Blackstone has reached its US$10 billion target for its latest Asia buyout fund, according to people familiar with the matter.

The New York-based asset manager is expected to complete fundraising by Q1 2026 and could hit its hard cap of US$12.9 billion.

Blackstone has seen strong backing from previous investors, with about 90% returning and increasing their commitments by roughly 30% compared to the last fund.

Its previous Asia buyout fund, launched in 2021, raised nearly US$11 billion and delivered a 41% return as of Q2 2025, sources said.

The firm is expanding its focus in Japan for this new fund, having previously concentrated on India and Japan, which accounted for 31% and 22% of capital, respectively.

Blackstone’s fundraising comes as global private equity faces slower cash flows due to higher interest rates and fewer exits.

🔗 Source: Bloomberg

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