Blackstone, the global investment giant, has reached a significant milestone in its Asian expansion strategy. The firm has successfully hit its $10 billion fundraising target for its latest Asia buyout fund, showcasing strong investor confidence despite challenges in the private equity market.

Fundraising Success and Projections

Blackstone is expected to wrap up the fundraising efforts by the first quarter of the coming year, with projections indicating it may reach its hard cap maximum of $12.9 billion. This achievement underscores the firm's robust position in the Asian market and investors' appetite for exposure to the region's growth potential.

Strong Performance Drives Investor Confidence

The fundraising triumph can be attributed to the stellar performance of Blackstone's second Asia fund. This predecessor fund has delivered impressive returns of 41.00% and has already distributed nearly 80.00% of its capital back to investors. Such strong results have bolstered confidence among Blackstone's investor base.

Investor Loyalty and Increased Commitments

Reflecting the success of its previous Asian ventures, Blackstone has seen remarkable loyalty from its investor pool:

• Approximately 90.00% of investors from the previous Asia fund have returned to participate in the new fund.
• These returning investors have increased their average commitments by 30.00%, signaling heightened confidence in Blackstone's Asian strategy.

Fundraising Timeline and Progress

The journey to this fundraising milestone began when Blackstone started marketing its third Asia flagship fund. By July, the firm had already secured $8 billion, demonstrating rapid progress towards its target.

Strategic Focus on Key Asian Markets

While India has been a significant focus for Blackstone's Asian investments, the firm is now expanding its strategic vision:

• In previous funds, 31.00% of capital was allocated to India, and 22.00% to Japan.
• Moving forward, Blackstone plans to elevate Japan to a core market status alongside India, potentially balancing its investments more evenly between these two key Asian economies.

This strategic shift indicates Blackstone's commitment to diversifying its Asian portfolio and capitalizing on opportunities in Japan's mature market alongside India's high-growth potential.

Outlook

As Blackstone approaches the final stages of fundraising for its third Asia buyout fund, the firm's success in reaching its target amid a challenging private equity landscape speaks volumes about its reputation and the perceived opportunities in Asian markets. With a potential to reach the $12.9 billion hard cap, Blackstone is well-positioned to continue its strategic investments across Asia, particularly in its core markets of India and Japan.

The firm's ability to not only retain but also increase commitments from existing investors suggests a strong track record and ongoing confidence in Blackstone's investment strategy in the region. As the fund closes and begins deployment, market observers will be keenly watching how Blackstone navigates the diverse Asian market landscape and generates returns for its investors.

Blackstone Inc., a global investment firm, has announced a significant reorganization of its Asia real estate unit leadership, marking a new chapter in its expansive Asian operations.

Key Leadership Changes

• Alan Miyasaki, a 24-year Blackstone veteran and head of acquisitions in Asia for 18 years, is set to return to the United States. Miyasaki will remain with the firm through 2026, citing a desire to be closer to family in Utah.

• Luigi Caruso, currently the COO of Blackstone's European real estate team, will step into Miyasaki's role. Caruso is scheduled to relocate to Singapore in January to lead the Asia real estate acquisitions team.

• Asheesh Mohta has been promoted to country head of real estate for India, strengthening Blackstone's presence in one of Asia's largest markets.

• Tuhin Parikh will take on dual roles as vice chairman of real estate for Asia and executive chairman of real estate India, further solidifying the firm's commitment to the region.

Miyasaki's Legacy

Under Alan Miyasaki's leadership, Blackstone's Asia real estate business has seen remarkable growth:

• The division expanded from a small team in 2007 to over 130 professionals today.
• Major deals were completed, including investments in AirTrunk, Crown Resorts, and Tokyo Garden Terrace Kioicho.
• Since 2008, the Asia real estate arm has invested over $100.00 billion in assets across the region.

Caruso's Background

Luigi Caruso, who joined Blackstone in 2017, brings significant experience to his new role:

• He currently oversees European real estate operations.
• Caruso manages a portfolio of more than $120.00 billion in assets in Europe.

Blackstone's Asian Footprint

This leadership reshuffle underscores Blackstone's continued focus on the Asian market:

• The firm has built a substantial presence in the region over the past 15 years.
• Blackstone's strategic investments span various sectors and countries across Asia.
• The reorganization aims to ensure continued growth and capitalize on emerging opportunities in the Asian real estate market.

As Blackstone navigates this transition, the new leadership structure is poised to build upon the firm's strong foundation in Asia, leveraging local expertise and global resources to drive future growth in the region's dynamic real estate sector.