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NEW YORK: Blackstone Group Inc is seeking to raise at least $5 billion for its second private equity fund focused on Asia, Bloomberg News reported on Sunday, citing people familiar with the matter.

With this new vehicle, Blackstone plans to more than double the size of its first Asia buyout fund, Bloomberg reported.

The company closed its first Asian private equity fund at about $2.3 billion in 2018.

Blackstone did not immediately respond to a Reuters’ request for comment.

The US private equity firm has started marketing the new vehicle to potential investors, and it could increase the size of its latest vehicle depending on the level of demand in the coming months, the Bloomberg report added.—Reuters