Blackstone has raised more than $12bn for its latest Asia-Pacific buyout fund, as the firm continues to attract capital despite a challenging fundraising environment, according to Bloomberg sources.

The fund, Blackstone Capital Partners Asia III, has exceeded its target and is expected to reach final close in the coming weeks, with a cap of $12.9bn.

The fundraising marks a significant achievement at a time when private equity activity has slowed, with higher interest rates and limited exits weighing on investor appetite.

Blackstone began marketing the fund in 2024 and reached its $10bn target by 2025, supported by strong performance from its earlier Asia-focused strategy.

The firm is targeting investments across key markets including India, Japan, and Australia, reflecting a diversified approach to growth opportunities in the region.

Private equity fundraising in Asia-Pacific has declined in recent years, with buyout funds raising significantly less capital compared to previous cycles. Despite these conditions, Blackstone’s latest fundraise highlights continued investor confidence in large-scale managers with established track records.

The fund underscores private equity’s ongoing commitment to Asia as a core growth market, particularly as firms seek to deploy capital across resilient and expanding economies.

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