Blackstone raised US$13.1 billion for Blackstone Capital Partners Asia III.

The fund exceeded its US$10 billion target and making it the firm’s largest Asia-focused private equity fund.

The fund is more than 2x the size of Blackstone’s previous dedicated Asia fund, which closed at about US$2.3 billion in 2018.

It still trails EQT’s US$15.6 billion BPEA IX, which EQT said in April 2026 was Asia-Pacific’s largest private equity fund raised to date. It also comes after regional fundraising fell to a 12-year low in 2025.

Blackstone said it invested more than US$7 billion across 12 deals in India and Japan over the past two years and exited 15 companies, including through the listings of International Gemological Institute and Aadhar Housing Finance.

Bain Capital said large buyout firms had shifted focus away from China towards markets including India and Japan, where deal activity was stronger. India was Asia-Pacific’s largest exit market in 2024, while Japan produced the most megaexits.

🔗 Source: Reuters

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