Blackstone to launch Asia real estate fund with target of at least US$5b: sources

Hong Kong

BLACKSTONE Group LP is readying a new Asia-focused real estate fund that aims to raise a record US$5 billion or more, betting on strong returns from property investments in the region, people familiar with the plans said.

The world's biggest alternative asset manager will likely launch the fund in the next 12-16 months, the people said. It has invested more than 70 per cent of the US$5.08 billion it raised in its first Asia-focused property fund, a threshold when buyout firms typically start considering and preparing for follow-up capital raising.