Blackstone plans to raise more than $10 billion in its third Asia private capital fund as the firm increases deployment in the Japan and India, people familiar with the matter said.
The New York-based money manager began marketing the fund in mid-September and plans to have a first close in January, said the people, who asked not to be identified because the matter is not public. The firm is eyeing a pool equal to the $11 billion it raised in 2022. The megafund plan comes on the heels of aggressive fundraising by EQT AG, which is in the process of raising $12.5 billion for its next regional fund. in one of the largest private equity pools in Asia to date.
As firms seek huge piles of cash to put to work in recent years, they are focusing on economies that offer transparency and regulatory certainty, while taking a closer look at China’s growing economic and geopolitical risks.
A Blackstone media representative declined to comment.
Blackstone’s head of private equity Joe Baratta said India and Japan are expected to be the most active markets in Asia.
Blackstone and other global asset managers are also touting Japan as their next big opportunity.
