The newly formed China unit of private equity giant Blackstone has received regulatory approval to raise funds for foreign investments.
Blackstone has registered a fund management unit with the Asset Management Association of China under the qualified domestic limited partnership (QDLP) program, according to a regulatory notice.
The QDLP program is a quota-based system that allows fund managers to raise money from Chinese high net worth individuals and institutions for offshore funds. The quota size allocated to Blackstone was not specified.
Blackstone’s China unit was established in March and houses seven full-time employees, including five fund professionals. It joins other asset managers who are vying for market share in mainland China, including rivals KKR and BlackRock which received their QDLP license in 2022.
