Jack Ma bucks China private equity downturn, raises $2.5bn

Asia Fund VI exceeded its $7bn target and will focus on opportunities across technology, industrials, consumer, healthcare, business and financial services.

The US firm will invest in Japanese PE funds and direct co-investments.

BPEA IX will focus on control investments in leading companies across technology, healthcare, industrial technology, services, and technology services; several deals have already closed in Japan and South Korea.

Asia secondaries activity is increasing as a result of geopolitical uncertainties, a growing private equity market and rising awareness, Coller Capital’s Zhan Yang tells FA.

The US investment giant exceeded its $10bn target after an active 24 months of deals in the region, especially in India and Japan.

Tencent has long dominated the attention of China's social media users with its all-encompassing app. A smaller player is pinning its hopes on Alibaba as it starts its fundraising.