Blackstone’s Strategic Partners has acquired a $5 billion private equity portfolio from the New York City Retirement Systems, a deal marking one of the largest secondary transactions by a US public pension fund.

Information on the Target

Blackstone’s Strategic Partners has successfully acquired a substantial private equity portfolio valued at $5 billion from the New York City Retirement Systems (NYCRS). This acquisition represents one of the most significant secondary transactions executed by a public pension fund in the United States, as reported by Bloomberg. The portfolio comprises approximately 450 limited partnership interests distributed across 125 funds, managed by 75 different general partners.

The transfer of ownership is part of a strategic portfolio realignment by the NYCRS, rather than a divestment driven by immediate liquidity needs. It was initiated as part of a formal auction that commenced in December 2024, attracting interest from over 80 secondary market participants, thereby demonstrating robust activity in the secondary market sector.

Industry Overview in the Target’s Specific Country

The private equity industry in the United States has witnessed significant transformations in recent years, primarily driven by changing market conditions and evolving investor needs. Institutional investors are increasingly looking to rebalance their portfolios i