Buyout Giants Fight to Win Over Investors ‘Spoiled for Choice’

The biggest names in private equity are deploying new tactics to elbow out rivals during the most frenzied race for investor cash in years.

Blackstone Inc. is offering early-bird discounts, even to late arrivals. Apollo Global Management Inc. is redoubling efforts to put its CEO in front of pension funds while pitching its next flagship investment vehicle. Others say it’s now harder to raise money as roaring inflation, rising rates and the war in Ukraine have brought the prolonged era of easy fundraising to an abrupt end.

The headiest of days in the buyout world had lured more firms than ...