Blackstone Group closed its latest secondary market fund, Blackstone Strategic Partners Secondaries VIII, with about $11 billion, spokeswoman Paula Chirhart said in an email.
Blackstone's newest fund is 47% larger than the prior fund in the series, the $7.5 billion Blackstone Strategic Partners Secondaries VII.
The fund invests in private equity, infrastructure and real estate on the secondary markets. The administrator of the fund is iCapital Network, a financial technology company that provides access to private equity funds to high-net-worth and other retail investors and manages retail feeder funds for some banks, according to Securities and Exchange Commission documents. As of April 10, there were 1,556 retail investors in the fund, the SEC filings showed. Blackstone is a strategic partner and investor in iCapital Network, according to information on iCapital's website.
Pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices also committed capital to the fund, a Blackstone news release said. Institutional investor limited partners include the $97.1 billion Minnesota State Board of Investment, St. Paul.