Bloomberg News has reported citing sources familiar with the matter at hand as saying, Blackstone Group Inc is aiming to raise $5 billion for its second Asia-focused private equity fund.

Blackstone aims to use this second Asia-focused private equity fund to more than double the size of its first Asia buyout fund.

In 2018, BlackStone closed its first Asian private equity fund at about $2.3 billion.

Blackstone did not immediately respond to requests for comments. The company has already started marketing the new vehicle to potential investors and could potentially increase the size of this vehicle depending on the interest shown by investors in coming months.

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