Blackstone Fund Closes at $1.3B

The fund made its first sale in December 2014 and attracted a broad base of investors from around the world.

By Barbra Murray, Contributing Editor

Mark Burton, Strategic Partners
Mark Burton, Strategic Partners

New YorkBlackstone has about a billion reasons to be pleased. The global investment firm’s dedicated secondary and private markets fund solutions platform, Strategic Partners Fund Solutions, has completed the final closing for Strategic Partners Real Estate Fund VI LP at the fund’s hard cap of $1.3 billion.

SP VI RE, which made its first sale in December 2014, attracted a broad base of investors from around the world, ranging from domestic public funds to foreign pension funds to family offices. Financial institutions, endowments and foundations were also among the entities that committed to the investment vehicle, which clearly has its appeal. SP VI RE targets high-quality real estate portfolio interests and co-investments for investors in need of liquidity.

“This new pool of capital will enable Strategic Partners to commit to a wide-range of compelling secondary real estate opportunities,” Mark Burton, head of Strategic Partners’ real estate practice, said in a prepared statement. “We believe our disciplined approach to the real estate secondary market creates value for our limited partners.”

SP VI RE is Strategic Partners’ sixth real estate-focused secondary fund. The company declined to comment beyond prepared remarks.

Image courtesy of Blackstone