Strategic Partners collects $1.5bn

The Blackstone affiliate is targeting $3.5bn for secondaries investments.

Blackstone Strategic Partners, the secondaries-focused affiliate of The Blackstone Group, has raised more than $1.5 billion for its Blackstone Strategic Partners Fund VI, according to two filings with the US Securities and Exchange Commission.

Blackstone declined to comment on fundraising.

Fund VI has a $3.5 billion target and will focus on secondaries investments, according to Private Equity International’s research and analytics division.

Secondaries Investor reported in March that The Pennsylvania Public School Employees’ Retirement System (PSERS) committed $150 million to Fund VI, and that Fund VI has bought Bank of America Merrill Lynch’s LP position in Ares European Real Estate Fund III.

Blackstone Strategic Partners was created through the acquisition of Credit Suisse’s ‘Strategic Partners’ group, which the bank sold to Blackstone last August. Blackstone Strategic Partners is made up of a twenty-nine person team focused on secondaries headed by Stephen Can and Verdun Perry.

Blackstone Advisory Partners, Credit Suisse Securities, Park Hill Group and Merrill Lynch Pierce Fenner & Smith are listed in the fund documents as firms that will receive sales compensation in connection with the fundraise. The fund reportedly eyed a first close in February when fundraising hit at least $500 million.

In January, Blackstone held a final close on between $5 billion and $5.5 billion for its Tactical Opportunities fund, which primarily includes the firm’s separately managed accounts. The fund includes Blackstone’s separate accounts it manages on behalf of The New Jersey Division of Investment, the California Public Employees’ Retirement System and the Oregon State Treasury.


With reporting by Bailey McCann