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Blackstone's new fund to target Asia
28.05.08
Private-equity giant Blackstone is set to launch its first fund targeting Asia, with plans to tap investors in London and around the world for up to $1 billion (£505 million).
The fund, the first to be launched by the firm's Asian unit, will aim to invest in massive new opportunities in Asian industries that have so far remained relatively untapped by private-equity investors.
Insiders say Blackstone itself will initially invest $150 million in the fund, which will be managed by Hong Kong-based Blackstone Altius Advisors.
The US group is looking to Asia for new opportunities for investors willing to take riskier bets after the global credit squeeze.
The private-equity industry has had the worst start to a year in almost two decades as deals hit the wall.
Funds are holding "unprecedented" levels of cash, according to a Deutsche Bank survey in March, but inflows at $16.5 billion in the first quarter are the smallest since the end of 2005.
