SINGAPORE - Asset manager Blackstone said on Wednesday (June 13) that it has closed its first Asian private equity fund Blackstone Capital Partners Asia (BCP Asia) at about US$2.3 billion, after the fund reached its hard cap.
Together with commitments from Blackstone and its affiliates, BCP Asia has about US$2.3 billion in capital commitments; coupled with associated commitments from Blackstone's global buyout fund, the asset manager has at least US$3.8 billion of equity to invest in Asia, it said in a statement.
Joe Baratta, Blackstone's global head of private equity, said: "We are thankful for our investors' support and believe we are well-positioned to seize the ongoing opportunities in Asia. The region continues to experience strong growth compared to other major markets, presenting compelling investment opportunities across sectors."
Blackstone's private equity business has about US$111 billion of assets under management.