Strategic Partners Fund Solutions to Acquire $3B of Secondary Real Estate Interests from CalPERS

Blackstone

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