Blackstone raises $13.1 billion for its largest Asia private equity fund

June 2 (Reuters) - Alternative asset ‌manager Blackstone said ​on ​Tuesday it has raised $13.1 billion for its Asia private equity fund, exceeding its initial target and marking its ‌largest such fundraise in the region.

The fundraising reflects strong investor ⁠interest in Asia despite global volatility fuelled by the Iran crisis, and comes ‌a month after Sweden-based EQT ‌AB raised $15.6 billion to create the region's largest private equity fund.

Blackstone, which was targeting $10 billion for the fund named Blackstone Capital Partners ​Asia III, said it has raised more than double the amount of its previous vehicle.

Global institutional and high-net-worth investors have looked ⁠to diversify from the U.S. due to high valuations, inflation risks and overall geopolitical uncertainty.

Asian ​markets such as Japan and India, which offer a steady pipeline of buyout and growth opportunities, have been ​a major focus for global asset managers.

"Asia ‌Pacific is the fastest-growing region in the world, presenting compelling opportunities to invest at scale behind our ⁠high-conviction themes and deliver for our investors," said Joe Baratta, global head of Blackstone Private Equity Strategies.

Bain Capital has raised about $10.5 billion in its sixth ⁠pan-Asia buyout fund while KKR & Co, which held the previous record in a $15 ​billion pan-Asia fund raised in 2021, is in market to raise $15 billion for its next such vehicle, Reuters has reported.

Over the last two years, Blackstone has ‌invested more than $7 billion in 12 deals in India and Japan, including companies such as Indian AI ‌cloud platform Neysa and Japan's engineering services provider TechnoPro.

The asset manager firm ⁠also exited 15 companies during ‌the period, including through ​listings of International Gemological Institute and Aadhar Housing Finance.

(Reporting by Natalia Bueno Rebolledo in Mexico City; Editing by ‌Sherry Jacob-Phillips)

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