Carlyle Group Inc. is seeking to raise as much as $2 billion for a fund dedicated to mid-size private equity deals in North America, according to people with knowledge of the matter.

The Carlyle Growth Equity Fund will focus on opportunities in the U.S. and Canada, said the people, who asked not to be named because the information isn’t public. The alternative asset manager hasn’t formally launched fundraising efforts for the vehicle, one of the people said.

Carlyle is planning the fund, led by Adam Palmer, as the firm tweaks its strategy for investing in smaller, fast-growing companies following the departure of Rodney S. Cohen, who was co-head of Carlyle U.S. Equity Opportunity Fund I and II, which raised $1.1 billion and $2.4 billion, respectively. Cohen was named head of private equity at Black Diamond Capital Management in March.

Washington-based Carlyle is moving to more closely align its growth equity and larger buyout teams around sector expertise, and individual sector heads will approve the pursuit of transactions in its various funds, the people said. Both teams report to Carlyle’s chief investment officer of corporate private equity, Pete Clare.

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