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Blackstone Raises More Than $11 Billion to Invest in Secondaries Market

The asset management giant closed its eighth secondaries fund Wednesday.

Blackstone has raised $11.1 billion to invest in secondary assets and investment funds, the asset management giant announced Wednesday.  

This is the eighth such fund launched by Strategic Partners, Blackstone’s secondaries and fund of funds business. The firm began investing out of the fund in March, according to a person familiar with the situation.

The secondary market has become a seller’s market in recent years, as investors have been able to sell assets at par, or sometimes for more than they are worth, data from online secondaries market provider Palico shows.  

Investors in Blackstone’s newest fund included pension funds, sovereign wealth funds, financial institutions, endowments, foundations, family offices, and wealthy individuals, according to the firm’s announcement.  

“Strategic Partners continues to deliver outstanding results for investors in the secondary market,” said Jon Gray, president of the firm, in a statement. “That consistent performance and the strength of our global franchise have led to this terrific capital raise.” 

Strategic Partners has raised $43 billion since 2000, according to Blackstone’s announcement. The fund has invested across the private equity, real estate, and infrastructure asset classes. Blackstone as a whole manages $512 billion in assets, its announcement said.  

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A spokesperson for Blackstone did not immediately return an email seeking comment on the announcement.

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