Blackstone closes its largest Asia private equity fund at over $13 billion
Blackstone headquarters in New York, USA on Wednesday, July 17, 2024.
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Blackstone said Tuesday it has raised $13.1 billion for its latest Asian private equity fund, making it the largest PE fund in the region.
The alternative asset manager said Blackstone Capital Partners Asia III surpassed its $10 billion target, more than doubling the fund from its previous vehicle.
“Asia Pacific is the world’s fastest-growing region and offers attractive opportunities to invest at scale behind our high-conviction themes,” Joe Baratta, global head of Blackstone Private Equity Strategies, said in a statement. he said.
Blackstone said it has invested more than $7 billion in 12 deals in Asia in the past 24 months, strengthening its presence in key markets such as India and Japan.
Recent investments include Indian AI cloud platform Neysa, Japanese engineering services provider TechnoPro and South Korean hair salon franchise JUNO.
The firm also made 15 exits in the region as public markets recovered, including listings by the International Institute of Gemology in India and Aadhar Housing Finance, as well as the exit of Japan’s Alinamin Pharmaceutical.
The fundraising comes amid and follows a surge in Asia-focused private equity activity EQT’s latest $15.6 billion Asian buyout fund raise.
Amit Dixit, Blackstone’s head of private equity for Asia, said the firm’s “control-focused strategy” and regional scale helped differentiate its investment approach.
According to Bain & Company, the private equity industry is grappling with tougher fundraising conditions amid higher interest rates and geopolitical uncertainty; Capital raised from Asia-focused funds fell to its lowest level in more than a decade last year.
