- Blackstone (BX +0.6%) is scrapping its Tamarind Energy venture in southeast Asia after it was unable to find attractive deals in the region, WSJ reports.
- BX had committed $800M to back the energy venture, created by former execs of Canada’s Talisman Energy, to seek deals across the region two years ago, but the money was never deployed and the entities parted ways in August, according to the report.
- P-E investors have struggled to find oil and gas deals across Asia as few sizable assets have become available at attractive prices; Mandala Energy, a similar venture backed by rival KKR (KKR +0.1%), reportedly has signed less than $200M in deals in Southeast Asia since its March 2015 launch.