The market’s recent tumble has private equity firms reaching for their chequebooks, if Blackstone Group’s latest results are any indication.

The world's largest private equity firm said on January 28 it invested a record $32 billion in 2015, up 21% over 2014. And a large portion of that spending growth happened in the fourth quarter, the firm said, as choppy markets dragged down prices and exposed investment opportunities that weren't available when markets were booming.