Blackstone Closes $10B Capital Opportunities Fund V Above Target

Blackstone closed Blackstone Capital Opportunities Fund V at $10B, above its $8B target, giving the firm its largest opportunistic credit fund to date. The vehicle was marketed with related sleeves and drew notable public pension backing, with capital aimed primarily at junior and mezzanine debt opportunities in North America.

Other fundraising updates included NOVA Infrastructure wrapping up fundraising for Fund II with $1.45B for middle-market value-add infrastructure, Carmel Partners closing its ninth US multifamily value-creation fund on $1.35B, and Eclipse raising a combined $1.31B across Fund VI and Early Growth Fund III for industrial and physical-economy venture investing. The mix of closes spans opportunistic credit, infrastructure, real estate, and venture, with both re-ups and new capital showing through in the disclosed backers.

Alongside that GP activity, allocators continued to deploy capital across existing relationships and new mandates. TRS of Texas committed about $626M in March across real estate, private equity, and ENRI, with re-ups to Madison International, Cerberus, Lapis, and Altimeter, plus a new relationship with GulfTex. Washington State Investment Board approved roughly $674M across Monarch Capital Partners VII, Charterhouse Capital Partners XII, and Spark vehicles, while Cook County Annuity and Benefit Fund selected Bivium Capital for a manager-of-managers mandate worth up to $350M after a competitive process.

Against that backdrop of continued allocations, Goldman Sachs’ latest insurance survey pointed to continued allocator appetite for private credit, private equity, infrastructure equity, secondaries, and GP-related strategies, even as respondents reported greater selectivity around credit conditions and asset quality.

In people news, Meeder hired Robert Behan as president and head of distribution, advisor consulting, and VFMC named KC Low permanent head of portfolio strategy and asset allocation.

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Private markets are entering the year with momentum.

Deal activity is stabilizing, fundraising remains resilient, and capital is concentrating in sectors with long-term tailwinds — from healthcare and diagnostics to infrastructure and energy transition.

At the same time, large-scale transactions and take-privates are returning, signaling renewed conviction from both sponsors and strategic buyers.

Dakota’s latest monthly Private Markets Review outlines the key trends shaping the market — and what they suggest for the quarters ahead.

For market participants, the signal is getting clearer.

Read the March 2026 issue →