Strategic Partners

What Strategic Partners does

Strategic Partners is a business unit of Blackstone Inc. (NYSE: BX) and one of the world's largest dedicated secondary fund managers, with over $100 billion of assets under management and more than 2,350 transactions completed since 2000. The firm purchases private equity limited partnership interests and co-investments across leveraged buyout, real estate, venture capital, and infrastructure assets, while also originating GP-led solutions including continuation vehicles and fund restructurings. Verdun S. Perry has led the business since founding and chairs the investment committee for each flagship fund vintage, with senior team continuity — including David J. Corey (since 2001), Joshua Blaine (since 2001), and Mark A. Bhupathi (since 2004) — supporting underwriting consistency.

Strategically, Strategic Partners operates as a horizontal platform within Blackstone that addresses two core institutional liquidity needs: providing portfolio liquidity, rebalancing, and access to private market exposure for limited partners (pension systems, endowments, foundations, sovereign wealth funds, and family offices), and providing general partners with fund restructuring, continuation vehicle, and LP liquidity solutions. Its go-to-market is enterprise, relationship-driven institutional sales executed through Blackstone's institutional Client Solutions team, with multi-year fundraising cycles and negotiated fund-by-fund economic terms with qualified LPs.

The business model follows the standard alternative asset management construct: recurring asset management fees on committed secondary fund capital, typically 1.0–1.5% annually, supplemented by performance fees and carried interest on realized investment gains. Pricing is opaque and negotiated bilaterally rather than published. Operating geography spans New York (headquarters), London (European coverage), Los Angeles (infrastructure and real assets), and San Francisco (COO operations), with investment activity spanning global markets. Strategic Partners does not disclose a separate P&L; revenue and headcount are consolidated within Blackstone Inc.

Name

Strategic Partners

Legal name

Blackstone Inc.

Website

https://blackstone.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Strategic Partners is a Blackstone business unit and one of the world's largest secondary fund managers, purchasing private equity LP interests and co-investments across LBO, real estate, venture capital, and infrastructure for institutional investors, family offices, and GPs since 2000.

Ownership category

akta.pro rank

Product category

Secondary Private Equity Fund Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799)

akta.pro primary industry

Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ)

akta.pro secondary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

Keywords

• Secondary fund management
• Private equity secondaries
• Alternative asset management
• LP interest purchases
• Co-investment opportunities

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Asset Management Fees: Strategic Partners generates revenue through management fees charged on assets under management across its secondary fund platform, consistent with Blackstone's broader alternative asset management model.
2. Performance/Incentive Fees: Secondary fund managers typically earn carried interest or performance fees based on investment returns generated for limited partner investors.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Strategic Partners is one of the world's largest secondary fund managers with over $100 billion in assets under management. Since 2000, it has completed more than 2,350 transactions focused on the purchase of private equity limited partnership interests and co-investments in leveraged buyout, real estate, venture capital, and infrastructure assets, providing liquidity, portfolio rebalancing, and restructuring solutions to institutional investors, general partners, and family offices.

Differentiator

Problem solved

Functional benefit

Products and services

• Strategic Partners Secondary Fund Platform
• GP Stakes

Quantifiable outcome

• Over $100 billion in assets under management as a secondary fund manager
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Blackstone (Parent Company)coreOthersStrategic Partners operates as a business unit within Blackstone, one of the world's largest alternative asset managers with over $1.3 trillion in AUM. The business benefits from Blackstone's global infrastructure, institutional relationships, and capital resources.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ardian Secondary: Ardian is a major private market investor with a sizeable secondaries platform purchasing LP stakes and running co-investment programs. Highly comparable to Strategic Partners on secondary fund scale and institutional LP focus.
• Lexington Partners: One of the largest independent secondary private equity fund managers globally. Directly comparable to Strategic Partners on secondary fund investing, LP interest purchases and GP-led continuation vehicles for institutional investors.
• Pantheon Ventures: Pantheon invests across primaries, secondaries and co-investments in PE and infrastructure. Directly comparable on secondary LP interest purchases and fund solutions for institutional clients.
• Coller Capital: Coller Capital is a pure-play secondary PE fund manager running LP-led and GP-led secondary strategies globally. Directly comparable in business model, customer base and secondary market specialization.
• StepStone Group: StepStone is a global private markets investment firm with secondary fund investing as a core pillar. A direct competitor for LP-led and GP-led secondary mandates.
• HarbourVest Partners: HarbourVest runs primary fund, secondary and co-investment programs across private equity, venture and infrastructure. A direct peer on secondary private equity fund investing and multi-strategy private market solutions.

Emerging players

• Glendower Capital: Glendower is a dedicated secondary private equity manager focused on LP portfolio purchases. An emerging but smaller peer in the same secondary market niche as Strategic Partners.
• Industry Ventures: Industry Ventures specializes in venture capital secondaries and primaries. A partial peer overlapping with Strategic Partners' VC secondaries activity within a narrower venture-focused mandate.

Broad incumbents

• ICG (Intermediate Capital Group): ICG is a large global alternative asset manager with significant secondary fund activity alongside primary and direct investment strategies. Comparable in secondary fund offerings but operates across a broader alternatives portfolio.
• Goldman Sachs Asset Management (Vintage Funds): Goldman Sachs' secondary fund franchise operates within a much broader asset management platform and competes directly for LP-led secondary mandates, particularly on large block transactions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/blackstone
• Facebookfacebook.com/blackstone
• LinkedInlinkedin.com/company/blackstonegroup
• Instagraminstagram.com/blackstone

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Strategic Partners