Key Takeaways
- • Blackstone is seeking to raise at least $3bn for a new real estate secondaries fund managed by its Strategic Partners business, according to Bloomberg.
- • The fund will acquire interests in core real estate funds from asset managers and limited partners at discounts to net asset value, focusing mainly on data centres, rental housing and industrial properties.
- • The raise is more than the $2.6bn Strategic Partners raised for its previous real estate secondaries fund in 2023.
- • GP-led real estate secondaries transactions reached $14.5bn in 2025, a 60% increase year on year, per Ares Management, which expects volumes to double over the coming years.
Summary
Blackstone is seeking to raise at least $3bn for a new real estate secondaries fund, according to Bloomberg, as liquidity pressures continue to weigh on the property sector. The vehicle will be managed by Blackstone's Strategic Partners secondaries business and will reportedly acquire interests in core real estate funds from asset managers and limited partners at discounts to net asset value. Its focus will be primarily on vehicles holding data centres, rental housing and industrial properties.
The fundraising follows Strategic Partners' $2.6bn real estate secondaries fund raised in 2023, indicating that the target size would be a meaningful step up from the prior vintage. The raise comes as elevated borrowing costs, weaker property valuations and subdued transaction activity continue to constrain liquidity across real estate markets. These conditions have increased demand for secondary transactions, which allow investors to exit existing holdings while giving buyers the opportunity to acquire assets at discounted valuations.
Market data cited by Ares Management, as reported by Private Equity Wire, shows GP-led real estate secondaries transactions reached $14.5bn in 2025, a 60% increase from the previous year. Ares reportedly expects volumes to double over the coming years. Continuation vehicles are increasingly being used by managers seeking to retain exposure to assets in sectors including logistics, data centres and senior housing.
CRE Daily also reported on the Blackstone fund under the headline "Blackstone Targets $3B Fund to Buy Real Estate Fund Stakes." The offering remains in fundraising, and terms such as final close size, fees and investor commitments were not disclosed in the available reporting.
The fundraising follows Strategic Partners' $2.6bn real estate secondaries fund raised in 2023, indicating that the target size would be a meaningful step up from the prior vintage. The raise comes as elevated borrowing costs, weaker property valuations and subdued transaction activity continue to constrain liquidity across real estate markets. These conditions have increased demand for secondary transactions, which allow investors to exit existing holdings while giving buyers the opportunity to acquire assets at discounted valuations.
Market data cited by Ares Management, as reported by Private Equity Wire, shows GP-led real estate secondaries transactions reached $14.5bn in 2025, a 60% increase from the previous year. Ares reportedly expects volumes to double over the coming years. Continuation vehicles are increasingly being used by managers seeking to retain exposure to assets in sectors including logistics, data centres and senior housing.
CRE Daily also reported on the Blackstone fund under the headline "Blackstone Targets $3B Fund to Buy Real Estate Fund Stakes." The offering remains in fundraising, and terms such as final close size, fees and investor commitments were not disclosed in the available reporting.
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