Blackstone has raised more than $10.2 billion for its third pan-Asia buyout fund so far, according to the latest regulatory filing.
Without disclosing its hard cap, Blackstone president Jon Gray said in October that the group expected the fund to meaningfully surpass its original $10-billion target.
Blackstone’s Asia fund franchise invests in healthcare, manufacturing, and consumer companies across the Asia-Pacific region, with a heavier concentration on Japan and India in the past years.
Some of its latest bets include the $705-million purchase of a 10% stake in India’s Federal Bank in late October; and a significant investment in Juno, a Korean premium hair salon chain, in September.
Blackstone is raising its Asia flagship fund at the same time as KKR and TPG, intensifying competition for fresh capital as they have overlapping Asia strategies.
