Private-equity firms are raising bigger and bigger funds. They often don’t deliver.

The private-equity giant has capped its latest fund at around $25 billion amid strong demand, according to people familiar with the matter. Collecting that would take the fund past the $24.6 billion record set by Apollo Global Management LLC in 2017. Others also are raising big funds: Advent International said earlier this month it had raised a $17.5 billion fund, and software-focused Vista Equity Partners is raising a $16 billion vehicle.