Strategic Partners Fund Solutions, Blackstone’s in-house secondaries and co-investment platform, has held a final closing of its sixth fund, Strategic Partners Fund VI, LP (SP VI), at its hard cap of $4.4 billion. Fundraising for SP VI began in April 2014.
“Strategic Partners is thrilled with the significant investor demand for our sixth secondary fund. We are excited to welcome both new and existing limited partners from around the globe, who have chosen to partner with Strategic Partners to capitalize on the growing opportunity in the secondary market,” said Verdun Perry, Co-Head of Strategic Partners.
Strategic Partners sourced commitments from almost 300 investors, including public, corporate and foreign pension funds, financial institutions, sovereign wealth funds, endowments, foundations and family offices. High net worth individuals also participated in the new fund through various private banking investment vehicles. Geographically, the limited partners of SP VI come from the US, Canada, Europe, the Middle East, Asia-Pacific and South America.
“We could not be more pleased with the reception we received from investors globally in raising SP VI. We are grateful for the support that our limited partners have shown us, which has allowed us to conclude fundraising substantially ahead of schedule and focus on investing SP VI,” said Stephen Can, Co-Head of Strategic Partners. “We look forward to leveraging our expertise in the secondary space and to building on our track record as the ‘secondary buyer of choice’, by transacting on a fair, timely and confidential basis.”
Strategic Partners Fund Solutions is comprised of 33 investment professionals and has raised over $16 billion for private equity and real estate investing since its founding in 2000. Strategic Partners has executed over 800 transactions that represent interests in over 1,800 unique underlying funds managed by over 700 different financial sponsors. The group is based in New York (click HERE to visit the group’s website).
Strategic Partners was advised and supported in the raising of SP VI by the private funds team at Davis Polk & Wardwell (www.davispolk.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-3-14