Blackstone’s secondaries business, Strategic Partners, crossed the $100 billion assets under management milestone during the first quarter of 2026, cementing its position as one of the largest players in the global secondary market for private fund stakes.
The achievement was disclosed by Blackstone President and Chief Operating Officer Jonathan Gray during the firm’s first quarter 2026 earnings call on April 23, 2026. The milestone places Strategic Partners among the most scaled secondaries platforms in the world, having completed more than 2,350 transactions since its founding, including LP liquidity solutions and GP-led secondaries across private equity, infrastructure, and real estate.
The secondaries platform, led by Verdun Perry, also reported strong fundraising momentum in the quarter. The firm raised an additional $6 billion for its tenth flagship secondaries strategy, bringing total capital commitments for that fund to $11 billion, approximately halfway to its target of at least $22 billion, matching the size of its predecessor fund.
Inflows into the secondaries strategy totaled $8.4 billion during the first quarter, the largest single contributor to the Private Equity segment’s $20.4 billion in quarterly inflows. Over the last twelve months, the secondaries strategy contributed $21.6 billion in inflows firm-wide.
The broader private equity secondaries market has experienced significant expansion in recent years. Overall transaction volume surged 48% in the past year, reaching an estimated $240 billion, according to data from Jefferies Financial Group. Higher interest rates have slowed traditional dealmaking and fundraising across private markets, prompting fund managers to turn to continuation funds to extend asset holding periods, while investors have used the secondary market to generate liquidity from private holdings.
Strategic Partners’ investment performance remained positive, with secondaries funds appreciating 0.7% during the first quarter and 12.7% over the trailing twelve months. Net accrued performance revenues attributable to the secondaries strategy stood at $1.088 billion as of March 31, 2026.
The milestone comes as Blackstone reported record total assets under management of $1.304 trillion for the first quarter, up 12% year over year, supported by $68.5 billion in quarterly inflows across the firm. The Private Equity segment, which houses the secondaries platform, grew total AUM by 16% to $429.9 billion. Distributable earnings for the firm reached $1.8 billion, or $1.36 per share, for the quarter, a 25% increase quarter over quarter.
KEY QUOTES:
“In secondaries, we raised an additional $6 billion in the first quarter for our latest private equity flagship, bringing it to $11 billion to date, halfway to our target of at least the size of its $22 billion predecessor. The secondaries platform, like BXMA, crossed over the $100 billion milestone in the first quarter.”
Jonathan Gray, President and Chief Operating Officer, Blackstone
“Blackstone delivered outstanding first-quarter results despite the turbulent environment, highlighted by almost $70 billion of inflows and positive appreciation across nearly all of our flagship strategies. Our all-weather model protects us in these times of disruption while also allowing us to invest where we see the greatest opportunity.”
Stephen A. Schwarzman, Chairman and Chief Executive Officer, Blackstone
