Blackstone (NYSE: BX) has raised a new $US13.1 billion ($18.6 billion) Asia Pacific region private equity fund, the global firm’s largest for the region to date.
Blackstone Capital Partners Asia III (BCP Asia III) reached its hard cap at more than double the size of its predecessor fund.
The final close of the fund was announced on 2 June.
Global head of Blackstone private equity strategies Joe Barratta said: “This successful fundraise reflects the strength of our platform and our ability to perform through cycles. Asia Pacific is the fastest growing region in the world, presenting compelling opportunities to invest at scale behind our high-conviction themes and deliver for our investors.”
The firm’s head of Asia private equity Amit Dixit added: “For two decades we have focused on building businesses into market leaders and driving performance for our investors. We believe our differentiation lies in our scale, supported by homegrown teams across the region’s major markets; strong performance; and our control-oriented strategy that enables us to have a hands-on, proactive approach to supporting business transformations.”
Over the last two years, Blackstone has been one of the most active global private capital investors in the Asia Pacific region, particularly in Japan, India and South Korea.
For many years, the firm has been seen as a potential acquirer of large assets to be exited by Australian private equity firms as well as ASX-listed companies. Blackstone acquisitions in Australia have, however, mainly been in the infrastructure sector.
In February, Blackstone announced it was acquiring Queensland’s Hamilton Island resort from the Oatley family. No financial details were disclosed but it was estimated that the purchase price would be around $1.2 billion.
In 2024, a consortium of Blackstone and Canada Pension Plan Investment Board (CPPIB) acquired Australia-founded data centre business AirTrunk in a deal that valued the business at more than $24 billion.
In 2022, Blackstone acquired Australia’s largest hospitality business, casinos and hotels operation Crown Resorts, then an ASX-listed company, for $8.9 billion.
Blackstone is the world’s largest alternative asset manager and has more than $US1.3 trillion in assets under management.
Image: Crown Towers, Barangaroo, Sydney.