Kirk Falconer

One of the founding fathers of private equity talks about his 50 years in the industry, software’s resilience and why returns will invariably decline.

The record-breaking windfall of recent years is over. Steep challenges abound in the new landscape, but nimble thinking offers rarefied opportunities.

Fund III is managed by BCP Credit, a New York private debt shop launched by BC Partners in 2017 with the hire of former Apollo executive Ted Goldthorpe.

The credit fund and a similarly-focused equity fund are both expected to close in 2023, suggesting Blackstone may soon have as much as $13bn of dedicated capital for near-term energy transition investing.

Adams’s promotion, the first such leadership appointment made internally, puts him in charge of the firm's deal origination team.

The new vehicle comes almost two years after the closing of Fund X at $10.2bn, above an original target of $8bn.

'A professional football player is going to play just as hard whether he makes $25m a year or $5m or $200,000,' Thoma told Buyouts. 'He's in it for the love of the sport.'

The firm's experience with GSP 4.0, raised in six months, differs sharply from that of many GPs who are today compelled to keep their funds open longer due to cash-poor or overallocated LPs.

US and European bases of operation will “give us runway to continue doing what we’ve been doing,” PE chief Jim Pittman told Buyouts, including “growing our book of directs.”

Dyal Capital Partners V is by far the biggest GP stakes vehicle ever raised. It is 43% larger than the 2019-vintage Fund IV, which set the previous record.