Blackstone Inc. has faced challenges in raising funds for its main buyout fund, falling behind schedule and collecting only around $21 billion, which is less than initially anticipated. Despite starting the fundraising process in 2022, the firm is nearing the end of March to conclude the fundraising, a process that typically takes much less time. High interest rates have affected the confidence of major investors in the traditional private equity model. Blackstone, being the largest alternative-asset manager globally, has also been impacted by the declining industry fundraising trend in recent years.

The firm adjusted its fundraising timeline due to factors like rising interest rates and a competitive fundraising landscape. Initially aiming for $30 billion, Blackstone later revised this to about $25 billion before targeting at least $20 billion. With challenges ahead in terms of market returns amid economic uncertainties, the firm is striving to demonstrate its ability to navigate difficult market conditions successfully.

A leadership change was made within the buyout team, with Joe Baratta transitioning to oversee private equity strategies as Martin Brand takes on the role of leading the flagship fund.