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.
Strategic Partners has raised approximately $1 billion for Strategic Partners Real Estate VIII, Secondaries Investor understands. The fund launched in April, according to Secondaries Investor data.
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.