Strategic Partners Fund Solutions to Acquire $3 Billion of Secondary Real Estate Interests from CalPERS in Largest Secondary ...
November 12 2015 - 2:00PM
Business Wire
Partnership with CalPERS underscores Strategic Partners’
flexible mandate to address the needs of global investors seeking
to actively manage private portfolios
Blackstone (NYSE:BX) today announced that Strategic Partners
Fund Solutions (“Strategic Partners”), Blackstone’s secondary and
private market fund solutions business, has signed a definitive
Purchase and Sale Agreement with The California Public Employees’
Retirement System (“CalPERS”) to acquire approximately $3.0 billion
of global real estate fund interests.
Consistent with CalPERS’ strategic plan to actively manage its
private markets portfolio, this transaction represents CalPERS’
sale of 43 international and domestic funds from its non-strategic
real estate portfolio and marks the industry’s largest secondary
transaction to date.
Verdun Perry, Co-Head of Strategic Partners, said: “Since our
inception in 2000, we have built one of the industry’s largest and
most comprehensive portfolios of private equity and real estate
interests. This transaction highlights our ability to source and
acquire large, complex portfolios and capitalize on the ongoing
opportunities in the secondaries market while meeting the varied
needs of sellers. Strategic Partners’ relationships with global
investors and real estate managers, coupled with a long history of
executing secondary transactions on a fair, timely and confidential
basis, enable us to transact on a variety of unique opportunities.
We are pleased to partner with CalPERS to address their portfolio
management needs.”
Mark Burton, Head of Strategic Partners’ Real Estate business
said: “This is a marquee transaction for the real estate
secondaries industry. We partnered with CalPERS to deliver a
solution for a premier organization seeking to reduce its
non-strategic portfolio through the sale of non-core holdings.
Given our significant real estate experience developed through over
100 real estate secondary transactions since 2001, and our strong
coverage of the 43 funds in this transaction, we were able to
execute a complex transaction in a relatively short amount of
time.”
About Strategic Partners
Strategic Partners was established in 2000 and is Blackstone’s
dedicated secondary and private market fund solutions platform.
Strategic Partners is currently comprised of 37 investment
professionals led by Stephen Can and Verdun Perry and has raised
over $19 billion dedicated to private equity and real estate
secondary investing. Strategic Partners is recognized as an
innovative and market-leading secondary investor, with broad
transaction capabilities on a global scale through its network of
strong relationships, as well as a leading reputation for
transaction execution. Strategic Partners has completed over 850
transactions that represent interests in over 2,400 unique
underlying funds managed by over 800 different financial sponsors.
For more information, visit www.blackstone.com.
About CalPERS
For more than eight decades, CalPERS has built retirement and
health security for state, school, and public agency members who
invest their lifework in public service. Our pension fund serves
more than 1.7 million members in the CalPERS retirement system and
administers benefits for 1.4 million members and their families in
our health program. CalPERS' total fund market value currently
stands at approximately $300 billion. For more information, visit
http://www.calpers.ca.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20151112006413/en/
PressBlackstonePeter Rose,
212-583-5263Rose@Blackstone.comorChristine Anderson,
212-583-5263Christine.Anderson@Blackstone.com
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