Fundraising amid investor caution about private equity amid high borrowing costs, fewer listings and declining secondary buyouts
Blackstone hit a US$10 billion target for its latest Asia buyout fund as investors bet an entrenched India presence and expanding footprint in Japan will keep powering strong returns, people familiar with the matter said.
The world’s biggest asset manager was set to wrap up fundraising by the first quarter of next year, the people said. The New York-based firm was likely to reach its US$12.9 billion hard cap, the maximum set out in marketing materials, the people said, asking not to be identified because they’re not allowed to discuss the matter in public.
Blackstone attracted big backers after its second fund, which returned 41 per cent as of the second quarter and has handed in nearly 80 per cent of the pool, the people said. Asia II raised almost US$11 billion in 2021, including commitments from other Blackstone funds.
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