Global private investment giant Blackstone Inc has launched a new Asia-focused private equity (PE) fund – its third Asia-buyout fund – with a fundraising target of at least $10bn, according to a report by Reuters.
The report cites unnamed sources familiar with the matter as revealing that while the majority of capital will be earmarked for investments in India, China, will not be a focus market for the new fund.
The fund will also prioritise investments in Japan and Australia, while maintaining a strategic outlook on other markets such as South Korea and Singapore. The allocation strategy could shift based on changing macroeconomic conditions, according to one of the sources.
A Blackstone spokesperson declined to comment on the fundraising initiative.
Blackstone, which manages over $1tn in assets globally, has previously expressed strong confidence in India’s growth potential. The firm’s Asia private equity head said last year that India’s rapid economic growth relative to other large countries made it a key focus for future investments.
The firm has also been expanding its presence in Southeast Asia, doubling its headcount in Singapore to better tap into the region’s growth opportunities.
Blackstone’s second Asia buyout fund, which closed at $11bn in 2022, made headlines in September when it announced a deal to acquire Australian data centre group AirTrunk for an implied enterprise value of over AUD24bn ($16.10bn) – its largest investment in the Asia-Pacific region to date.
