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Laxman Pai, Opalesque Asia:

American alternative investment management company Blackstone's secondary and fund solutions business Strategic Partners has raised $2.6 billion for its latest real estate secondaries fund.

The New York-based private equity firm said in a press release that the Strategic Partners Real Estate VIII, its largest vehicle yet dedicated to acquiring stakes in funds of other private investment firms focused on real estate aims to take advantage of a growing need for cash among investors in the sector.

The Fund VIII is around 37% more than the $1.9 billion raised for a predecessor program that wrapped up in 2020, the firm said.

Verdun Perry, Global Head of Strategic Partners, said: "We are incredibly grateful to our investors for their continued support. We remain committed to generating strong risk-adjusted returns for the millions of beneficiaries that our investors represent. With our substantial scale and private market footprint, we believe we are well-positioned to capitalize on the substantial, and growing, opportunities in the real estate secondaries market."

According to the release, Blackstone Strategic Partners has $68 billion of investor capital under management and is one of the most prolific secondary market participants in the world, having closed over 2,000 transactions across its private equity, infrastructure, and real estate platforms, representing more than 5,400 underlying fund interests managed by over 1,600 manager......................

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