Blackstone’s secondaries unit has made headway with its latest real estate secondaries fund as it eyes raising the market’s biggest ever private equity-focused strategy.
Filings with the US Securities and Exchange Commission show that RE Fund VIII had raised $627.91 million as of early November.
The unit’s predecessor real estate fund closed on $1.9 billion in 2020. Fund VIII’s target is undisclosed and a spokesperson for Strategic Partners declined to comment for this report.
Blackstone is set to raise $20 billion for Strategic Partners Fund IX, its flagship private equity secondaries fund, president and chief operating officer Jon Gray said on an earnings call last year. Fund IX, which has a $13.5 billion target, has raised at least $18.31 billion as of October.
Real estate secondaries deal volume accounted for 3 percent of the $58 billion that traded in the first half of this year, according to data from Greenhill. In full year 2021, the asset class accounted for 6 percent of volume.