REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsAug 24 (Reuters) - Blackstone's (BX.N) newly established China unit has received regulatory approval to raise funds that will be invested overseas, joining other global asset managers in seeking to tap Chinese investor demand for foreign assets.
Blackstone registered a fund management unit with the Asset Management Association of China under the qualified domestic limited partnership (QDLP) programme, a notice from the regulator showed.
The unit, which was established in March, has seven full time employees, including five fund professionals, the notice said.
The quota-based QDLP programme, first launched in 2012, allows foreign and domestic fund managers to raise money from Chinese high-net worth individuals and institutions which is then fed into offshore funds.
The QDLP programme is generally more popular when the yuan is weaker.
Persons:
Blackstone, Roxanne Liu, Selena Li, Edwina Gibbs
Organizations:
Blackstone Group, REUTERS, Asset Management Association of China, U.S, KKR KKR.N, BlackRock BLK.N, Investment, Thornburg Investment Management, Thomson
Locations:
New York City, U.S, China, Hong Kong, Shanghai