Blackstone Closes $13.1B Oversubscribed Third and Largest Asia Fund
BX•Blackstone has closed its largest Asia private equity fund, BCP Asia III, at $13.1 billion, surpassing its 2021 Asia fund of $6.8B and registering an oversubscription. LPs include CPP Investments, Minnesota State Board of Investment and Houston Firefighters’ Relief and Retirement Fund.
1. Final Close of BCP Asia III
Blackstone closed its third Asia private equity fund, BCP Asia III, at a final close of $13.1 billion, making it the largest Asia fund in the firm’s history and achieving an oversubscription as limited partners increased commitments.
2. Investor Base and Fund History
Major limited partners in BCP Asia III include CPP Investments, Minnesota State Board of Investment and the Houston Firefighters’ Relief and Retirement Fund. This fund more than doubles the $6.8 billion raised for Blackstone’s second Asia vehicle in 2021 and exceeds the $2.4 billion from 2017.
3. Recent Exits and Regional Investments
Over the past two years, Blackstone realized 15 exits in its Asia portfolio, including the Indian IPOs of International Gemological Institute and Aadhar Housing Finance, plus the sale of Alinamin Pharmaceutical to MBK Partners. The firm also invested over $7 billion in 12 deals across India and Japan, backing companies like Neysa and TechnoPro.
4. Asia Pacific Expansion
Blackstone operates in eight Asia Pacific cities, including Tokyo, Mumbai and Singapore, and has nearly doubled its regional headcount in two years. The firm is positioning to capitalize on high-growth markets and explore bringing private markets access to individual investors.
