Blackstone Raises $13 Billion for Asia, Double Its Previous Fund

Blackstone Inc. has amassed $13.1 billion for an Asia private equity fund without leaning on its broader global platform, adding to a streak of massive pools raised by the industry’s giants in the region.

The buyout firm’s third Asia fund is more than twice the size of its 2021 pool on a standalone basis, surpassing its $10 billion target.

Overall, it’s about a fifth more than the previous vintage because the new fund didn’t receive commitments from the firm’s global buyout vehicle, according to Amit Dixit, Blackstone’s head of private equity for Asia. The 2021 pool included about $4.6 ...