News

Blackstone granted QDLP status in China

Blackstone, China, QDLPUS-based alternative investment manager Blackstone has been given permission to raise capital from its Chinese clients to be invested in overseas assets. Blackstone’s wholly-owned, China-based fund management unit was established in March, and it has now been granted qualified domestic limited partnership (QDLP) status by the Asset Management Association of China. The QDLP programme, which has been in effect for more than a decade, enables fund managers to tap wealthy clients for capital, which can then be invested in offshore funds. The move will put Blackstone into competition with other global asset managers, such as BlackRock and KKR, that have also attained QDLP status. It also comes in the same week as Allianz Global Investors was given the go-ahead to launch a wholly-owned, onshore fund management business in China. However, the Chinese regulators have also demonstrated that QDLP registration comes with conditions. US asset manager Thornburg was recently stripped of its QDLP status after failing to launch a private fund within 12 months of its registration. ©2023 funds global asia

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