Blackstone has raised $13.1 billion in its largest Asia private-equity fund, joining the number of firms gathering dry powder to invest in the world’s fastest-growing region.
The amount exceeds the $10 billion target for the Blackstone Capital Partners Asia III fund, reaching its hard cap and representing more than double the amount raised for the fund’s predecessor vehicle, the New York-based alternative asset manager said Monday.
Asia Pacific is the world’s fastest-growing region and presents compelling opportunities to invest at scale, said Joe Baratta, global head of Blackstone’s private-equity strategies.
Blackstone has invested more than $7 billion in 12 transactions over the past 24 months, including in Japanese engineering services provider TechnoPro and South Korean hair salon franchise JUNO.
The firm also made 15 exits with realizations over the same period, such as successfully listing lab-grown diamond company International Gemological Institute and affordable-housing finance business Aadhar Housing Finance in India.
Blackstone’s latest fund follows similar multibillion-dollar efforts by investment firms seeking to invest in Asian growth. Sweden-based EQT in April raised more than $15 billion for its Asia-Pacific private-equity fund, while Bain Capital amassed $10.5 billion in May for its fund focused on deals in Asia.
Both funds were the firms’ largest to date and materialized despite a challenging fundraising environment, with capital raised for Asian funds falling to a 12-year low in 2025, according to a report by Bain & Co.
Write to Megan Cheah at megan.cheah@wsj.com
