The Blackstone Group is gearing up to raise its sixth private equity fund, just two months after closing its fifth such vehicle with a record-breaking $21.7 billion. No big surprise, as Blackstone president Tony James said as much during a recent quarterly earnings call.

But there is an intriguing wrinkle: Blackstone may abandon its traditional strategy of raising a giant global fund, and instead raise a smaller core fund supplemented by a series of specialized funds. For example, LPs could receive documents for Blackstone Capital Partners VI, Blackstone Asia, Blackstone Europe, Blackstone Mattress Makers, etc.

A source tells me that no final decision has yet been made, but that the moment is fast approaching. Also, don’t expect the recent credit crunch to lower Blackstone’s capital ambitions. The total fundraising will likely rival the $21.7 billion, if not surpass it. Remember, that fundraising effort began with just a $10 billion target…