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2 Asia-focused Blackstone funds close after raising US$9.4B in capital

Blackstone Group LP's second Asian opportunistic real estate fund and first Asian private equity fund were respectively closed at US$7.1 billion and US$2.3 billion worth of capital commitments.

The real estate fund, named Blackstone Real Estate Partners Asia II, is the largest fund ever dedicated for real estate investing in Asia, said Ken Caplan, Blackstone Real Estate's global co-head. It has attracted commitments from South Dakota Investment Council, Illinois Municipal Retirement Fund, Ivanhoe Cambridge Inc. and the Teachers' Retirement System of the State of Illinois.

The fund will reportedly focus on property investment opportunities in Australia, China, India and the larger Southeast Asian region.

Blackstone said separately that the US$2.3 billion worth of total capital contributions to its Blackstone Capital Partners Asia private equity fund lifted its cash reserve for investments in the region to at least US$3.8 billion. It was reported earlier that money sourced from the fund will be used for company buyouts in the region.