The sales come as other Asia funds and wealthy investors dial back investments in the US, concerned that Trump’s trade wars have made the world’s largest economy much less predictable.
The Hong Kong Jockey Club is divesting as much as US$1 billion in funds held with Blackstone Inc. and other buyout firms, offloading US assets amid escalating trade tensions that have intensified since Donald Trump’s presidency.
The jockey club, which operates the finance hub’s horse racing monopoly and is one of the city’s biggest asset allocators, is selling mostly US assets held with firms that also include TA Associates Management LP, Warburg Pincus, and Clayton Dubilier & Rice, according to people familiar with the matter, who requested not to be named because the information is private.
