Strategic Partners has hired Mark Burton to oversee its real estate secondaries investments, according to a statement from parent The Blackstone Group.
He began working as a principal at Strategic Partners in mid-June and is the firm’s first investment professional dedicated solely to real estate secondaries.
Burton joined Strategic Partners from commercial real estate credit manager H/2 Capital Partners, where he was a managing director focused on distressed commercial mortgage opportunities. Previously, he spent 11 years in the special situations group at Goldman Sachs, overseeing commercial real estate investing and lending.
Strategic Partners may be gearing up to launch a new real estate secondaries vehicle, which would be the firm’s first fund raised with a real estate-focused investment professional, Secondaries Investor reported last week.
“The addition of Mark to our business will significantly strengthen our current real estate activities and allow us to continue capitalizing on opportunities in the real estate secondaries market,” Strategic Partners co-head Verdun Perry said in the statement.
Historically, Strategic Partners has invested in real estate through four real estate secondaries funds, which were raised alongside the firm’s flagship secondaries funds. The most recent real estate secondaries fund closed on $200 million in 2011, according to PEI’s Research and Analytics division.
Strategic Partners’ flagship funds also have a real estate allocation. The firm is nearing its target for its sixth fund, which has a 5 percent allocation to real estate and fund of funds, according to documents from the Pennsylvania Public School Employees’ Retirement System. Fund VI, is the group’s first since it was acquired by Blackstone last year, and has collected $3.2 billion toward its $3.5 billion target, according to Blackstone’s second quarter earnings statement.
Strategic Partners’ prior funds have been managed by the firm’s 29-person team in London, New York and San Francisco. The team is led by co-heads Perry and Stephan Can.