Blackstone closes infra secondaries fund

Blackstone’s Strategic Partners has closed its second global infrastructure-focused secondary fund.

The New York-based investor’s dedicated secondary and fund solutions business has announced the final closing on the hard cap of $1.75bn for Strategic Partners Real Assets II (SP RA II).

SP RA II’s global investor base is comprised of sovereign wealth funds, pension funds, financial institutions, endowments, foundations and family offices. SP RA II began investing in May 2017 and has already closed or partially closed 14 transactions.

Strategic Partners “provide liquidity to investors who have invested in private investments and need for some reason to sell those investments and make their cash work for them someplace else.”

Verdun Perry, senior managing director and co-head of strategic partners, said: “We have one of the widest footprints in all of private equity. With our experience and global reach, we believe Strategic Partners is well-positioned to capitalise on the dramatic increase in secondary infrastructure opportunities.”

Mark Bhupathi, principal and head of real assets, said: “This new, dedicated pool of capital is critical to unlocking new opportunities across the secondary market as infrastructure and real assets become a larger and more important part of investor portfolios. As one of the first movers in this space, we are seeing a multitude of attractive opportunities to provide our limited partners with exposure to this asset class.”

Strategic Partners has teams in New York, London and San Francisco.