As one of the world's most prolific dealmakers, it was only a matter of time before Blackstone officially raised billions for buyouts in Asia. That moment came this week, when the investment giant announced the close of its first Asia-focused private equity fund, Blackstone Capital Partners Asia, on a hard cap of roughly $2.3 billion. Combined with commitments from the firm's global buyout fund, Blackstone now has at least $3.8 billion to invest in the region through private equity deals.
While its buyouts make headlines, the Blackstone empire is just as reliant on real estate. And the firm is bringing in new cash for that strategy, too. In a separate announcement, Blackstone has unveiled the close of its second opportunistic Asian real estate fund on some $7.1 billion, bringing the firm's combined available capital for private equity and real estate investing in the region to around $10.9 billion.
Even though this marks Blackstone's first formal Asia-focused private equity fund, the investor has dabbled in the region for years. In 2014, for instance, the firm struck 15 deals in Asia, its most in at least a decade, per the PitchBook Platform. That included tapping its Tactical Opportunities fund to participate in a group investing S$1.5 billion (about $1.1 billion) in properties on Singapore's Sentosa Island.
Here's a full look at Blackstone's dealmaking activity in Asia:
The buyout shop isn't the first to make a major fundraising commitment in Asia. KKR closed a $9.3 billion fund for deals on the continent last June in the largest Asia-focused PE fund of all time, per the PitchBook Platform. Bain Capital is reportedly targeting $4 billion for Asia-focused dealmaking, and reports have surfaced that The Carlyle Group could soon close a $6.5 billion fund dedicated to Asia.