Blackstone Inc has secured more than $12bn in capital commitments for its latest Asia-Pacific private equity vehicle, positioning the firm for continued expansion across key regional markets including India, Japan and Australia, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that the fund, Blackstone Capital Partners Asia III, has surpassed its original target and is expected to reach a final close in the coming weeks. The firm reportedly declined to comment on the fundraising.
Blackstone began marketing the vehicle in 2024, during a challenging period for private equity marked by rising interest rates and reduced deal activity. A slowdown in exits has constrained distributions to limited partners, weighing on investor appetite for new commitments.
Fundraising conditions in the region have remained subdued. Data from Deloitte indicates that Asia-Pacific buyout fundraising volumes fell significantly last year, dropping to roughly half the levels recorded in 2024.
Despite this backdrop, Blackstone reached its $10bn target for the fund by October last year, supported in part by strong performance from its prior Asia-focused strategy. The firm had set an upper cap of $12.9bn for the vehicle.
Its previous Asia buyout fund raised $11bn, with a substantial portion of capital sourced from Blackstone’s global investor base.
