Strategic Partners has emerged as one of the buyers set to acquire a portfolio of stakes from Liberty Mutual Insurance, the US’s fourth-largest property and casualty insurers, Secondaries Investor has learned.
The Blackstone unit is part of a consortium of buyers who will acquire private equity stakes worth more than $1 billion in a process run by Park Hill, according to two sources familiar with the deal. The identity of the other buyers is unclear.
Strategic Partners has signed a sales and purchase agreement for the portfolio, according to one of the sources. Both sources said the deal is yet to formally close.
It is understood the portfolio contains two large positions in Blackstone Tactical Opportunities funds. It is unclear which of these funds are included in the portfolio.
Strategic Partners is investing out of its $7.5 billion Strategic Partners Fund VII which closed above its $5.75 billion target in January 2017, according to PEI data.
The fund makes opportunistic secondaries investments of between $100,000 and $1 billion-plus, focusing on mature portfolios that are fully or near fully invested, as Secondaries Investor reported.
Boston-headquartered Liberty had $70.7 billion in invested assets as of 31 December, according to its latest earnings results. The insurer invests into buyout, mezzanine, distressed and venture capital strategies and has made commitments to secondaries funds including Coller Capital and Fondinvest vehicles, according to PEI data.
Strategic Partners and Park Hill declined to comment. Liberty did not return requests for comment.