Blackstone Sells $1.1 Billion of PE Fund Stakes to Ares

Blackstone Inc.’s Strategic Partners unit sold a $1.1 billion portfolio of private equity fund interests to Ares Management Corp.

The portfolio consists of older fund stakes that Strategic Partners had acquired from institutional sellers, according to people with knowledge of the matter, asking not to be identified discussing confidential information.

This is the largest private equity deal completed by Ares’ secondaries group. PJT Partners Inc. advised on the transaction, the people said.

Representatives for Blackstone, Ares and PJT declined to comment.

Strategic Partners, led by Verdun Perry, has $69 billion of assets under management and about 5,500 ...