BlackRock plans Asia focused fund of funds

The firm has yet to announce a fundraising target.

BlackRock, the world’s largest investment manager with over $4 trillion in assets, is looking to raise an Asia-focused private equity fund of funds later this year, according to a report from Bloomberg.

While no target amount has been reported, the fund will invest in buyout funds currently being raised and at the same co-invest in underlying companies by taking stakes in their existing pools, said the report.

A spokesperson from BlackRock declined to comment.

BlackRock operates from six offices in Asia, excluding Japan, including Hong Kong, Singapore, Seoul and Beijing. Its Asia business, where its clients include central banks and sovereign wealth funds, pension funds and insurance companies, family offices and endowments, is headed by Winnie Pun.

It has invested in China life sciences-focused private equity fund BVCF's third fund, alongside the Mayo Clinic, International Finance Corporation and Adveq. BlackRock has also committed capital to Swedish private equity group EQT's infrastructure fund, which has sold German waste-to-energy company EEW to Beijing Enterprises Holdings.

In October last year, the firm was in market for its third co-investment fund, Red River Direct Investment Fund III, which drew a $400 million commitment from the Teacher Retirement System of Texas.

The firm’s private equity arm BlackRock Private Equity Partners had also led a $300 million financing round in South Korea’s largest e-commerce business Coupang in 2014, as previously reported by Private Equity International.

Its acquisition of Swiss Re Private Equity Partners in 2012 boosts its expansion in Asia.