Blackstone Group LP said it has raised about $9.4 billion for two new funds – the largest-ever fund dedicated to real estate investments in Asia as well as its first private equity fund for the region.

The funds add to a massive industry-wide pool of money for Asian acquisitions and investments, with investors attracted by rapid economic growth compared to other major markets. It raised $7.1 billion for what it called its second regional “opportunistic” real estate fund. Growing urbanisation and rising incomes, particularly in China and India, have boosted investor appetite for shopping malls, warehouses and other property assets.

“The size of this fund... gives us flexibility to pursue a range of opportunities and commit capital with speed and scale,” Ken Caplan, global co-head of Blackstone Real Estate, said in a statement.

Blackstone’s real estate business was founded in 1991 and has about $120 billion in capital under management. The portfolio includes hotel, office, retail and industrial properties in the US, Europe, Asia and Latin America.

Its first Asia-focused property fund, which closed in 2014, raised $5.08 billion.

The Asian private equity fund closed at about $2.3 billion, Blackstone said, adding that it now has at least $3.8 billion to invest in Asia equity when “associated commitments” from its global buyout fund are counted. Roughly two-thirds of the private equity fund, as well as  the contribution from its global fund, will be used to invest in China and India, said one person with direct knowledge of the matter, declining to be identified as details of the investment plans were not made public.

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