Goldman Sachs readies $30 bn for doubling alternative investments in Asia

The firm plans to build a bigger presence in real estate in developing markets such as China, Korea and India

Goldman Sachs Group Inc. is set to plow at least $30 billion into Asian alternative assets over the next five years after revamping its operations and starting an aggressive campaign to raise outside funds in a bid to overtake investment giants such as KKR & Co. and Blackstone Inc.

In Asia, that means doubling investments to about $60 billion, betting on technology startups, real estate, consumer and renewable energy, said Stephanie Hui, the bank’s co-head of alternative investing in the region.

The challenge for Hui is deploying the money at a time when cashed-up rivals are bidding up valuations. Private equity firms