Blackstone is expanding its private wealth team across Asia as it seeks to capture growing demand for private market products among high net-worth individuals, according to a report by Bloomberg.

Speaking to Bloomberg Television, Ed Huang said the firm has doubled its Asia-Pacific private wealth headcount over the past two years and plans further expansion in Japan, Australia, and South Korea.

Individual investors remain underallocated to private markets, committing about 3% of capital compared with roughly 30% for institutional investors, Huang said. Blackstone sees this gap as a significant growth opportunity.

The firm continues to focus on themes such as artificial intelligence, energy, and life sciences, while competing with rivals including Bain Capital and KKR for private wealth inflows.

The hiring push underscores how large alternative managers are prioritising Asia as the next frontier for private equity and private credit distribution.

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