02:35 PM EDT, 04/19/2024 (MT Newswires) -- Blackstone's (BX) funds business Strategic Partners sold a portfolio of private equity fund interests worth $1.1 billion to Ares Management ( ARES ) , Bloomberg News reported Friday, citing people with knowledge of the matter.

The portfolio consists of older fund stakes Strategic Partners purchased from institutional investors. This is the largest private equity transaction by Ares' secondaries group, according to the report.

Ares declined to comment, while Blackstone did not immediately respond to MT Newswires' request for comment.

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