On Our Radar: Deals we are paying attention to for their impact on industry.

Blackstone Group’s flagship buyout fund is the private equity firm’s largest ever — and may grow even bigger.

The world’s largest alternative asset manager reportedly raised more than $22 billion. The New York-based company has not placed a limit on the fund, which could top Apollo Global Management’s industry-record $24.7 billion.

The total broke Blackstone’s previous record of $21.7 billion, set in 2007.

It has been a strong few years in the private equity space. Private equity firms raised $432 million last year, according to Bloomberg data. That was down from 2017’s record $566 million haul but more than 44% higher than in 2014 and 2015 and almost 20% higher than in 2016. Moreover, the industry seems to be gaining momentum.

“The past five years have been ones of unprecedented success for the private equity industry,” wrote Hugh MacArthur, head of global private equity for the global consultancy Bain, in a 2018 year-end report. “During that span, more money has been raised, invested and distributed back to investors than in any other period in the industry’s history.”

In all, Blackstone is looking to raise $100 billion in 2019. The company manages $472 billion in assets. It has more recently targeted larger deals with such companies as Thomson Reuters Corp. and the Ultimate Software Group.

MacArthur wrote that “fundamental shifts” were “likely to drive a long-time trend toward much larger private capital (and private equity) opportunities vs. traditional public equity models.” He added: “It portends a future in which a much larger share of capital flows into private market.”

James Peter Rubin is a veteran journalist who has written and edited for CapitalWatch, ThirtyK, TheStreet.com, Forbes and the Economist Group, among other media outlets.