Strategic Partners, Blackstone’s secondaries unit, is nearing the final close on its latest private equity secondaries vehicle almost a year after launching and has already begun investing the fund.
The New York-headquartered firm had collected $5.4 billion for Strategic Partners Fund VII as of 30 June, according to Blackstone’s second quarter results released on Thursday. It is understood that Fund VII, which has a $5.75 billion target and held its first close in May, will hold its final close in the third quarter.
Of the $5.4 billion raised so far, Strategic Partners has around $5.3 billion in available capital, or dry powder, according to the results.
Merrill Lynch, JPMorgan Securities, Compass Group Global Advisors, Credit Suisse Securities, Morgan Stanley Smith Barney, Wells Fargo Investment Institute and UBS Financial Services advised on the fundraise, according to US Securities and Exchange Commission filings from May.
Fund VII has received commitments from investors including Minnesota State Board of Investment and Tennessee Consolidated Retirement System, according to PEI data.
Blackstone will commit $115 million or 2 percent of the fund’s aggregate capital commitments, whichever is smaller, as Secondaries Investor reported in March. The fund was due to start investing in mid-to-late March and will allocate 75 percent to buyouts, 10 percent to venture capital, 10 percent to mezzanine and 5 percent to distressed, real assets, funds of funds and other funds.
A spokeswoman for Strategic Partners declined to comment on the fundraising.