Strategic Partners surpasses Fund VII hard-cap

The Blackstone unit, which launched its latest secondaries fund a year ago with a $6.5bn hard-cap, is yet to hold a final close on the vehicle.

Strategic Partners has eclipsed the hard-cap on its latest secondaries fund after a year of fundraising, US Securities and Exchange Commission filings show.

The Blackstone unit has raised $6.55 billion for Strategic Partners Fund VII through two vehicles. The fund’s hard-cap is $6.5 billion with a $5.75 billion target, according to documents presented to the Pennsylvania Public School Employees’ Retirement System (PSERS) in February.

It is understood the firm is yet to hold the final close on the fund.

Fund VII has received commitments from 473 investors according to the filings, which also show Merrill Lynch, Pierce, Fenner & Smith, JPMorgan, Compass Group Global Advisors, Credit Suisse, Morgan Stanley Smith Barney, Wells Fargo Investment Institute, UBS and NH Investment & Securities helped place the fund.

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, as Secondaries Investor previously reported.

The fund has received commitments from investors including Pennsylvania Public School Employees’ Retirement System and Minnesota State Board of Investment, according to PEI data.

Strategic Partners declined to comment on the fundraising.