Blackstone to raise $3B Pan-Asia fund, posts 2Q earnings
July 21, 2017
On the same day Blackstone released a 2Q earnings report reflecting substantial growth, Reuters reported that the buyout giant is aiming to raise up to $3 billion for a debut Pan-Asia fund targeting investments in the manufacturing and healthcare sectors.
Such a fund would be the second largest Asia-focused buyout vehicle of the year, according to the PitchBook Platform, but would fall well short of KKR Asian Fund III, which closed on $9.3 billion last month. Blackstone’s Asia fund is expected to close a first tranche by the end of this year, per Reuters.
Meanwhile, the buyout giant posted economic net income for 2Q of $705 million, or 59 cents per share, up 36% YoY but slightly short of analysts' estimates of 62 cents per share. The firm's AUM has increased to $371.1 billion, and its distributable earnings shot up to $781.4 million, a 58% YoY increase.