Kirk Falconer

“Our job,” Nutall said, “is to react to what the regulators talk to us about and so far we actually think it has been long-term helpful to our business.”

Roark exceeded the goal set for its prior flagship offering. Fund V closed in 2018 at $5bn, compared with a $4bn target, and raised $1.5bn more through a sidecar vehicle targeting $1bn.

Carlyle last year laid out an ambitious cross-platform plan to raise at least $130bn in fresh capital by 2024. Fund VIII is a centerpiece of the initiative.

Nearly $475bn of fresh capital was secured by 854 buyout, growth equity, venture capital and other PE vehicles in 2021, up 19% from $399bn raised a year earlier, according to Buyouts’ data.

Blackstone's assets managed are expected to hit the $1trn mark in the year ahead, chairman and CEO Stephen Schwarzman said.

The fund was unveiled last year by the private-market affiliate of Xponance and Investcorp’s Strategic Capital Group to support diversity, equity and inclusion in the alternative asset industry.

Primed by a vigorous deal environment, tech PE fundraising rose to dizzying heights in 2021, with 474 North American vehicles collecting an all-time high of $227bn, according to Buyouts data.

The amount raised provides Fund IV with just under half of its $4.5bn target, reported last year by Buyouts.

Drivers of 2021's robust fundraising – an accelerated pace, bigger tickets, LPs pressing allocation limits and hot strategies like growth equity, tech and the energy transition – will likely also feature in 2022's market.

Ares’ Special Opportunities was launched in 2017 by Scott Graves, a partner and co-head of the private equity group, who joined the same year following a career at Oaktree Capital Management.