Blackstone Inc’s secondaries business crossed $100bn in assets under management during the first quarter, cementing its position as one of the largest players in the rapidly expanding market for secondhand private equity stakes, according to a report by Bloomberg.
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. Its activity includes acquiring portfolios sold by limited partners in private equity funds, as well as participating in manager-led secondary transactions. Among its notable deals last year was the purchase of a $5bn portfolio of private equity assets from the New York pension system, one of the largest secondary sales on record.
Blackstone is also understood to be 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.
The secondaries market has expanded significantly in recent years, with global transaction volumes rising sharply to reach a record $240bn in 2025, according to Jefferies data.
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. Its activity includes acquiring portfolios sold by limited partners in private equity funds, as well as participating in manager-led secondary transactions. Among its notable deals last year was the purchase of a $5bn portfolio of private equity assets from the New York pension system, one of the largest secondary sales on record.
Blackstone is also understood to be 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.
The secondaries market has expanded significantly in recent years, with global transaction volumes rising sharply to reach a record $240bn in 2025, according to Jefferies data.
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