Blackstone Inc, the world's largest alternative asset manager, is aiming to raise $10 billion with its third Asia-focused private equity (PE) fund, with a major portion allocated to India in 2025.
"We are in the process of raising a third Asia-focused fund, with the first close expected in January. We do have some dry powder (unallocated capital) left in the second Asia fund, which will allow us to deploy capital in the first half of 2025, and the third Asia fund will start investing by the third quarter of 2025," said Prateek Roongta, managing director of Blackstone Advisors India, in an exclusive interview.
"While we're aiming for a fund size of over $10 billion, we don't have a precise figure yet. In terms of geographic allocation, the second Asia fund had a majority focus on India and Japan. For the third Asia fund, we expect a similar profile," Roongta said on the eve of the launch of the 10th IPO from Blackstone's portfolio firms in India.
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