Strategic Partners set to close biggest secondaries fund yet

Blackstone will commit $115 million or 2 percent of the fund’s aggregate capital commitments, whichever is smaller.

Strategic Partners, Blackstone’s secondaries unit, expects to hold a final close this month on its biggest dedicated secondaries vehicle, Secondaries Investorhas learned.

The firm is seeking $5.75 billion for Strategic Partners Fund VII and expects to hold a final close at the end of March, according to documents presented to the Pennsylvania Public School Employees’ Retirement System (PSERS) seen by Secondaries Investor.

The documents state Fund VII was expected to hold its first close on 29 January 2016 on $2 billion and that the hard-cap is $6.5 billion. A filing with the US Securities and Exchange Commission on 20 January shows Fund VII had raised $175.9 million.

Blackstone will commit $115 million or 2 percent of the fund’s aggregate capital commitments, whichever is smaller.

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