Blackstone’s new China unit has secured regulatory approval to garner funds destined for overseas investment. This move aligns Blackstone with other international asset managers eager to access Chinese appetite for foreign assets. Established in March, the unit, registered under the qualified domestic limited partnership (QDLP) programme with the Asset Management Association of China, comprises seven staff members, including five fund specialists. The QDLP initiative, inaugurated in 2012, lets fund managers gather capital from affluent Chinese entities for offshore investments. While the specifics of Blackstone’s quota remain undisclosed, the QDLP gains traction amidst a weaker yuan. Meanwhile, as China continues its financial market liberalisation, global firms like KKR and BlackRock received QDLP licences last year. However, US-based Thornburg Investment Management’s Shanghai branch recently lost its QDLP registration due to non-compliance.