Blackstone Group Holds Second Close On Fund V –

The Blackstone Group has broken its own fund-raising record, holding a second close on just under $12 billion for its global Capital Partners V fund. The firm had held a $10.28 billion first close on October 14, with a final close on $13 billion expected in early 2006.

The previous fund-raising king was The Carlyle Group, which raised $10.05 billion for a pair of buyout vehicles (one dedicated to the U.S., one to Europe). Other recently-closed efforts include $8.5 billion for Goldman Sachs Capital Partners and $8 billion for Warburg Pincus. Both Apollo Management and Thomas H. Lee Partners are in the market with $10 billion and $7.5 billion funds, respectively, while Texas Pacific Group, Kohlberg Kravis Roberts & Co. and the newly-independent JPMorgan Partners buyout team all expect to send out PPMs in early 2006.