The Blackstone Group is set to hold a first close of its latest private equity fund on July 25, three months later than originally planned.

The p.e. giant expects to have a first closing for Blackstone Capital Partners VI at between $6 billion and $7 billion, LBO Wire reports. The firm hopes to raise $20 billion for the fund, the successor to Blackstone Capital Partners V, the largest private equity fund launch in history, which closed with $21.7 billion last year.

The difficult market conditions for p.e. investing and the credit crunch are reportedly only part of the reason that Blackstone has had a tough time raising money for the new fund. LBO Wire reports that some investors have balked at the deal fees the new fund charges, which are significantly higher than industry norms.