Blackstone’s Strategic Partners unit has raised approximately $5bn for its fourth infrastructure secondaries vehicle, with sources close to the matter saying it is nearing a final close, according to a report by Bloomberg.
Strategic Partners Infrastructure Fund IV is more than 30% larger than its predecessor, which raised $3.75bn in 2020. Limited partners in the new vehicle include the San Francisco Employees’ Retirement System and the Arkansas Teacher Retirement System, public filings show.
The vehicle is part of the firm’s $87bn Strategic Partners platform, led by Verdun Perry, which also manages secondaries strategies across private equity, real estate and credit. The fund is targeting a net IRR of 14% to 16%, while its predecessor was generating a net IRR of 18% as of 31 March, according to performance data.
Investor demand for secondaries strategies has grown significantly, with infrastructure emerging as a key focus. A recent report from Evercore noted that global secondaries volume reached a record $102bn in H1 2025.
