North Carolina commits to Strategic Partners Fund VII

The Blackstone unit is understood to be nearing the final close on its latest private equity secondaries fund.

Strategic Partners has received a commitment from North Carolina Retirement System as the Blackstone unit wraps up fundraising for its latest secondaries vehicle.

The pension’s investment advisory committee approved a $50 million commitment to Strategic Partners VII, according to documents from its 21 September meeting.

“This fund is part of a broader real assets strategy for the inflation sensitive asset class,” the documents note. “The focus is on real assets that are believed to be inflation sensitive, including some real estate secondary interests.”

Strategic Partners is understood to be nearing the final close on the fund, which has surpassed its $5.75 billion target and collected $6.55 billion as of August, according to PEI data.

NCRS is managed by the North Carolina State Treasury, which administers the retirement and fringe benefit plans of public employees in the US state. The treasury has $88 billion in assets under management.