Blue Pool Capital, the investment firm backed by Alibaba co-founder Joe Tsai, is raising $750m for its first direct private equity fund as it expands into external asset management, according to a report by the Financial Times.

The new vehicle, named Riverside, will invest in consumer, financial, and technology companies globally, including in China, marking a major step in Blue Pool’s evolution from managing internal capital to managing outside investors’ funds.

Founded by former Citadel partner Oliver Weisberg, Blue Pool manages several billion dollars in assets, including investments from Tsai and other Alibaba associates. The firm also operates Tsai’s family office, which owns sports franchises including the Brooklyn Nets and the New York Liberty, as well as stakes in the Miami Dolphins and the Barclays Center.

Blue Pool has previously backed major companies such as Blue Owl Capital, ByteDance, Kuaishou, and luxury brand Golden Goose. The Riverside fund will allow it to pursue larger and more diversified private equity deals.

The firm is targeting commitments from family offices, sovereign wealth funds, and pension funds, leveraging Weisberg’s network across the US and Asia. Weisberg, a Harvard graduate fluent in Mandarin, formerly represented Goldman Sachs on Alibaba’s board before joining Citadel.

Blue Pool began accepting outside capital two years ago through its Harborside Fund, a $500m fund of hedge and private credit funds. The new private equity fund represents the next step in its expansion into global alternative investments.

Blue Pool declined to comment on the fundraising.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.