Blackstone‘s Strategic Partners secondaries group agreed to acquire a massive portfolio of secondary real estate fund interests from the California Public Employees’ Retirement System.
The acquisition is valued at $3 billion. Park Hill Group ran the sales process for CalPERS.
With CalPERS selling 43 international and domestic funds from its real estate portfolio, this secondary deal is considered the largest real estate secondary transaction to date.
“This is a marquee transaction for the real estate secondaries industry,” said Mark Burton, head of Strategic Partners’ real estate business.
Strategic Partners is in the market targeting at least $5.5 billion for its seventh secondary fund.
Founded in 2000, Strategic Partners is Blackstone’s secondary and private market fund solutions platform. It has raised more than $19 billion in private equity and real estate secondary investing. Stephen Can and Verdun Perry lead the team.
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