Blackstone Closes Largest Asia Private Equity Fund At US$13.1 Bln

KUALA LUMPUR, June 3 (Bernama) -- Blackstone, an alternative asset manager, has announced the final close of Blackstone Capital Partners Asia III (BCP Asia III) at US$13.1 billion, exceeding its US$10 billion target and marking the firm's largest private equity fundraise in Asia. (US$1=RM3.96)

The oversubscribed fund reached its hard cap and builds on the strong performance of the strategy’s first two vintages, with this close representing more than double the amount of capital raised for its predecessor vehicle.

“We are grateful for the continued trust of our investors in Blackstone and our leading Asia Private Equity franchise. This successful fundraise reflects the strength of our platform and our ability to perform through cycles,” said Blackstone Private Equity Strategies Global Head, Joe Baratta in a statement.

Meanwhile, Blackstone Private Equity Head of Asia, Amit Dixit said: “We believe our differentiation lies in our scale, supported by homegrown teams across the region’s major markets; strong performance; and our control-orientated strategy that enables us to have a hands-on, proactive approach to supporting business transformations. We thank our investors for their support and partnership.”

The firm invested more than US$7 billion across 12 transactions in the region over the past 24 months.

The investments include Neysa, a fast-growing Indian artificial intelligence cloud platform; TechnoPro, Japan's leading specialised engineering services provider; and JUNO, South Korea's top hair salon franchise.

Blackstone also completed 15 exits during the same period, including the listings of International Gemological Institute and Aadhar Housing Finance, as well as its exit from Alinamin Pharmaceutical in Japan.

-- BERNAMA