Blackstone’s secondary and fund solutions business, Strategic Partners, has raised $1.9 billion in a final close for its Strategic Partners Real Estate VII and related committed program vehicles.
An equity fundraising target for Strategic Partners Real Estate VII was not disclosed.
Strategic Partners acquires interests in funds across asset classes and co-invests alongside managers globally, according to the firm’s website. Strategic Partners said it seeks significant capital appreciation through the acquisition of secondary interests in real estate funds and assets, focusing on high-quality portfolios in major commercial real estate markets and gateway cities. The firm also opportunistically makes secondary direct investments alongside sponsors.
“We have one of the market’s largest real estate portfolios, spanning interests in over 4,500 assets held by over 420 underlying real estate funds,” noted Mark Burton, senior managing director and head of Stra
