{"id":115,"date":"2020-06-26T16:26:06","date_gmt":"2020-06-26T20:26:06","guid":{"rendered":"https:\/\/pws.blackstone.com\/apac\/?page_id=115"},"modified":"2022-10-20T18:46:08","modified_gmt":"2022-10-20T18:46:08","slug":"secondaries","status":"publish","type":"page","link":"https:\/\/pws.blackstone.com\/apac\/education-insights\/blackstone-university\/secondaries\/","title":{"rendered":"Secondaries"},"content":{"rendered":"<div class=\"wp-block-blackstone-page-header has-alignement-center has-none-negative-spacing is-style-white-centered is-style-white-centered\" style=\"background-color: #fff; color: #000;\">\n\t<div class=\"wp-block-blackstone-page-header__image-container\" >\n\t\t\t\t\t<\/div>\n\t<div class=\"wp-block-blackstone-page-header__inner-container container-fluid\" >\n\t\t<div class=\"wp-block-blackstone-page-header__title-container\">\n\t\t\t\t\t\t\t\t\t\t<h1 class=\"wp-block-blackstone-page-header__title is-style-h1\">Secondaries<\/h1>\n\t\t\t\t\t\t\t\t\t\t<p class=\"wp-block-blackstone-page-header__text is-style-h4\">Once a niche market, secondary private equity has become a more mature asset class and an important source of liquidity for private equity funds.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"wp-block-group brightcove-block\">\t\t<!-- Start of Brightcove Experience Player -->\n\n\t\t\t\t\t<div data-experience=\"5f4d43667dbce10022d4f0b8\"\n\t\t\t\tdata-video-ids=\"6261887439001\" data-usage=\"cms:WordPress:6.7.5:2.8.1:experiencejavascript\" style=\"display: block; position: relative; min-width: 0px max-width: 640px; width: 640px; height: 100%;\">\n\t\t\t<\/div>\n\t\t\t<script data-src=\"https:\/\/players.brightcove.net\/5843213364001\/experience_5f4d43667dbce10022d4f0b8\/live.js\"><\/script> \t\t\t\n\t\t<!-- End of Brightcove Experience Player -->\n\n\t\t<\/div>\n\n\n<h2 class=\"has-text-align-center wp-block-heading\">Understanding Secondaries<\/h2>\n\n\n<div class=\"bs-slider-block-wrapper auto-height\" data-slug=\"secondaries\"><div class=\"mobile-slider\"><button class=\"mobile-slider__left mobile-slider__buttons\"><span class=\"visually-hidden\">Scroll left<\/span><\/button><div><ul class=\"bstn-performance-slider-navigation mobile-slider__menu\"><li class=\"mobile-slider__menu-item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"Growing Market\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"Growing Market\" data-gtm-tag_name=\"Page Engagement Click\"><button class=\"bstn-performance-slider-navigation__item is-active\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"Growing Market\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"Growing Market\" data-gtm-tag_name=\"Page Engagement Click\"><span class=\"visually-hidden\">Go to slide <\/span>Growing Market<\/button><\/li><li class=\"mobile-slider__menu-item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"Earlier Returns of Capital\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"Earlier Returns of Capital\" data-gtm-tag_name=\"Page Engagement Click\"><button class=\"bstn-performance-slider-navigation__item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"Earlier Returns of Capital\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"Earlier Returns of Capital\" data-gtm-tag_name=\"Page Engagement Click\"><span class=\"visually-hidden\">Go to slide <\/span>Earlier Returns of Capital<\/button><\/li><li class=\"mobile-slider__menu-item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"Buying Already Identified Assets\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"Buying Already Identified Assets\" data-gtm-tag_name=\"Page Engagement Click\"><button class=\"bstn-performance-slider-navigation__item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"Buying Already Identified Assets\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"Buying Already Identified Assets\" data-gtm-tag_name=\"Page Engagement Click\"><span class=\"visually-hidden\">Go to slide <\/span>Buying Already Identified Assets<\/button><\/li><\/ul><\/div><button class=\"mobile-slider__right mobile-slider__buttons\"><span class=\"visually-hidden\">Scroll right<\/span><\/button><\/div><div class=\"bs-slider-block\" data-event-label=\"secondaries---understanding-secondaries\"><div id=\"slider-item-Growing Market\" class=\"bs-slider-item\" data-pagination-align=\"left\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"chart-block\">\n<div id=\"graph-block__6a26630e037ab\" class=\"graph graph__block\" data-graph=\"{\ncredits: {\n\tenabled: false\n\t},\n\tchart: {\n\ttype: &quot;column&quot;,\n\t},\n\ttitle: {\n\ttext: &quot;Annual Secondary Volume: 2009-2021&quot;\n\t},\n\tsubtitle: {\n\ttext: &quot;&quot;\n\t},\n\tyAxis: {\n\t\ttitle: {\n\t\t\ttext: &#039;Secondary Market Volume ($B)&#039;\n\t\t},\n\t\tmax: 150,\n\t},\n\txAxis: {\n\t\ttickInterval: 1,\n\t\tcategories: [\n\t\t\t2009,\n\t\t\t2010,\n\t\t\t2011,\n\t\t\t2012,\n\t\t\t2013,\n\t\t\t2014,\n\t\t\t2015,\n\t\t\t2016,\n\t\t\t2017,\n\t\t\t2018,\n\t\t\t2019,\n\t\t\t2020,\n\t\t\t2021,\n\t\t]\n\t},\n\ttooltip: {\n\t\tenabled: false,\n\t},\n\tcolors: [&#039;#129777&#039;],\n\tseries: [\n\t\t{\n\t\t\tdata: [\n\t\t\t\t11,\n\t\t\t\t23,\n\t\t\t\t25,\n\t\t\t\t25,\n\t\t\t\t28,\n\t\t\t\t42,\n\t\t\t\t40,\n\t\t\t\t37,\n\t\t\t\t58,\n\t\t\t\t74,\n\t\t\t\t88,\n\t\t\t\t60,\n\t\t\t\t130\n\t\t\t],\n\t\t\tdataLabels: {\n\t\t\t\tenabled: true,\n\t\t\t\ty: 0,\n\t\t\t\tformatter: function() {\n\t\t\t\t\treturn &#039;&lt;span&gt;$&#039; + this.point.y + &#039;&lt;\/span&gt;&#039;;\n\t\t\t\t},\n\t\t\t}\n\t\t},\n\t\t{\n\t\t\ttype: &#039;line&#039;,\n\t\t\tname: &#039;~12x Growth in Volume&#039;,\n\t\t\tdata: [\n\t\t\t\t[0, 25],\n\t\t\t\t[12, 145]\n\t\t\t],\n\t\t\tmarker: {\n\t\t\t\tenabled: true\n\t\t\t},\n\t\t\tdataLabels: {\n\t\t\t\tenabled: false\n\t\t\t},\n\t\t\tlineWidth: 1,\n\t\t\tenableMouseTracking: false,\n\t\t\tstates: {\n\t\t\t\tinactive: {\n\t\t\t\t\topacity: 1\n\t\t\t\t}\n\t\t\t}\n\t\t}\n\t],\n\tcaption: {\n\t\ttext: &#039;&#039;,\n\t\tstyle: {\n\t\t\t&quot;font-size&quot;: &quot;9px&quot;\n\t\t}\n\t},\n\tlegend: {\n\t\tenabled: false,\n\t},\n\tannotations: [{\n\t\tlabels: [{\n\t\t\tpoint: {\n\t\t\t\tx: 6,\n\t\t\t\ty: 124,\n\t\t\t\txAxis: 0,\n\t\t\t\tyAxis: 1,\n\t\t\t},\n\t\t\ttext: &#039;~12x Growth in Volume&#039;\n\t\t}],\n\t\tlabelOptions: {\n\t\t\tbackgroundColor: &#039;#fff&#039;,\n\t\t\tborderColor: &#039;#dbdbdb&#039;,\n\t\t\tallowOverlap: true,\n\t\t}\n\t}],\n}\" data-print-width=\"\" data-print-height=\"\" data-load-on-scroll=\"false\"><\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\">Growing Market<\/h4>\n<p class=\"is-style-body-2\">In 2009, secondary deals executed globally totaled $11 billion. By 2021, the market totally $130 billion, a nearly twelve-fold increase. As primary commitments rise, there could be room for even more growth within the secondaries market.<\/p>\n<p class=\"is-style-footnote\">Source: Greenhill. As of 12\/31\/2021<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"slider-item-Earlier Returns of Capital\" class=\"bs-slider-item\" data-pagination-align=\"left\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"is-style-h5 wp-block-heading\">Primary &amp; Secondary Investment Lifecycles<\/h2>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"965\" width=\"1024\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?w=1024\" alt=\"\" class=\"wp-image-3496\" srcset=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png 2349w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=300,283 300w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=768,724 768w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=1024,965 1024w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=1536,1448 1536w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=2048,1930 2048w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=24,24 24w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=800,754 800w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2022\/10\/secondaries-carousel-earlier-returns-of-capital.png?resize=1000,943 1000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\">Earlier Returns of Capital<\/h4>\n<p class=\"is-style-body-2\">Unlike primary funds, secondary funds buy interests in funds that have mostly completed their investment periods, containing portfolio companies that are already generating cash flow. As a result, secondary funds typically return investor capital sooner because they purchase stakes at later stages in the private equity lifecycle.<\/p>\n<p class=\"is-style-footnote\">For informational purposes only. The above is not meant to be predictive of the performance of any particular fund.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"slider-item-Buying Already Identified Assets\" class=\"bs-slider-item\" data-pagination-align=\"left\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"967\" width=\"1024\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?w=1024\" alt=\"\" class=\"wp-image-161\" srcset=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png 1142w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?resize=300,283 300w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?resize=768,725 768w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?resize=1024,967 1024w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?resize=24,24 24w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?resize=800,755 800w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/bxu_secondaries_primaryvssecondary_white.png?resize=1000,944 1000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/staging.blackstone.com\/private-wealth-solutions\/education-insights\/blackstone-university\/secondaries#pws---secondaries\"><\/a>Buying Already Identified Assets<\/h4>\n<p class=\"is-style-body-2\">Secondary investors buy interests after the fund has been investing for 6-10 years, meaning that 85%-95% of the assets that will be purchased have already been identified.<\/p>\n<\/div>\n<\/div>\n<p class=\"\">\n<\/div>\n<\/div><div class=\"bs-slider-dots\" style=\"\"><button class=\"bs-slider-dots__item is-active\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"secondaries\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"dot\" data-gtm-tag_name=\"Page Engagement Click\"><span class=\"visually-hidden\">Go to slide <\/span><\/button><button class=\"bs-slider-dots__item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"secondaries\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"dot\" data-gtm-tag_name=\"Page Engagement Click\"><span class=\"visually-hidden\">Go to slide <\/span><\/button><button class=\"bs-slider-dots__item\"  data-gtm-category=\"Page Engagement\" data-gtm-action=\"Carousel Toggle\" data-gtm-label=\"secondaries\" data-gtm-component_type=\"Slider\" data-gtm-click_text=\"dot\" data-gtm-tag_name=\"Page Engagement Click\"><span class=\"visually-hidden\">Go to slide <\/span><\/button><\/div><\/div>\n\n\n<div style=\"height:80px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group is-style-image-offset-top has-black-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns is-style-mobile-reverse is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"mb-large wp-block-heading\" id=\"Contentplaceholder1_C017_Col02\">Why Secondaries with Blackstone<\/h3>\n\n\n\n<p class=\"is-style-default\" id=\"Contentplaceholder1_C017_Col03\">We are a leading global investor in the alternative asset secondary market. We acquire interests in funds across asset classes, offering liquidity to investors, and co-invest alongside managers globally.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\" data-gtm-label=\"Why Secondaries with Blackstone | Learn More\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.blackstone.com\/the-firm\/asset-management\/strategic-partners\" target=\"_blank\" rel=\"noreferrer noopener\">Learn More<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"555\" height=\"524\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/pws-banners-thumbnails_0001_sp-banner.png?w=555\" alt=\"\" class=\"wp-image-170\" srcset=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/pws-banners-thumbnails_0001_sp-banner.png 555w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/pws-banners-thumbnails_0001_sp-banner.png?resize=300,283 300w, https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/pws-banners-thumbnails_0001_sp-banner.png?resize=24,24 24w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-style-white-box mt-xxlarge is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-media-text is-stacked-on-mobile mt-zero mb-small\" style=\"grid-template-columns:24% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"204\" height=\"102\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/group-142.png?w=204\" alt=\"\" class=\"wp-image-180 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<h3 class=\"wp-block-heading\">Private Equity<\/h3>\n\n\n\n<p class=\"is-style-body-2\">Driving fundamental improvements in businesses over the long term<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Private Equity | Learn more\"><a class=\"wp-block-button__link\" href=\"\/apac\/education-insights\/blackstone-university\/private-equity\/\">Learn More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-media-text is-stacked-on-mobile mt-zero mb-small\" style=\"grid-template-columns:24% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"204\" height=\"102\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/group-143.png?w=204\" alt=\"\" class=\"wp-image-185 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<h3 class=\"wp-block-heading\">Real Estate<\/h3>\n\n\n\n<p class=\"is-style-body-2\">Real estate has historically offered current income to investors and may appreciate in value over time<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Real Estate | Learn more\"><a class=\"wp-block-button__link\" href=\"\/apac\/education-insights\/blackstone-university\/real-estate\/\">Learn More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-style-white-box mb-xxlarge is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-media-text is-stacked-on-mobile mt-zero mb-small\" style=\"grid-template-columns:24% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"204\" height=\"102\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2020\/06\/group-144.png?w=204\" alt=\"\" class=\"wp-image-189 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<h3 class=\"wp-block-heading\">Credit<\/h3>\n\n\n\n<p class=\"is-style-body-2\">An attractive alternative investment for investors looking for yield<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Credit | Learn more\"><a class=\"wp-block-button__link\" href=\"\/apac\/education-insights\/blackstone-university\/credit\/\">Learn More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-media-text is-stacked-on-mobile mt-zero mb-small\" style=\"grid-template-columns:24% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"204\" height=\"102\" src=\"https:\/\/pws.blackstone.com\/wp-content\/uploads\/sites\/5\/2020\/06\/group-145.png?w=204\" alt=\"\" class=\"wp-image-188 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<h3 class=\"wp-block-heading\">Intro to Alts<\/h3>\n\n\n\n<p class=\"is-style-body-2\">Gain a better understanding of private market investing with an overview of key concepts<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-cta\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Hedge Funds | Learn more\"><a class=\"wp-block-button__link\" href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/blackstone-university\/intro-to-alternatives\/\">Learn More<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Related Articles<\/h3>\n\n\n\n<div class=\"wp-block-blackstone-featured-content-wrapper mb-xxlarge\">\n\t\n<div class=\"wp-block-blackstone-featured-content-wrapper  mb-xxlarge\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"bs-card bs-card__featured-content\">\n\t\t\t<a class=\"bs-card__image\" href=\"https:\/\/pws.blackstone.com\/apac\/?post_type=insight&#038;p=4507\" rel=\"bookmark\" aria-label=\"Read More about Making the Connection\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Related Articles | Making the Connection\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2024\/05\/Q3-22-JoanLetter-Thumbnail-2-\u2013-4.png?w=736&#038;h=380&#038;crop=1\" width=\"736\" height=\"380\" alt=\"\" \/>\n\t\t<\/a>\n\t\n\t\t\t<a href=\"https:\/\/pws.blackstone.com\/apac\/?post_type=insight&#038;p=4507\" class=\"bs-card__featured-content-link\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Related Articles | Making the Connection\">\n\t\n\t\t\t\t\t<div class=\"bs-card__meta\">\n\t\t\t\t<p class=\"is-style-h6\">In Practice<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"bs-card__title-container\">\n\t\t\t<h4 class=\"bs-card__title is-style-h4\">Making the Connection<\/h4>\n\t\t<\/div>\n\n\t\t<div class=\"bs-card__footnote\">\n\t\t\t<span class=\"is-style-footnote\">May 1, 2024<\/span>\n\t\t<\/div>\n\n\t\t\n\t\t\t<\/a>\n\t\n\t<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"bs-card bs-card__featured-content\">\n\t\t\t<a class=\"bs-card__image\" href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/update-from-jon-gray-transactions-accelerating\/\" rel=\"bookmark\" aria-label=\"Play Video about Update from Jon Gray: Transactions Accelerating\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Related Articles | Update from Jon Gray: Transactions Accelerating\">\n\t\t\t\t\t\t\t<i class=\"bs-card__icon bx-icon-video-play\" aria-hidden=\"true\"><\/i>\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2024\/04\/16x9-EO_20240419_Market_Views_JonathanGray_BX-55_Edit-1.jpg?w=776&#038;h=438&#038;crop=1\" width=\"776\" height=\"438\" alt=\"\" \/>\n\t\t<\/a>\n\t\n\t\t\t<a href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/update-from-jon-gray-transactions-accelerating\/\" class=\"bs-card__featured-content-link\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Related Articles | Update from Jon Gray: Transactions Accelerating\">\n\t\n\t\t\t\t\t<div class=\"bs-card__meta\">\n\t\t\t\t<p class=\"is-style-h6\">Market Views<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"bs-card__title-container\">\n\t\t\t<h4 class=\"bs-card__title is-style-h4\">Update from Jon Gray: Transactions Accelerating<\/h4>\n\t\t<\/div>\n\n\t\t<div class=\"bs-card__footnote\">\n\t\t\t<span class=\"is-style-footnote\">April 29, 2024<\/span>\n\t\t<\/div>\n\n\t\t\n\t\t\t<\/a>\n\t\n\t<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"bs-card bs-card__featured-content\">\n\t\t\t<a class=\"bs-card__image\" href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/manager-selection-is-key-in-private-markets\/\" rel=\"bookmark\" aria-label=\"Read More about Manager Selection is Key in Private Markets\u00a0| The Connection\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Related Articles | Manager Selection is Key in Private Markets\u00a0| The Connection\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pws.blackstone.com\/apac\/wp-content\/uploads\/sites\/21\/2024\/04\/Manager-Selection-is-Key-in-Private-Markets-1.png?w=650&#038;h=370&#038;crop=1\" width=\"650\" height=\"370\" alt=\"\" \/>\n\t\t<\/a>\n\t\n\t\t\t<a href=\"https:\/\/pws.blackstone.com\/apac\/education-insights\/article\/manager-selection-is-key-in-private-markets\/\" class=\"bs-card__featured-content-link\" data-gtm-category=\"Content Engagement\" data-gtm-action=\"CTA Click\" data-gtm-label=\"Related Articles | Manager Selection is Key in Private Markets\u00a0| The Connection\">\n\t\n\t\t\t\t\t<div class=\"bs-card__meta\">\n\t\t\t\t<p class=\"is-style-h6\">Investment Strategy<\/p>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"bs-card__title-container\">\n\t\t\t<h4 class=\"bs-card__title is-style-h4\">Manager Selection is Key in Private Markets\u00a0| The Connection<\/h4>\n\t\t<\/div>\n\n\t\t<div class=\"bs-card__footnote\">\n\t\t\t<span class=\"is-style-footnote\">April 25, 2024<\/span>\n\t\t<\/div>\n\n\t\t\n\t\t\t<\/a>\n\t\n\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding Secondaries Why Secondaries with Blackstone We are a leading global investor in the alternative asset secondary market. We acquire interests in funds across asset classes, offering liquidity to investors, and co-invest alongside managers globally. Private Equity Driving fundamental improvements in businesses over the long term Real Estate Real estate has historically offered current income [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":0,"parent":101,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_bx_attestation_id":0,"post_featured_image_dam":"","post_featured_image_dam_alt":"","bx_enable_eltif_gating":false,"bx_eltif_gating_id":0,"notice_alert_page_override":false,"notice_alert_id":0,"notice_alert_region_enabled":false,"notice_alert_region_id":0,"footnotes":"","no_tracking":false,"page_gating_alternative_views_active":false,"page_gating_active":false,"page_gating_decline_arrow":false,"page_gating_accept_arrow":false,"page_gating_title":"","page_gating_content":"","page_gating_decline":"","page_gating_accept":"","page_gating_action":"","page_gating_action_content":"","page_gating_ok_button":false,"page_gating_geolocations":"","country_attestation_active":false,"country_attestation_title":"","country_attestation_content":"","country_attestation_gating":"","country_attestation_countries":"","country_attestation_allowed_countries":"","country_attestation_allowed_options":"","country_attestation_restrictions":"","country_attestation_privacy":0,"country_attestation_privacy_title":"","country_attestation_additional":0,"country_attestation_additional_title":"","country_attestation_disclaimer":0,"country_attestation_disclaimer_title":"","country_attestation_decline":"","country_attestation_accept":"","breit_page_gating_enabled":false,"breit_page_gating_states":[],"_no_header_nav":false,"_no_footer_nav":false,"_no_network_nav":false,"_simplified_footer":false,"_no_seconday_footer_nav":false,"_no_footer_disclaimer":false,"_special_navigation":false,"_fund_primary_header_menu":"","_fund_footer_top_menu":"","_fund_footer_bottom_menu":"","_hide_search_icon":false,"hero_block_image_url":"","bx_redirect":""},"class_list":["post-115","page","type-page","status-publish","hentry"],"query-item-markup":"\t\t<!-- 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