Summary of Risk Factors

There is no specific recommended holding period for the product. The actual risk can vary significantly, and you may get back less. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts how much you get back. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.

Complete information on the risks of investing in the fund are set out in the Prospectus. Capitalized terms used but not defined will have the meanings set forth in the latest visa stamped version of the prospectus of the fund (“Prospectus”).

The attention of potential investors is drawn to the risks to which any investor is exposed by investing in the fund. Potential investors should pay particular attention to the risks described in the dedicated section of the Prospectus and Key Information Document (KID). In making an investment decision, investors must rely on their own examination of the fund and the terms of the offering, including the merits and risks involved. Potential investors should not construe the contents of this document as legal, tax, investment or accounting advice.

The risks include, but are not limited to, the following:

• This is a “blind pool” offering and thus you will not have the opportunity to evaluate our future investments before we make them.


• We have implemented a periodic redemption program, but there is no guarantee we will be able to make such redemptions and if we do only a limited number of shares/units will be eligible for redemption and redemptions will be subject to available liquidity and other significant restrictions. This means that the fund will be more illiquid than other investment products or portfolios. In addition, there are limits on the ownership and transferability of our shares/units. As such, the fund can be described as illiquid in nature.


• Further, the valuation of the fund’s investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be sold.


• An investment in our shares/units is not suitable for you if you need ready access to the money you invest.


• The purchase and redemption price for our shares/units will be based on our net asset value (“NAV”) and are not based on any public trading market. While there will be independent valuations of our direct investments from time to time, the valuation of investments can be subjective, and our NAV may not accurately reflect the actual price at which our investments could be liquidated on any given day.


• The acquisition of our investments may be financed in substantial part by borrowing, which increases our exposure to loss. The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to adverse economic factors.


• The fund’s investment activities in particular, are affected by general economic and market conditions, such as interest rates, availability and spreads of credit, credit defaults, inflation rates, economic uncertainty, changes in tax, currency control and other applicable laws and regulations, trade barriers, technological developments and national and international political, environmental and socioeconomic circumstances. Identifying, closing and realizing attractive investments that fall within the funds investment mandate is highly competitive and involves a high degree of uncertainty.


• The fund’s investments may be concentrated at any time in a limited number of industries, geographies or investments, and, as a consequence, may be more substantially affected by the unfavorable performance of even a single investment as compared to a more diversified portfolio. In any event, diversification is not a guarantee of either a return or protection against loss in declining markets.


• A fund’s fees and expenses may offset or exceed its profits. In considering any investment performance information contained in the document and related materials (“the Materials”), recipients should bear in mind that past performance does not predict future returns.


• Investors are advised that only a small percentage of their overall investment portfolio should be invested in an ELTIF. Where the life of an ELTIF exceeds 10 years, ELTIFs might not be the right product for retail investors as they might be unable to sustain such a long term and illiquid commitment. Where a possibility of the matching of shares/units of the ELTIF is stated in the documentation of the ELTIF, that this matching provision alone doesn’t entitle retail investors to an exit or redeem right


• Although the investment professionals of Blackstone have extensive investment experience generally, including extensive experience operating and investing for the PE Platform, the fund has only recently commenced operations and has limited operating history. We cannot provide assurance that Blackstone will be able to successfully implement the fund’s investment strategy, or that investments made by the fund will generate expected returns.

Conflicts of Interest

There may be occasions when the fund’s AIFM, Investment Manager and their affiliates will encounter potential conflicts of interest in connection with the fund’s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of the fund’s investors. There can be no assurance that Blackstone will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to the fund.

Exchange Currency Risk

The fund is denominated in U.S. dollars (USD) Shareholders/unitholders holding shares/units with a reporting currency other than the denominated currency (if any) should acknowledge that they are exposed to fluctuations of the denominated currency foreign exchange rate and/or hedging costs (as applicable), which may lead to variations on the amount to be distributed, and all subscription payments and distributions, as well as returns, will be calculated and reported in the reporting currency of the Class. This risk is not considered in the indicator shown above. If applicable, currency fluctuations and expenses related to hedging transactions may negatively impact the returns of the fund as a whole. Each Class of Shares may differ in overall performance, and certain fees (including, but not limited to, the Management Fee, Performance Participation Allocation and AIFM and Administration Fee) will be calculated in the reference currency. The fund will incur expenses in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations.

Highly Competitive Market for Investment Opportunities

The activity of identifying, completing and realizing attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance that the fund will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that the fund will be able to fully invest its available capital. There is no guarantee that investment opportunities will be allocated to the fund and/or that the activities of Blackstone’s other funds will not adversely affect the interests of the fund.

Lack of Liquidity

There is no current public trading market for the shares/units , and Blackstone does not expect that such a market will ever develop. Therefore, repurchase of shares/units by the fund will likely be the only way for you to dispose of your shares/units. The fund expects to offer to repurchase shares/units at a price equal to the applicable net asset value as of the repurchase date and not based on the price at which you initially purchased your shares/units. Shares/units redeemed within [x years] of the date of the effective subscription and will be redeemed at [%] of the applicable net asset value as of the redemption date, unless such deduction is waived by the fund in its discretion, including without limitation in case of redemptions resulting from death, qualifying disability or divorce. As a result, you may receive less than the price you paid for your shares/units when you sell them to the fund pursuant to the fund’s share/unit redemption program.

The vast majority of the fund’s assets are expected to consist of investments that cannot generally be readily liquidated without impacting the fund’s ability to realize full value upon their disposition. Therefore, the fund may not always have a sufficient amount of cash to immediately satisfy redemption requests. As a result, your ability to have your shares/units redeemed by the fund may be limited and at times you may not be able to liquidate your investment.

No Assurance of Investment Return

Prospective investors should be aware that an investment in the fund is speculative and involves a high degree of risk. There can be no assurance that the fund will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met (or that the returns will be commensurate with the risks of investing in the type of transactions described herein). The portfolio companies in which the fund may invest (directly or indirectly) are speculative investments and will be subject to significant business and financial risks. The fund’s performance may be volatile. An investment should only be considered by eligible investors who can afford to lose all or a substantial amount of their investment. A fund will incur costs which will impact on the investment return throughout the life of such fund. Fund costs may include, for example: fund management; fund administration and servicing; legal; compliance; record-keeping; certain kinds of distribution charges; and other operating costs. A fund’s fees and expenses may offset or exceed its profits. A more detailed description of relevant fund costs and expenses is included in a fund’s offering documents.

Recent Market Events Risk

Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recession, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on the fund and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in the fund may be increased.

Reliance on Key Management Personnel

The success of the fund will depend, in large part, upon the skill and expertise of certain Blackstone professionals. In the event of the death, disability or departure of any key Blackstone professionals, the business and the performance of the fund may be therefore adversely affected. Some Blackstone professionals may have other responsibilities, including senior management responsibilities, throughout Blackstone and, therefore, conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance-based compensation).

Risk of Capital Loss

The fund offers no capital guarantee. This investment involves a significant risk of capital loss and should only be made if an investor can afford the loss of its entire investment. There are no guarantees or assurances regarding the achievement of investment objectives or performance. This product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose some or all of your investment. The fund’s fees and expenses may offset or exceed its profits. In considering any investment performance information contained in this document and related materials (“the Materials”), recipients should bear in mind that past performance does not predict future returns.

Risks of Secondary Investing

The funds managed by Strategic Partners (the “SP Funds”) expect to invest primarily in third party – sponsored private investment funds (“Underlying Funds”) and, indirectly, in investments selected by such unrelated sponsors. The interests in which the SP Funds seek to invest are highly illiquid and typically subject to significant restrictions on transfer, including a requirement for approval of the transfer by the general partner or the investment manager of the Underlying Funds. The SP Funds will not have an active role in the management of the Underlying Funds or their portfolio investments. The overall performance of the SP Funds will depend in large part on the acquisition price paid by the SP Funds for secondary investments and on the structure of the acquisitions. The performance of the SP Funds will be adversely affected in the event the valuations assumed by Strategic Partners in the course of negotiating acquisitions of investments prove to be too high. The activity of identifying and completing attractive secondary investments is highly competitive and involves a high degree of uncertainty. There can be no assurance that the SP Funds will be able to identify and complete investments which satisfy their rate of return objectives, or that they will be able to invest fully their committed capital. In many cases, the SP Funds expect to have the opportunity to acquire portfolios of Underlying Funds from sellers on an ‘all or nothing’ basis. It may be more difficult for Strategic Partners to successfully value and close on investments being sold on such basis. In addition, the SP Funds may invest with third parties through joint ventures, structured transactions and similar arrangements. These arrangements may expose the SP Funds to risks associated with counterparties in addition to the risks associated with the Underlying Funds and their managers and portfolio companies.

Sustainability Risks

The fund may be exposed to a sustainability event or condition that, if it occurs, could have a material adverse effect, actual or potential, on the value of the investments made by the fund. Blackstone seeks to identify material sustainability risks as part of its investment process.

Target Allocations

There can be no assurance that the fund will achieve its objectives or avoid substantial losses. Allocation strategies and targets depend on a variety of factors, including prevailing market conditions and investment availability. There is no guarantee that such strategies and targets will be achieved and any particular investment may not meet the target criteria.

Use of Leverage

The fund intends to borrow money. If returns on such investment exceed the costs of borrowing, investor returns will be enhanced. However, if returns do not exceed the costs of borrowing, the fund’s performance will be depressed. This includes the potential for the fund to suffer greater losses than it otherwise would have. The effect of leverage is that any losses will be magnified. The use of leverage involves a high degree of financial risk and will increase the fund’s exposure to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the investments. This leverage may also subject the fund and its investments to restrictive financial and operating covenants, which may limit flexibility in responding to changing business and economic conditions. For example, leveraged entities may be subject to restrictions on making interest payments and other distributions. In addition, because the fund will pay all expenses, including interest, associated with the use of leverage or borrowings, investors will indirectly bear such costs.

Valuations Matters

The valuation of the fund’s investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined has a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be sold.

Important Disclaimer Information

Case Studies. The selected investment examples, case studies and/or transaction summaries presented or referred to herein may not be representative of all transactions of a given type or of investments generally and are intended to be illustrative of the types of investments that have been made or may be made by a Fund in employing such Fund’s investment strategies. It should not be assumed that a Fund will make equally successful or comparable investments in the future. Moreover, the actual investments to be made by a Fund or any other future fund will be made under different market conditions from those investments presented or referenced in the Materials and may differ substantially from the investments presented herein as a result of various factors. Prospective investors should also note that the selected investment examples, case studies and/or transaction summaries presented or referred to herein have involved Blackstone professionals who will be involved with the management and operations of a Fund as well as other Blackstone personnel who will not be involved in the management and operations of such Fund. Certain investment examples described herein may be owned by investment vehicles managed by Blackstone and by certain other third-party equity partners, and in connection therewith Blackstone may own less than a majority of the equity securities of such investment. Further investment details are available upon request.

Diversification; Potential Lack Thereof. Diversification is not a guarantee of either a return or protection against loss in declining markets. The number of investments which the fund makes may be limited, which would cause the fund’s investments to be more susceptible to fluctuations in value resulting from adverse economic or business conditions with respect thereto. There is no assurance that any of the fund’s investments will perform well or even return capital; if certain investments perform unfavorably, for the fund to achieve above-average returns, one or a few of its investments must perform very well. There is no assurance that this will be the case. In addition, certain geographic regions and/or industries in which the fund is heavily invested may be more adversely affected from economic pressures when compared to other geographic regions and/or industries.

Estimates/Targets. Any estimates, targets, forecasts, or similar predictions or returns set forth herein are based on assumptions and assessments made by Blackstone that it considers reasonable under the circumstances as of the date hereof. They are necessarily speculative, hypothetical, and inherently uncertain in nature, and it can be expected that some or all of the assumptions underlying such estimates, targets, forecasts, or similar predictions or returns contained herein will not materialize and/or that actual events and consequences thereof will vary materially from the assumptions upon which such estimates, targets, forecasts, or similar predictions or returns have been based. Among the assumptions to be made by Blackstone in performing its analysis are (i) the amount and frequency of current income from an investment, (ii) the holding period length, (iii) EBITDA growth and cost savings over time, (iv) the manner and timing of sale, (v) exit multiples reflecting long-term averages for the relevant asset type, (vi) customer growth and other business initiatives, (vii) availability of financing, (viii) potential investment opportunities Blackstone is currently or has recently reviewed, and (ix) overall macroeconomic conditions such as GDP growth, unemployment and interest rate levels. Inclusion of estimates, targets, forecasts, or similar predictions or returns herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of such information, and neither Blackstone nor a Fund is under any obligation to revise such returns after the date provided to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying such returns are later shown to be incorrect. None of Blackstone, a Fund, their affiliates or any of the respective directors, officers, employees, partners, shareholders, advisers, and agents of any of the foregoing makes any assurance, representation, or warranty as to the accuracy of such assumptions. Investors and clients are cautioned not to place undue reliance on these forward-looking statements. Recipients of the Materials are encouraged to contact Fund representatives to discuss the procedures and methodologies used to make the estimates, targets, forecasts, and/or similar predictions or returns and other information contained herein.
 
Index Comparison. The volatility and risk profile of the indices presented is likely to be materially different from that of a Fund. In addition, the indices employ different investment guidelines and criteria than a Fund and do not employ leverage; as a result, the holdings in a Fund and the liquidity of such holdings may differ significantly from the securities that comprise the indices. The indices are not subject to fees or expenses and it may not be possible to invest in the indices. The performance of the indices has not been selected to represent an appropriate benchmark to compare to a Fund’s performance, but rather is disclosed to allow for comparison of a Fund’s performance to that of well-known and widely recognized indices. A summary of the investment guidelines for the indices presented is available upon request. In the case of equity indices, performance of the indices reflects the reinvestment of dividends.
 
Images. The Materials contain select images of certain investments that are provided for illustrative purposes only and may not be representative of an entire asset or portfolio or of a Fund’s entire portfolio. Such images may be digital renderings of investments rather than actual photos.

Logos. The logos presented herein were not selected based on performance of the applicable company or sponsor to which they pertain. Logos were selected to illustrate managers and/or portfolio companies that are indicative representations of the thesis, theme, or trend discussed on the slide(s) where they appear. In Blackstone’s opinion, the logos selected were generally the most applicable examples of the given thesis, theme, or trend discussed on the relevant slide(s). All rights to the trademarks and/or logos presented herein belong to their respective owners and Blackstone’s use hereof does not imply an affiliation with, or endorsement by, the owners of these logos.

PME calculation methodology. PME data contained herein was generated by Cambridge Associates’ PME tool as of March 31, 2025, and was not calculated by Blackstone. 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 ACWI). There are multiple PME calculation methodologies that can be used to compare private and public markets, and the use of a different PME calculation methodology may result in a different outcome than the one shown here. Cambridge Associates’ Private Investments Database is a collection of private fund performance including the performance of buyout, growth equity, private equity energy and subordinated capital funds. The private fund and investment‐level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers are independently recreated from the financial statements and verified by Cambridge Associates. The performance is reported on a one‐quarter lag from the end of the performance quarter due to the reporting time frame of the managers. Unlike the indices presented, BXINFRA does and will continue to employ leverage, which will increase the volatility of BXINFRA’s investments and will magnify the potential for loss of amounts invested in BXINFRA.

Sustainability. Sustainability-related initiatives (“Sustainability initiatives”), except to the extent they represent a fund-specific promoted characteristic as described in the fund’s Offering Documents or other applicable governing documents (“Blackstone Sustainability Initiatives”), described in these materials related to Blackstone’s portfolio, portfolio companies, and investments (collectively, “portfolio companies”) are aspirational and not guarantees or promises that all or any such initiatives will be achieved. Statements about Blackstone Sustainability Initiatives or practices related to portfolio companies do not apply in every instance and depend on factors including, but not limited to, the relevance or implementation status of a Sustainability initiative to or within the portfolio company; the nature and/or extent of investment in, ownership of, control or influence exercised by Blackstone with respect to the portfolio company; and other factors as determined by investment teams, corporate groups, asset management teams, portfolio operations teams, companies, investments, and/or businesses on a case-by-case basis. In particular, the Blackstone Sustainability Initiatives or practices described in these Materials are less applicable to or not implemented at all with respect to Blackstone’s public markets investing businesses, specifically, Credit and Insurance, Hedge Fund Solutions (BAAM or BXMA) and Harvest. In addition, Blackstone will not pursue Blackstone Sustainability Initiatives for every portfolio company, except as explicitly stated in the fund’s Offering Documents or other applicable governing documents. Where Blackstone Sustainability Initiatives are pursued for portfolio companies, there is no guarantee that Blackstone will successfully create positive sustainability-related results, enhance long-term shareholder value and/or achieve financial returns. There can be no assurance that any of the Sustainability initiatives described in these Materials will exist in the future, will be completed as expected or at all, or will apply to or be implemented uniformly across Blackstone business units or across all portfolio companies within a particular Blackstone business unit. Blackstone may select or reject portfolio companies or investments on the basis of sustainability-related investment risks, consistent with Blackstone’s objectives to seek to maximize risk adjusted returns, and this may cause Blackstone’s funds and/or portfolio companies to  perform differently relative to other sponsors’ funds and/or portfolio companies that do not consider sustainability-related investment risks at all or that evaluate sustainability-related investment risks in a different manner. Any selected investment examples, case studies, and/or transaction summaries presented or referred to in these Materials are provided for illustrative purposes only and should not be viewed as representative of the present or future success of Sustainability initiatives implemented by Blackstone or its portfolio companies or of a given type of Sustainability initiatives generally. There can be no assurance that Blackstone’s investment objectives for any fund will be achieved or that its investment programs will be successful. There can be no assurance that Sustainability initiatives will continue or be successful. Past performance is not a guarantee of future results and does not predict future returns. With respect to references within this Material to “material” sustainability-related factors or considerations, for the purposes of this document, “material” represents those sustainability-related factors or considerations that Blackstone determines have – or have the potential to have – a material impact on an investment’s going-forward ability to create, preserve or erode economic value for the firm and its stakeholders. The word “material” as used in such context should not necessarily be equated to or taken as a representation about the “materiality” of such sustainability-related factors under the US federal securities laws, the SFDR, or any similar legal or regulatory regime globally. While Blackstone believes sustainability-related factors can enhance long term value, Blackstone does not pursue an ESG or Sustainability-based investment strategy or limit its investments to those that meet specific sustainability-related criteria or standards, except with respect to products or strategies that are explicitly designated as doing so in their Offering Documents or other applicable governing documents. Any such sustainability-related factors do not qualify Blackstone’s objectives to seek to maximize risk adjusted returns. Some, or all, of the Blackstone Sustainability initiatives described in these Materials may not apply to the fund’s investments and none are binding aspects of the management of the fund or its assets (except as may be identified in the fund’s Offering Documents). See “SFDR” below for further detail.

SFDR. The fund promotes environmental and/or social characteristics as identified in the fund’s Offering Documents. The fund may make one or more “sustainable investments” within the meaning of Article 2(17) of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 (the “SFDR”) but does not commit to make any such investment. As a result, the fund is currently classified as an Article 8 financial product under the SFDR. Note, there is currently no formal acknowledgement of the classification by the relevant EEA competent authorities and there is no guarantee that any regulator will classify the fund as such. A decision to invest should take into account the objectives and characteristics of the fund as set out in more detail in the fund’s Offering Documents.

Third Party Information. Certain information contained in the Materials has been obtained from sources outside Blackstone, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information.

Trends. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

Index Definitions

Bloomberg US Aggregate Bond Index: The Bloomberg Aggregate Bond Index is an index of US dollar-denominated, investment-grade US corporate, government, and mortgage‐backed securities.

Cambridge Global Private Equity Index. The Cambridge Associates Global Private Equity Index is a horizon calculation based on data compiled from global buyout, growth, and secondary funds formed between 1988 and 2023.

Cambridge Infrastructure Index. The Cambridge Infrastructure Index is a horizon calculation based on data compiled from 93 infrastructure funds, including fully liquidated partnerships, formed between 1993 and 2015. Private indexes are pooled horizon internal rate of return (IRR) calculations, net of fees, expenses, and carried interest.

MSCI ACWI Index. MSCI ACWI Index represents all global public equity markets. The MSCI ACWI ex US Index excludes the US equity market. “ACWI” is an acronym for All Country World Index.

S&P Global Infrastructure Index. 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.