Blackstone Group is an investment fund founded in 1985 by Steve Schwarzman and Peter G. Peterson, both formerly of Lehman Brothers. By the 1990s, it had grown into one of the world's leading investment firms. Its investment targets are diverse, ranging from real estate, private equity (PE), hedge fund solutions, credit & insurance, to infrastructure and life sciences. As of the end of 2023, the total assets under management exceeded $1 trillion, of which approximately $140 billion was accounted for by the PE division. At the beginning of 2024, Joe Baratta, head of the PE business, mentioned in an interview with the media that the future focus of PE investment would be concentrated in Asia, including India and Japan. The company also plans to increase staffing in the PE division in Singapore, signaling strong interest in the Asian market.

Blackstone established a corporation in Japan in 2007 and has since expanded its business, focusing primarily on real estate investments. In 2018, it launched its corporate investment business, and in 2019, it acquired Ayumi Pharmaceutical. This pharmaceutical company, which manufactures and sells products such as the flagship antipyretic and analgesic drug "Calonal" and biosimilars for rheumatoid arthritis patients, is expected to experience significant growth in the field of biopharmaceuticals. It is also notable for being the only specialty pharma in Japan that specializes in the rheumatoid arthritis and orthopedic fields.
Subsequently, in 2021, Blackstone acquired Takeda Consumer Healthcare from Takeda Pharmaceutical Company. This company has well-known products such as the vitamin B formulation "Alinamin" and the symptom-specific cold medicine "Benza Block," both of which are highly recognized in Japan. After the acquisition, the company changed its name to "Alinamin Pharmaceutical," leveraging the trust it had built over the years.
Both of these companies have solid distribution bases in Japan and strong product power and brand recognition, making them companies with great growth potential. Additionally, in 2018, prior to its investments in Japan, Blackstone also acquired Essel Propack (EPL), the world’s largest specialty packaging manufacturer in India. EPL is the world’s leading manufacturer of laminated tubes for toothpaste and has built strong relationships with customers over the past 20 years. Blackstone cited the expectation of significant growth not only in oral care products but also in the cosmetics and pharmaceutical fields as the reason for acquiring its shares.

Blackstone has long been actively investing in the healthcare sector. In 2012, it invested in Pfizer and SFJ Pharmaceuticals Inc., and in 2019, it made an investment in Anthos Therapeutics Inc. together with Novartis. In 2018, Blackstone launched its life sciences business platform, Blackstone Life Sciences (BXLS), and became involved in the development of new pharmaceuticals.
In the Asian region, Blackstone has used its previous experience to make inroads into the healthcare industry as a foundation for its investment activities. The results are evident from the financial figures of the companies it has invested in. Following its acquisition, Ayumi Pharmaceutical successfully grew its biopharmaceutical sales from 1.5 billion yen to over 6 billion yen by 2021. Its sales revenue, which was just over 12.5 billion yen in fiscal 2019, surpassed 25 billion yen in fiscal 2020. In fiscal 2022, it reached 30 billion yen, and the company continues to perform well.

Joe Baratta, who oversees Blackstone's PE business, cites two reasons for focusing on Asia: growth potential and uniqueness. Regarding the Indian market, he highlights the growth rate and market vitality, while for Japan, he focuses on its distinctiveness compared to the rest of the world. In Japan, Blackstone expects growth particularly in the IT (information technology) services sector, with a focus on business opportunities created by corporate digitalization. The company also sees the fintech sector in Japan as a promising new investment target.
In December 2023, Blackstone announced its acquisition of a portion of the shares in Sony Payment Services Inc. Established in 1995, this company is one of Japan's leading payment service providers, offering infrastructure for online payments. Despite the accelerating shift towards cashless payments and the diversification of payment functions, Japan's e-commerce (EC) penetration rate remains low at around 9%. However, Japan's e-commerce market is estimated to be worth approximately 23 trillion yen, making it the fourth-largest in the world. This sector is expected to show strong growth potential in the future.
The investment approach that Blackstone employs is known as "alternative investment." This method targets new assets or investment strategies outside of traditional assets like publicly traded stocks and bonds and is an effective way to diversify portfolios. However, entering new fields naturally comes with risks. The key to Blackstone's investment strategy lies in its decision-making, which is based on multi-faceted analysis, including market needs and the market value of companies. Blackstone’s strategy of attacking from a diversified perspective will undoubtedly continue to offer various values to investors.