Blackstone Group LP, the biggest alternative-asset manager, raised $17 billion in seven months for its latest buyout fund, two people with knowledge of the process said. The New York-based firm has completed the initial round of fundraising for Blackstone Capital Partners VII and will continue to gather commitments, said the people, who requested anonymity because the details are typically kept private until funds stop accepting money. Blackstone targeted $16 billion for the pool and set a maximum at $17.5 billion, President Tony James said last month.