Blackstone’s Secondaries Business Surpasses $100bn AUM
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 milestone positions the firm as one of the largest players in the market for secondhand private equity stakes.
Growth in Flagship Strategy
The firm’s flagship secondaries strategy raised an additional $6bn over the quarter, bringing total capital raised for that fund to $11bn, as stated by 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. Its activities include acquiring portfolios sold by limited partners in private equity funds and participating in manager-led secondary transactions.
Notable Transactions and Performance
Among its deals, Strategic Partners purchased a $5bn portfolio of private equity assets from the New York pension system last year. Blackstone is also 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. The $22.2bn Strategic Partners VIII fund has delivered an internal rate of return of approximately 18% as of March.
Market Expansion Context
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. This growth underscores the increasing activity in secondhand private equity stakes.
