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Blackstone’s $5bn-targeting Asia fund among $1.35bn of new Minnesota SBI commitments

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Private equity giant Blackstone‘s latest Asia fundraise was the big private equity winner amid $1.35bn of new alternative asset commitments from the Minnesota State Board of Investment.

Blackstone picked up a $300m commitment to BCP Asia II, which is believed to be targeting at least $5bn.

The firm closed its debut Asia private equity fund on $2.3bn in 2018, at the same time it hit the $7.1bn hard cap for its mammoth Blackstone Real Estate Partners Asia II fund.

Fellow private equity house TPG bagged two commitments from MSBI, receiving $150m towards its fifth growth fund and an identical amount to its $3bn-targeting Tech Adjacencies Fund II.

TPG is understood to be eyeing $4bn for TPG Growth V, just above the $3.7bn it collected for Growth IV in 2017.

MSBI also committed $150m to KKR MN Partnership, which is believed to be a co-investment vehicle.

In real estate the LP has agreed to provide $300m to Carlyle Real Estate Partners IX and another $300m to Brookfield Strategic Real Estate Partners IV.

Carlyle is reportedly eyeing up to $6bn for its latest real estate vehicle, while Brookfield is hoping to collect a mighty $17bn.

Minnesota SBI had about $116.8bn of assets under management at the end of March.

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Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/blackstones-5bn-targeting-asia-fund-among-1-35bn-of-new-minnesota-sbi-commitments.html

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Exclusive: Alto Partners pre-marketing upscaled successor to €210m Fund IV

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