Blackstone announced plans to buy the firm earlier this year. The closing occurred Monday.
The deal brings Blackstone deeper into the real estate investment fold, with Strategic Partners on a hunt for private equity, real estate and venture capital funds.
Blackstone describes the benefits of the purchase in a press release:
“From its start in 2000, it (Strategic Partners) has raised over $11 billion of capital commitments, completed over 700 transactions, and acquired over 1,500 underlying limited partnership interests. Strategic Partners’ funds have produced top quartile private equity returns.”