Strategic Partners reaches 70% of Fund VII target

Blackstone’s secondaries unit has raised more than $4bn through the main fund and an offshore vehicle.

Blackstone’s secondaries unit has raised $4.03 billion for Strategic Partners Fund VII, bringing it almost three-quarters of the way to the vehicle’s target.

In two filings on 17 May with the Securities and Exchange Commission, Strategic Partners indicated the main fund has raised $3 billion from 343 investors, with another $1.03 billion raised through an offshore vehicle, which attracted commitments from 70 investors. The fund received its first commitment on 20 October.

According to the filings, Merrill Lynch, JPMorgan Securities, Compass Group Global Advisors, Credit Suisse Securities, Morgan Stanley Smith Barney, Wells Fargo Investment Institute and UBS Financial Services are advising the fund, for an estimated sales commission of $25 million.

Fund VII, which launched in August, is seeking $5.75 billion and has a $6.5 billion hard-cap, according to PEI Research & Analytics.

Tennessee Consolidated Retirement System (TCRS) re-upped with a $100 million commitment to the fund in March, as reported by Secondaries Investor. TCRS had previously committed the same amount to Strategic Partners Fund VI.

The Pennsylvania Public School Employees’ Retirement System and Minnesota State Board of Investment have committed $250 million and $150 million respectively to the fund, according to PEI data.

Strategic Partners declined to comment.