Blackstone Group Inc. saw a record fundraising haul last year, as investors continue to hunt for returns in a low-yield environment.

Steve Schwarzman’s firm took in $26 billion in the fourth quarter, it said Thursday, contributing to a full-year haul of $134.4 billion. Assets under management climbed to $571.1 billion, also a record.

The New York-based firm is bringing in flows much faster than it can use the capital, highlighting a conundrum for many alternative asset managers. President Jonathan Gray said Wednesday that the investing environment is “very challenging,” due in part to high valuations and relatively low global economic growth.

The firm deployed $62.9 billion in 2019, including its purchase of the Bellagio Las Vegas. Blackstone’s credit group spent $3.6 billion in the quarter, led by direct lending.

Though deals are getting harder, “a combination of fundraising, returns and monetizations across equity and real estate points to Blackstone’s ability to navigate the late-cycle environment,” Bloomberg Intelligence analyst Paul Gulberg wrote last week.

The private equity industry had amassed almost $1.5 trillion in unspent capital at the end of 2019, the highest year-end total on record, according to data compiled by Preqin. Blackstone’s dry powder grew last quarter to $151 billion, according to Thursday’s earnings statement.

Low growth is likely to persist as will current price levels, Gray said at a meeting Wednesday of the New Jersey State Investment Council.

Blackstone’s distributable earnings rose to $914 million, or 72 cents a share, from $722 million, or 57 cents, a year prior, it said on Thursday. That beat the 66-cent average estimate from analysts surveyed by Bloomberg.