Wednesday, July 17, 2024, Blackstone headquarters in New York, USA.
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Blackstone announced Tuesday that it has raised $13.1 billion for its latest Asia private equity fund, making it the region’s largest PE financing.
Blackstone Capital Partners Asia III has exceeded its $10 billion target and raised more than double its predecessor, the alternative asset manager said.
Joe Baratta, global head of Blackstone Private Equity Strategies, said in a statement: “Asia Pacific is the fastest growing region in the world and presents attractive opportunities to invest at scale based on themes in which we strongly believe.”
Blackstone said it has invested more than $7 billion in 12 deals in Asia over the past 24 months and strengthened its presence in key markets including India and Japan.
Recent investments include Indian AI cloud platform Neysa, Japanese engineering services provider TechnoPro, and Korean hair salon franchise JUNO.
The company also made 15 exits in the region as public markets recover, including the listing of India’s International Gemological Institute and Aadar Housing Finance and the exit of Japan’s Alinamin Pharmaceuticals.
The financing comes amid increased private capital activity primarily in Asia and follows EQT’s recent $15.6 billion acquisition financing in Asia.
Amit Dixit, Blackstone’s head of private equity in Asia, said the firm’s “control-focused strategy” and regional scale help differentiate its investment approach.
The private equity industry faces tough funding conditions amid rising interest rates and geopolitical uncertainty, with Asia-focused funds raising last year the lowest in more than a decade, according to Bain & Company.
