Global investment manager Blackstone has secured $7.9 billion in capital for its latest Asia real estate fund.
A filing with the US Securities and Exchanges Commission showed that the Blackstone Real Estate Partners Asia III fund had surpassed the $7.1 billion raised by its previous Asia-focused real estate fund which was launched in 2018.
Blackstone has previously stated that it intends to raise more than $9 billion for the latest property fund.
The private equity specialist has also signed an agreement with South Korean conglomerate Samsung that will commit $650 million to Blackstone funds.
Samsung Life Insurance and Samsung Fire & Marine Insurance intend to grow their investments by investing in real estate, infrastructure and private equity funds managed by Blackstone.
“It is meaningful to be able to sign a contract with Blackstone as a company aligned with our strategy of expanding our global asset management business,” stated Samsung Life.
© 2022 funds global asia