Blackstone’s Secondaries Business Hits $100bn Milestone
Blackstone Inc’s secondaries business crossed $100bn in assets under management during the first quarter, according to a report by Bloomberg, as cited in Private Equity Wire. This achievement solidifies its status as one of the largest players in the market for secondhand private equity stakes. The firm’s flagship secondaries strategy raised an additional $6bn over the quarter, bringing the total capital raised for that fund to $11bn, as stated by Blackstone President Jon Gray during the firm’s earnings call.
Key Activities of Strategic Partners
The secondaries platform, known as Strategic Partners and led by Verdun Perry, has executed more than 2,350 transactions to date. These activities encompass acquiring portfolios sold by limited partners in private equity funds and participating in manager-led secondary transactions. Among its notable deals, the platform completed the purchase of a $5bn portfolio of private equity assets from the New York pension system last year, which was one of the largest secondary sales on record.
Investments and Performance Details
Blackstone is an investor in a $2.4bn continuation vehicle established by EQT AB, which retains ownership of data centre operator EdgeConneX for a longer investment period. The firm declined to comment on the transaction. Additionally, the $22.2bn Strategic Partners VIII fund has delivered an internal rate of return of approximately 18% as of March. The secondaries market has expanded significantly, with global transaction volumes rising to a record $240bn in 2025, according to Jefferies data, as reported in Private Equity Wire.
Market Context and Implications
As widely known, the private equity secondaries market has grown due to increasing liquidity needs among investors, though this specific expansion to record volumes in 2025 underscores the sector’s dynamics based on the cited data.
