Clayton, Dubilier & Rice is targeting $26bn for its next flagship buyout fund, a massive haul that could top $28bn with partner commitments. The firm has already started pre-marketing, with a formal launch slated for the first half of the year. This comeback attempt follows the firm's $26bn fund close in 2023.

CD&R sticks to a focused strategy, running large, control-oriented buyouts in healthcare, industrials, consumer, and tech. Unlike rivals chasing diversification, it has largely sidestepped the rush into private credit or infrastructure, doubling down on operationally intensive deals instead. The timing is a high-stakes gamble.

Global private equity fundraising cratered to $407.5bn last year from $611.6bn, as LPs grew picky amid slow exits and high borrowing costs. CD&R’s ability to raise a mega-fund in this climate will be a real-time test of investor appetite for big buyout shops. Success could signal a thaw in a frozen market, while a stumble might show that even top-tier firms face headwinds.