Blackstone Raises $12 Billion for Asia PE Fund as It Nears Close

Blackstone Inc. gathered more than $12 billion for its latest Asia-Pacific buyout fund, as the alternative investment manager bets on India, Japan and Australia to help it boost private equity returns.

The fund, Blackstone Capital Partners Asia III, exceeded its target and is expected to close in the coming weeks, according to people familiar with the matter, who requested not to be identified discussing confidential information.