Blackstone is seeking to raise at least $3bn for a new real estate secondaries fund, targeting discounted stakes in existing property vehicles as liquidity pressures continue across the sector, according to Bloomberg.

The fund, managed by Blackstone’s Strategic Partners secondaries business, will reportedly acquire interests in core real estate funds from asset managers and limited partners at discounts to net asset value. It will focus primarily on vehicles holding data centres, rental housing and industrial properties. Strategic Partners raised $2.6bn for its previous real estate secondaries fund in 2023.

The fundraising comes as elevated borrowing costs, weaker property valuations and subdued transaction activity continue to constrain liquidity in real estate markets. These conditions have increased demand for secondary transactions, allowing investors to exit existing holdings while providing buyers with opportunities to acquire assets at discounted valuations.

GP-led real estate secondaries transactions reached $14.5bn in 2025, a 60% increase from the previous year, according to Ares Management. The firm reportedly expects volumes to double over the coming years, while continuation vehicles are increasingly being used by managers seeking to retain exposure to assets in sectors including logistics, data centres and senior housing.