Blackstone Strategic Partners has acquired part of a $1.3bn portfolio of private equity co-investments in a secondary transaction, according to people familiar with the matter cited by PitchBook.
The portfolio comprised 22 co-investment positions held alongside sponsors including Carlyle, CVC, KKR, Blackstone, and Insight Partners. KKR accounted for the largest share, at 18.5% of net asset value (NAV). The package as a whole was priced at roughly a 20% discount to NAV.
Blackstone's secondaries arm had initially explored a club deal with its own limited partners. In the end, however, it bought its slice of the portfolio without them, and part of the holdings remained with the seller.
Source: PE Insights · Summarized by HeadlinesBriefing