This is not an offer to sell or investment advice. Investing involves risks, including loss of capital. Past performance does not predict future returns, and not all strategies have existed for the stated 40 years. Please review performance in offering materials before investing.
Diversification does not ensure a profit or protect against losses.
Hypothetical performance shown is for illustrative purposes only and does not represent the performance of any actual investment. Results may differ materially. The model assumes a participant begins contributing to a 401(k) at age 25 with no initial balance, contributes annually through age 65, and experiences a starting salary of $52,000 with 4.5% annual wage growth. Contributions increase from 8.8% of salary at age 25 to 12% at retirement at age 65. The hypothetical higher portfolio balance was calculated using asset class weights reflected in the glidepath. It assumes a 20% allocation to U.S. private markets and 80% to U.S. public markets. Returns calculations cover the period from September 30, 2004 to December 31, 2025. Public Equity is represented by the S&P 500, MSCI Emerging Markets Index, MSCI World ex-USA Index and the Russell 2000 Index. Public Fixed Income is represented by the Bloomberg US Treasury Index (Unhedged), Bloomberg US Corporate Bond Index (Unhedged), Bloomberg US Corporate High Yield Bond Index and the Bloomberg US Government Inflation-Linked 1-10Yrs Total Return Index. Private Credit is represented by the CDLI-L-NOF (Cliffwater Levered Net-of-Fee Direct Lending Index) when available (since 2019), supplemented by the Cliffwater Direct Lending Index with Blackstone’s approximate adjustment for leverage and fees for data until 2018. Private Equity is represented by the Cambridge Associates Private Equity Buyout Index. Real Assets reflect Private Infrastructure and Private Real Estate. Private infrastructure is represented by the Cambridge Associates US Private Infrastructure Index. Private Real Estate is represented by the NFI-ODCE Index. NFI-ODCE Index, Cambridge Associates Private Equity Buyout Index and Cambridge Associates US Private Infrastructure Index are net of fees. Income assumes 4% annual distribution rate and does not include Social Security. Any changes to the glidepath assumptions, including selection of historical indices, timing and amount of contributions, and allocations would impact the hypothetical growth shown, potentially adversely. It should not be assumed that any another party would have selected the same indices or applied the same assumptions.
Capital IQ, June 2024, which is the latest data available. Represents the share of companies based on the total number of public and private companies in North America, Europe, and Asia that have reported 2024, 2023, 2022, or 2021 fiscal year revenues greater than $250 million per Capital IQ’s company database.
World federation of exchanges, as of December 31, 2025.
Diversification does not ensure a profit or protect against losses. Risk mitigation seeks to protect against risk, but does not eliminate risk.
Bloomberg, as of December 31, 2025. Based on monthly returns from January 2022 to December 2025 between the S&P 500 Index (stocks) and Bloomberg US Treasury Index (bonds).
Morningstar Direct, NCREIF, as of December 31, 2024. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its investment objectives or avoid substantial losses. Indices are meant to illustrate general market performance. Comparisons shown are for informational purposes only, do not represent specific investments and are not a portfolio allocation recommendation. Private real estate is represented by the NFI-ODCE and reflects total returns excluding management and advisory fees. Public REITs are represented by the total return of the MSCI US REIT Index.
Morningstar, NCREIF, as of December 31, 2024. Past performance does not predict future returns. The strategy does not trade on a national securities exchange and is generally illiquid. The volatility and risk profile of the indices presented are likely to be materially different from that of the strategy, including that the strategy’s fees and expenses may be higher and shares in the strategy are significantly less liquid than publicly traded REITs. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives, or avoid substantial losses. Diversification does not assure a profit or protect against loss. Reflects annual gross total returns and represents the eight calendar-year periods since 1980 when the S&P 500 generated a negative return. In the other 37 calendar-year periods since 1980, the S&P 500 has generated a positive return, and this is not meant to imply that the S&P 500 has outperformed private real estate across all of these periods. Private real estate reflects the NFI-ODCE index, which reflects total returns of various private real estate funds and should not be considered reflective of the performance of any one fund or strategy. Indices are meant to illustrate general market performance. Comparisons shown are for informational purposes only, do not represent specific investments and are not a portfolio allocation recommendation. Over the last 20 years, (2005-2024), the S&P 500 and NFI-ODCE index have had a 0.0 correlation.
“Private Equity” is represented by the pooled returns of the Cambridge Private Equity Index, which includes growth equity and buyout funds. “Public Equity” is represented by the Cambridge Modified Public Market Equivalent (“PME”) analysis of the MSCI World Index. Comparisons of private equity performance to public equity performance is therefore based on the difference in performance between Cambridge Global Private Equity Index IRR and the hypothetical PME return of the MSCI World Index. Return data is from Cambridge Associates, as of March 31, 2025, and provided net of management fees, expenses and performance fees that take the form of carried interest, annualized by Blackstone. The Cambridge Private Equity Index is not representative of all Blackstone’s strategies, some of which may have different return and volatility profiles historically than those presented above. Blackstone funds are not in any way managed by reference to the Cambridge Private Equity Index. Blackstone’s investments and private equity assets are expected to face risks different than those faced by Public Equities, including significantly less liquidity, as private equity assets generally do not have liquid markets and have greater risk of default and related risk of loss of principal. Public Market Equivalent (“PME”) methodology replicates the date and amount of cash flows from Cambridge Private Equity Index capital calls or distributions in a public market index (i.e., MSCI World). PME data contained herein was generated by Cambridge Associates’ PME tool as of March 31, 2025, and was not calculated by Blackstone. The hypothetical returns generated by these cash flows then track the public market index performance with the hypothetical PME NAV at the end of a given quarter used for the hypothetical PME Index IRR calculation. Comparisons of Cambridge Private Equity Index performance to an index are therefore based on the difference in performance between Cambridge Private Equity Index IRR and the hypothetical PME IRR of the applicable public index. Hypothetical PME index performance may differ materially from the performance of such index during the same time period on account of cash flow timing. Indices are provided for illustrative purposes only, and there are significant risks and limitations related to relying on comparisons to an index, including the PME adjustments.
Morningstar, Blackstone Credit & Insurance (“BXCI”) from September 30, 2005 through June 30, 2025. “Leveraged Loans” is represented by Morningstar LSTA US Leveraged Loan Index.
Private Credit represented by Cliffwater Direct Lending Index from September 30, 2005 through June 30, 2025, which is the latest publicly available data. Total return reflects the sum of annualized income return, annualized realized gain / loss, and annualized unrealized gain / loss during the period.
Cerulli, Unlocking the Potential of Private Investments in Defined Contribution Plans, September 2025.
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