Blackstone Asia Fund Doubles; Fresno County Eyes Credit Boost

Blackstone closed Blackstone Capital Partners Asia III at its $13.1B hard cap, more than doubling the $6.8B raised by its predecessor in 2021 and exceeding a $10B target. The fund reportedly drew 260 LPs in total, with 173 first-time investors in the Asia program and existing investors increasing commitments by about 60% on average, according to the firm. BCP Asia III will focus on technology, consumer, healthcare, and financial services, with emerging themes in AI infrastructure and energy security.

In other GP fundraising updates, Eurazeo held the final close of Eurazeo Private Debt VII at €3.9B, exceeding a €3B target, with the strategy totaling €5.5B including separately managed accounts and private wealth capital. Elsewhere, Advantage Partners reportedly launched Advantage Partners Fund VIII, targeting approximately $1.8B for its latest Japan-focused buyout fund – nearly double the predecessor's $813.6M close in 2023; and EQT Real Estate set a $6B target for EQT Exeter Industrial Value Fund VII, up from the predecessor's $4.9B close.

Among allocator commitments, the Texas County & District Retirement System committed $200M across two vehicles, including $150M to Highbridge Tactical Credit Fund and $50M to Ampersand 2026 Limited Partnership, a healthcare-focused middle-market buyout fund. The Arkansas Teacher Retirement System approved $150M in real assets commitments, split evenly between Blackstone Infrastructure Partners and Ares Real Estate Secondaries Fund X, both recommended by consultant AON. Separately, Fresno County Employees' Retirement Association disclosed $110M in real assets commitments across three vehicles and is weighing a $100M expansion of its discretionary private credit program managed by Aksia.

In people news, Mubadala appointed Richard Nordell as executive director of infrastructure, and Aware Super promoted Mathieu Elshout to head of international. And in wealth channel distribution developments, Altruist launched an alternatives marketplace for independent RIAs featuring strategies from Blackstone, JPMorgan, KKR, and Pantheon, with no custody fees for partner funds at launch.

Read on for all the day’s fundraising news headlines.

The US public pension system spans 800+ plans. But 24 of them — just 2.9% — control nearly 60% of all assets.

Everything meaningful in private markets flows from that concentration.

And yet most managers still treat the universe as if it's flat. Wrong consultant. Wrong contact. Wrong tier.

Dakota's definitive US public pension report maps all of it — allocation behavior, consultant gatekeepers, CIO transitions, and $309B in recent commitments — across the full $9T system.

Download the report →

Return to Table of Contents

Return to Table of Contents

Return to Table of Contents

Return to Table of Contents