.

Fund II has both domestic and offshore structures, meaning the total amount sought could be even larger.

The strategy is the firm's fastest growing unit from a headcount perspective, according to chief executive David Layton.

Hazem Ben-Gacem, a three-decade veteran of the firm, will leave his role in November as the Gulf's biggest private equity firm reorganises its internal units.

The new flagship offering's target size is 12% larger than Fund IX, which closed in 2021 on $5.6bn.

The hire will also help further the bank's advisory work in control deals, firm-level financings and NAV loans.

The target amount sought for Long Term Private Capital II could change, Private Equity International understands.

In taking over from Suyi Kim, Gubbels will become CPP Investments’ second consecutive female private equity head.

The survey, conducted by Barnes & Thornburg, found that 96% of LPs thought it was important for a GP they invest in to have a succession plan.

The private equity giant is ‘very excited about Japan’ while seeking to boost its wealth presence in Europe.