(Reuters) – Blackstone Group Inc is seeking to raise about $5 billion for its second private equity fund focused on Asia, according to a person familiar with the matter.

The U.S. private equity firm could also increase the size of the fund in the coming months, depending on the level of demand for it, the person said.

Blackstone plans to launch the fund in the first quarter of 2021, according to the source. The new vehicle, like Blackstone’s first Asia private equity fund, will focus on India, Japan, Korea and Australia, the person added.

The company closed its first Asian private equity fund at about $2.3 billion in 2018.

Bloomberg had earlier reported on Blackstone’s plan to launch a second Asia focused fund.