The strategy will target both GP-led and LP-led transactions, with an emphasis on secured exposure to asset-backed businesses.
Dover Street XII is targeting $20 billion in capital commitments, with a final close expected in December 2027.
CEO Michael Arougheti expects more institutional credit portfolios to come to market over the next two years as investors reposition their holdings.
The New York-based manager is also planning a successor to its GP-led secondaries fund in 2027 and is targeting an H1 first close for its debut credit secondaries offering.
SecondaryLink first reported on the Euronext-listed manager's plans to launch credit & infrastructure secondaries products in July.
The Texas-based alternative investment manager specializes in private credit, with strategies spanning direct lending, portfolio finance, and capital solutions.
Blackstone Strategic Partners X has secured approximately 73% of its $22 billion target.
The fund's predecessor, Strategic Partners Real Estate VIII, closed with $2.6 billion in capital commitments in 2023.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
Its next private equity flagship is slated for early 2027, while parent company EQT is laying the groundwork for an infrastructure secondaries platform.
