Blackstone Group's Strategic Capital Holdings Fund is taking a minority, passive stake in PAG, an Asia-focused alternative investment firm, a news release said.
The fund is part of Blackstone Alternative Asset Management and acquires interests in alternative investment managers.
The size of the stake and the terms of the transaction are not being disclosed.
PAG, based in Hong Kong, is one of the largest independent alternative asset management firms in Asia, with more than $20 billion in capital under management in private equity, absolute return and real estate strategies.
"We welcome this investment in our business by Blackstone's Strategic Capital Holdings Fund, and we appreciate its endorsement of PAG as a best-in-class asset manager," said PAG Chairman and CEO Weijian Shan, in the news release. "Our focus on and commitment to creating value for the investors in PAG's various funds will continue unchanged."
Blackstone spokeswoman Paula Chirhart could not be immediately reached for comment.
Blackstone Group has $430 billion in assets under management.