Blackstone Group LP received $695 million for its first two private equity funds in Mexico, Reuters reported.

Filings to the Mexican Stock Exchange and a nonpublic document reviewed by Reuters reportedly indicated that the capital commitments came from local pension funds.

The private equity funds could help Mexican pension funds spread risk with global investments related to infrastructure, energy and other assets, as well as special situations hedge funds, Reuters noted.

Blackstone is the latest to enter the Mexican fundraising market after a regulatory change in January 2018 that, for the first time, permitted foreign private equity firms to tap into that country's $179 billion worth of pension fund assets and relaxed some investment restrictions for pension funds. BlackRock Inc. and KKR & Co. are among the private equity managers that have recently expanded into Mexico, according to the report.