Fundraising

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

The transaction has been backed by capital from long-term yield-oriented institutions and not traditional secondaries firms, PEI understands.

As Asia-Pacific’s fundraising slump continues, hopes are being pinned on the southeast.

If BCTF reaches its $5bn fundraising target, it could be the largest emerging markets-focused climate impact fund in private markets.

The firm raised $68bn in Q2, bringing inflows over the past 12 months to $140bn, Brookfield’s highest ever in a 12-month period.

With the raise, the flagship is the biggest in Platinum’s 29-year history, exceeding by 26% its 2019-vintage predecessor.

The firm is targeting more than $300bn of new capital across strategies over the next two years, including its 14th North America flagship, debut US mid-market vehicle and latest global infra offering.

While fundraising timelines have stretched, the percentage of funds to have exceeded their target at final close is at its highest level since 2008.

An uptick in the number of funds closing above target belies the fundraising challenges facing a swathe of the industry.

At its new total, Blackstone Capital Partners IX could be only several months away from wrapping up.