Blackstone reaches $10bn target for Asia buyout fund, eyes $12.9bn hard cap

Blackstone has hit the $10bn target for its third Asia buyout fund and is expected to complete fundraising by the first quarter of 2026, according to sources familiar with the matter cited by Bloomberg. 

The vehicle is likely to reach its $12.9bn hard cap, underscoring investor appetite for large-scale platforms despite broader private equity headwinds.

The close comes after strong performance from Blackstone’s second Asia fund, which has delivered a 41% return and returned nearly 80% of committed capital. Roughly 90% of its investors have recommitted to the new pool, with average allocations up by about 30%.

Blackstone has been expanding its footprint across Asia, with India and Japan as core markets. The firm is seeking to balance exposure after earlier funds tilted heavily towards India, which accounted for 31% of Fund I commitments compared with 22% in Japan and 9% in Australia.

The fundraising highlights how mega-firms continue to stand out in a difficult environment where many managers are struggling to secure capital amid high borrowing costs and limited exit opportunities.

Rival firms are also advancing with large raises. EQT secured $11.4bn for its ninth Asia buyout fund by July and aims to hit a $14.5bn hard cap in 2026, while KKR has gathered about $14bn toward its $20bn North America buyout fund.

Blackstone began marketing its latest Asia flagship in September 2024 and had raised $8bn by July 2025. A Hong Kong-based spokesperson for the firm declined to comment on the fundraising.

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