Blackstone Private Markets Allocator Tool

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Index Definitions

Bloomberg US Treasury Index: The index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills and STRIPS are excluded. The index assumes reinvestment of all distributions and interest payments.

Bloomberg US Corporate Bond Index: The Bloomberg US Corporate Bonds Bond Index is an index of US dollar-denominated, investment-grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities issued by US and non-US industrial, utility and financial issuers.

Cambridge Associates Private Infrastructure Index: This index is a horizon calculation based on data compiled from infrastructure funds, including fully liquidated partnerships, formed between 1993 and 2025. Private infrastructure yield figures displayed in this analysis are a proxy developed using the S&P Global Infrastructure Index.

Cambridge Associates US Private Equity Index: This index is a horizon calculation based on data compiled from US buyout and growth equity funds, formed between 1986 and 2025.

Cliffwater Direct Lending Index: The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of US middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements.

Consumer Price Index for All Urban Consumers (All Items in US City Average): The Consumer Price Index for All Urban Consumers: All Items (CPIAUCSL) is a price index of a basket of goods and services paid by urban consumers. Percent changes in the price index measure the inflation rate between any two time periods. The most common inflation metric is the percent change from one year ago. It can also represent the buying habits of urban consumers. This particular index includes roughly 88% of the total population, accounting for wage earners, clerical workers, technical workers, self-employed, short-term workers, unemployed, retirees, and those not in the labor force.

MSCI Emerging Markets Index: The MSCI Emerging Markets Index is used to measure the stock market performance within emerging countries. It is one of many indexes created by Morgan Stanley Capital International (MSCI). The index captures mid- to large-cap companies across over 12 emerging countries.

MSCI World ex USA Index: The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

NFI-OCDE Index: The National Council of Real Estate Investment Fiduciaries Fund Index – Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 38 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Measurement is time-weighted. NCREIF will calculate the overall aggregated Index return.

S&P 500 Index: The index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies.  Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted.

S&P Global Infrastructure Index: The S&P Global Infrastructure Index is a benchmark that tracks the performance of 75 of the largest publicly-traded infrastructure companies in the world. The index is made up of companies from developed and emerging markets, and is diversified across the energy, transportation, and utilities sectors.