Carlyle Group has kicked off its ninth flagship buyout fund, targeting $15bn to match the $14.8bn raised by the previous vehicle. The move comes as the firm also launches a defence fund expected to pull in $2.5bn to $3bn, expanding its military‑sector footprint. Share prices across private‑equity have dipped 2026, weighed down by AI fears and geopolitical tension.

Carlyle’s stock has slid roughly 24% this year, yet the group stresses software accounts for only about 6% of assets under management. CEO Harvey Schwartz framed the fundraising as a “super cycle” despite war‑related uncertainty, while the firm’s recent $8.5bn structured financing blended debt and equity to return capital to investors and seed over $5bn for the next buyout vehicle.

The fundraise follows a record $7bn of proceeds from US buyouts in Q1 and a focus on exits, including secondary sales in Medline and StandardAero. Carlyle’s prior fund fell short of its $27bn target amid a slowdown; executives now tout improved returns from Carlyle Partners VII, positioning the eighth fund as a strong vintage. The strategy signals confidence in a resilient private‑equity market.