Joining peers such as KKR & Co., and The Carlyle Group, New York-based asset manager Blackstone Group LP raised $9.4 billion in two Asia-focused funds. The company hit the final close on its first Asian private equity fund at $2.3 billion, and its second regional real estate fund at $7.1 billion.
The latest funds add to a growing pool of money for buyouts and investments in the continent as PE interest in Asia has grown, and deal sizes have increased in recent years. Blackstone will invest in India, China, South Korea, Southeast Asia and Australia, and a large chunk will likely be deployed in India. In the past, it has deployed nearly half the capital earmarked for Asia, in India.
Blackstone has a record of successful exits from India. The PE giant generated an internal rate of return, or annualized return on investments, of over 30% in India, well above its global IRR.
