Blackstone closes Strategic Partners VIII on $11.1bn

The latest fund considerably surpasses its predecessor Strategic Partners Fund VII, which closed €7.5bn in Q1 2017. 

Blackstone launched its eighth global secondary fund SP VIII with a target of $8bn in Q2 2018. The vehicle held a first close on $3.4bn in January 2019.

Since 2000, Blackstone has raised around $43bn in this series of funds dedicated to private equity, infrastructure and real estate secondaries and fund investing, executing around 1,300 transactions that represent interests in approximately 3,600 underlying fund vehicles managed by nearly 1,300 financial sponsors.

Investors
Similar to past funds, SP VIII's investor base comprises pension funds, sovereign wealth funds, financial institutions, endowments, foundations, family offices and high-net-worth individuals from around 30 countries, according to a statement. 

The Minnesota State Board of Investment committed $150m to SP VIII, according to the Unquote Data.

Investments
The fund will deploy its capital globally making secondary transactions, buying out LP interests in primary funds.

According to Unquote Data, the seventh generation of the Strategic Partners funds invested in the following vehicles: Apax Europe VII (€1.8m), Equistone Partners Europe Fund IV (€20m), Lyceum Capital Partners Fund II (£10m), Exponent Private Equity Partners (£37.5m), Abingworth Bioventures III ($5m), Abingworth Bioventures IV ($9m), Argan Capital (€15m), Doughty Hanson & Co Fund V (€20m), Fourth Cinven Fund (€55m) and Advent Private Equity IV (£40m).

People
Blackstone – Jon Gray (president); Verdun Perry (senior managing director, global head of strategic partners).

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• Topics
• Funds
• Secondaries
• Blackstone Group
• United States