Fundraising - JANUARY 24, 2017

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Blackstone to launch $5b Asia fund

by Andrea Waitrovich

The Blackstone Group has plans to launch a new Asia-focused real estate fund with a $5 billion equity fundraising target, people familiar with the plans told Reuters. The fund will invest in warehouses and shopping malls in China, India, Southeast Asia and Australia.

When commenting on the fundraising outlook for 2017 in the company's third quarter earnings conference call, Blackstone CFO Michael Chae said there were “significant” fundraises coming up in 2017, including a possible new Asia fund.

Blackstone’s first Asia-focused property fund, the $5.08 billion Blackstone Real Estate Partners Asia, closed in 2014. The fund is 70 percent invested.

BREP Asia invested in Japanese residential real estate, office space in Australia and Chinese shopping malls, posting an internal rate of return of 17 percent through September 20

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