Blackstone’s Secondaries Unit Hits $100 Billion as Demand Grows

Blackstone Inc.’s secondaries business reached $100 billion of assets under management in the first quarter, making it one of the biggest players in the market for selling secondhand stakes.

Its flagship secondaries fund collected an additional $6 billion in the first quarter of this year, bringing the total raised for that fund to $11 billion, Blackstone President Jon Gray said on a call with analysts to discuss the firm’s first-quarter results Thursday.