Blackstone Group is seeking about $16 billion for its newest buyout fund, according to people with knowledge of the fundraising.

The New York firm, which has already issued marketing documents for Blackstone Capital Partners VII, faces a much more receptive environment than the last time it set out to raise capital for its flagship fund. The fund's predecessor, Blackstone Capital Partners VI, began marketing around 2008 at a time when institutional investors were bleeding cash and were reluctant to make new commitments.