do. It does have a 10-year track record of buying GP stakes in private market fund managers-half of which are PE managers. raising their flagship PE funds. KKR is raising its flagship fund, Blue Owl is in the market raising its GPSC Fund Vll, which has North America XIV, which has raised $19.4 billion through the raised $8 billion of its $13 billion target, and saw similar inflows end of the year, putting it within striking distance of its $20 billion in Q4 to the roughly $500 million raised in both Q2 and Q3. Moreover, the firm expects fundraising for Fund Vll to be end- target. Additionally, North America XIV is less than one year loaded, like its predecessor, and to wrap up the fund in the back its predecessor. For TPG, the firm closed an additional $2.2 billion for TPG Partners X and Healthcare Partners Ill, bringing the total capital raise to $12.2 billion, with more than $10 billion includes commitments that are signed but not yet closed. managers, accounting for $92 billion in Q4 and $450.9 billion Blackstone, Apollo, Carlyle, and Ares are all out of the market, in the TTM. The strategy accounted for 52.8% of TTM inflows. having previously closed their respective flagship US PE funds. than twice the size of PE inflows for the same period, which is As a result, most fundraising efforts for these firms have come from other equity-focused strategies or other regions. For the strategy that saw the second-highest inflows behind credit. Carlyle, it held a final close for its latest Alplnvest secondaries Moreover, credit inflows exceeded those from all other strategies fund at $20 billion. Blackstone is in the midst of raising its combined for full-year 2025. Both Blackstone and Apollo raised over $100 billion in credit inflows each, while KKR and Ares flagship Asia buyout fund, which has raised over $10 billion to date, well surpassing its $6 billion predecessor. The firm also both saw over $65 billion in credit inflows for the year. TPG and launched fundraising for its fifth PE energy transition vehicle, Carlyle both topped $25 billion, representing strong YoY growth which is expected to be meaningfully larger than its $5.5 billion predecessor, with a first close expected sometime this spring.