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. This milestone cements its position as one of the largest players in the market for secondhand private equity stakes, as noted in the Private Equity Wire article.
Fundraising Achievements
The firm’s flagship secondaries strategy raised an additional $6bn over the quarter, bringing total capital raised for that fund to $11bn, according to Blackstone President Jon Gray during the firm’s earnings call. The secondaries platform, known as Strategic Partners and led by Verdun Perry, has executed more than 2,350 transactions to date, including acquiring portfolios sold by limited partners in private equity funds and participating in manager-led secondary transactions.
Notable Transactions
Among its activities, Strategic Partners completed the purchase of a $5bn portfolio of private equity assets from the New York pension system. Blackstone is also an investor in a $2.4bn continuation vehicle established by EQT AB, which retains ownership of data centre operator EdgeConneX; the firm declined to comment on the transaction. The $22.2bn Strategic Partners VIII fund has delivered an internal rate of return of approximately 18% as of March.
Market Context
The secondaries market has expanded, with global transaction volumes rising to a record $240bn in 2025, according to Jefferies data. As widely known in the private equity sector, such growth reflects increasing interest in secondary markets for liquidity needs.
