Blackstone Infrastructure Strategies ELTIF (“BXINFRA”)
Blackstone’s perpetual private infrastructure solution for eligible investors
As of March 31, 2026. For additional share classes and their respective historical NAV, please click here.
Access the benefits of Blackstone’s premier infrastructure platform
Access the benefits of Blackstone’s premier infrastructure platform
Blackstone Infrastructure Strategies ELTIF (“BXINFRA”) offers eligible individual investors access to the world’s largest alternative asset manager [ 2 ] and its $160+ billion infrastructure platform. [ 3 ] BXINFRA aims to invest in private infrastructure assets in Blackstone’s high-conviction themes, such as energy, transportation, and digital infrastructure.
Alternative asset manager [ 2 ]
#1
Infrastructure AUM across Blackstone [ 3 ]
$160B+
Blackstone Private Wealth Channel AUM [ 4 ]
$310B
Please refer to the glossary at the bottom of this page for more information on the technical terms used.
Your capital is at risk. Past performance does not predict future returns. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses or that Blackstone will be able to source or execute transactions relating to the above themes. Please refer to the BXINFRA Prospectus and Key Information Document (KID) for the full set of risks.
Literature
Historical Outperformance
Private infrastructure as an asset class has historically outperformed public markets with less volatility. [ 5 ]
Diversification Benefits
Private infrastructure has exhibited low correlation to other asset classes, providing potential diversification benefits. [ 6 ]
Potential Inflation Mitigation [ 7 ]
Infrastructure business models often have contracts indexed to inflation that can potentially provide inflation mitigants, which can help maintain profits in the face of rising costs.
Consistent Income Potential
Private infrastructure can be a steady source of income due to long-term contracts or regulatory arrangements with large-scale entities.
Past performance does not predict future returns. Performance shown for illustrative purposes only and does not represent the actual or projected returns of BXINFRA. Diversification does not ensure a profit or protect against losses. There is no assurance that BXINFRA will effectively hedge inflation. BXINFRA is not in any way managed by reference to an index. BXINFRA’s investments and Private Infrastructure assets are expected to face risks different than those faced by public equities, including significantly less liquidity, as Private Infrastructure assets generally do not have liquid markets and greater risk of default and related risk of loss of principal. Additionally, investments in private infrastructure are speculative and often include a higher degree of risk.
Why BXINFRA?
Resilient Asset Class [ 8 ]
Private infrastructure supports the global economy by providing essential services, making it a key area for investment. Private infrastructure has historically been less correlated to other asset classes, and has the potential to deliver consistent income and capital appreciation with low volatility.
Premier Platform
BXINFRA is powered by Blackstone, the world’s largest alternative asset manager [ 2 ] and benefits from its infrastructure capabilities with $160B+ of private infrastructure assets under management [ 3 ] and a robust deal-sourcing network. [ 9 ]
Built for Eligible Individual Investors
BXINFRA provides individual investors access to a diversified portfolio of private infrastructure investments in a single fund. The fund offers operationally efficient terms with monthly subscriptions, quarterly distributions and liquidity (expected, although not guaranteed). [ 10 ]
Your capital is at risk and you may lose some or all of your investment. The infrastructure industry, and BXINFRA’s investment activities, are affected by general economic and market conditions. Identifying, closing, and realizing attractive infrastructure investments for BXINFRA is highly competitive and involves a high degree of uncertainty.
High Conviction Thematic Approach
BXINFRA will invest across high-conviction infrastructure themes with durable secular tailwinds. [ 11 ]
Digital
Driven by the expansion of global connectivity, increasing mobile data usage, and the growth of AI and data proliferation
Driven by the expansion of global connectivity, increasing mobile data usage, and the growth of AI and data proliferation
Energy
Fueled by decarbonization, enhanced energy security and network resilience, and the rapid move towards electrification
Fueled by decarbonization, enhanced energy security and network resilience, and the rapid move towards electrification
Transportation
Propelled by e-commerce and evolving supply chains, as well as an increase in leisure travel
Propelled by e-commerce and evolving supply chains, as well as an increase in leisure travel
These examples are provided for illustrative purposes only and may not be representative of all investments of a given type or of all investments in BXINFRA’s portfolio, and it should not be assumed that Blackstone will make comparable investments in the future. There can be no assurance that pending or future transactions will occur as expected or at all, or that Blackstone will be able to source or execute transactions relating to the above themes.
USD
EUR
CAD
| Class I-A | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $25.46 | $25.99 | $26.74 |
| Class I-A | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class I-D | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $25.46 | $25.99 | $26.64 |
| Class I-D | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class I-D | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $0.10 |
| Class I-D | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class A-D | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $25.44 | $25.95 | $26.58 |
| Class A-D | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class A-D | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $0.10 |
| Class A-D | |||||||||||||||||
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| Class IA-IF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $25.45 | $25.97 | $26.71 |
| Class IA-IF | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class ID-IF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | – | $25.51 | $26.14 |
| Class ID-IF | |||||||||||||||||
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| Class ID-IF | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $0.10 |
| Class ID-IF | |||||||||||||||||
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| Class I-A EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | €25.77 | €26.30 | €27.23 |
| Class I-A EUR | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class I-A USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $25.46 | $25.99 | $26.74 |
| Class I-A USD | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class I-D EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | €25.79 |
| Class I-D EUR | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class I-D USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $25.46 | $25.99 | $26.64 |
| Class I-D USD | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class I-D EUR | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | €0.09 |
| Class I-D EUR | |||||||||||||||||
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| Class I-D USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $0.10 |
| Class I-D USD | |||||||||||||||||
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| Class ID-V CAD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $26.10 |
| Class ID-V CAD | |||||||||||||||||
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| Class ID-V USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $25.62 |
| Class ID-V USD | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Class ID-V CAD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $0.14 |
| Class ID-V CAD | |||||||||||||||||
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| Class ID-V USD | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | — | — | $0.10 |
| Class ID-V USD | |||||||||||||||||
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BXINFRA Investment Committee
Stephen A. Schwarzman
Chairman and CEO
Stephen A. Schwarzman
Chairman and CEO
Mr. Schwarzman is an active philanthropist with a history of supporting education, as well as culture and the arts, among other things. In 2020, he signed The Giving Pledge, committing to give the majority of his wealth to philanthropic causes. In both business and philanthropy, Mr. Schwarzman has dedicated himself to tackling big problems with transformative solutions. In June 2019, he donated £150 million to the University of Oxford to help redefine the study of the humanities for the 21st century. His gift – the largest single donation to Oxford since the renaissance – will create a new Centre for the Humanities which unites all humanities faculties under one roof for the first time in Oxford’s history, and will offer new performing arts and exhibition venues as well as a new Institute for Ethics in AI. In October 2018, he announced a foundational $350 million gift to establish the MIT Schwarzman College of Computing, an interdisciplinary hub which will reorient MIT to address the opportunities and challenges presented by the rise of artificial intelligence, including critical ethical and policy considerations to ensure that the technologies are employed for the common good. In 2015, Mr. Schwarzman donated $150 million to Yale University to establish the Schwarzman Center, a first-of-its-kind campus center in Yale’s historic “Commons” building, and also gave a founding gift of $40 million to the Inner-City Scholarship Fund, which provides tuition assistance to underprivileged children attending Catholic schools in the Archdiocese of New York. In 2013, he founded an international scholarship program, “Schwarzman Scholars,” at Tsinghua University in Beijing to educate future leaders about China. At over $575 million, the program is modeled on the Rhodes Scholarship and is the single largest philanthropic effort in China’s history coming largely from international donors. Mr. Schwarzman is Co-Chair of the Board of Trustees of Schwarzman Scholars. In 2007, Mr. Schwarzman donated $100 million to the New York Public Library on whose board he serves.
In 2019, Schwarzman published his first book What It Takes: Lessons in the Pursuit of Excellence, a New York Times Best Seller which draws from his experiences in business, philanthropy and public service.
Mr. Schwarzman is a member of The Council on Foreign Relations, The Business Council, The Business Roundtable, and The International Business Council of the World Economic Forum. He is a former co-chair of the Partnership for New York City and serves on the boards of The Asia Society and New York-Presbyterian Hospital, as well as on The Advisory Board of the School of Economics and Management at Tsinghua University, Beijing. He is a Trustee of The Frick Collection in New York City and Chairman Emeritus of the Board of Directors of The John F. Kennedy Center for the Performing Arts. In 2007, Mr. Schwarzman was included in TIME’s “100 Most Influential People.” In 2016, he topped Forbes Magazine’s list of the most influential people in finance and in 2018 was ranked in the Top 50 on Forbes’ list of the “World’s Most Powerful People.” The Republic of France has awarded Mr. Schwarzman both the Légion d’Honneur and the Ordre des Arts et des Letters at the Commandeur level. Mr. Schwarzman is one of the only Americans to receive both awards recognizing significant contributions to France. He was also awarded the Order of the Aztec Eagle, Mexico’s highest honor for foreigners, for his work on behalf of the U.S. in support of the U.S.-Mexico-Canada Agreement in 2018. Also, at the University of Oxford, Mr. Schwarzman was elected a Wykeham Fellow at New College in 2021 and a Waynflete Fellow at Magdalen College in 2023.
Mr. Schwarzman holds a B.A. from Yale University and an M.B.A. from Harvard Business School. He has served as an adjunct professor at the Yale School of Management and on the Harvard Business School Board of Dean’s Advisors.
Follow Mr. Schwarzman on LinkedIn.
Jonathan Gray
President and COO
Jonathan Gray
President and COO
Mr. Gray was appointed to his current role in 2018. Since that time, Blackstone’s assets under management have nearly tripled to over $1.3 trillion, as the firm has greatly expanded the breadth of clients it serves, including insurance companies and individual investors.
Mr. Gray previously led Blackstone’s Real Estate business, which he helped build into the largest commercial real estate platform in the world. He joined Blackstone in 1992 in the M&A and Private Equity areas.
Mr. Gray has served as Chairman of the Board of Directors of Hilton Worldwide since 2007, and is also on the board of XRG.
He and his wife, Mindy, established the Basser Center for BRCA at the University of Pennsylvania School of Medicine in 2012 focused on the prevention and treatment of BRCA-related cancers. They have also established numerous programs for low-income children in New York, including creating NYC Kids Rise, a college savings initiative provided to every NYC public school kindergartner. The Grays have been named to The Chronicle of Philanthropy’s list of the largest donors in the U.S.
Mr. Gray received a BS in Economics from the Wharton School, as well as a BA in English from the College of Arts and Sciences at the University of Pennsylvania.
Follow him on LinkedIn.
Sean Klimczak
Chairperson, BXINFRA and Global Head of Infrastructure
Sean Klimczak
Chairperson, BXINFRA and Global Head of Infrastructure
Greg Blank
Chief Executive Officer, BXINFRA
Greg Blank
Chief Executive Officer, BXINFRA
Lionel Assant
Global Co-Chief Investment Officer
Lionel Assant
Global Co-Chief Investment Officer
Vik Sawhney
Chief Administrative Officer and Global Head of Institutional Client Solutions
Vik Sawhney
Chief Administrative Officer and Global Head of Institutional Client Solutions
Joan Solotar
Global Head of Private Wealth
Joan Solotar
Global Head of Private Wealth
BXINFRA Senior Leadership
Sean Klimczak
Chairperson
Sean Klimczak
Chairperson
Greg Blank
Chief Executive Officer
Greg Blank
Chief Executive Officer
Matthew Runkle
President and Head of Acquisitions
Matthew Runkle
President and Head of Acquisitions
Paul Schlaack
Chief Operating Officer
Paul Schlaack
Chief Operating Officer
Christopher Striano
Chief Financial Officer
Christopher Striano
Chief Financial Officer
Kate O’Neil
Chief Legal Officer
Kate O’Neil
Chief Legal Officer
Brett O’Brien
Head of Shareholder Relations
Brett O’Brien
Head of Shareholder Relations
There can be no assurance that such professionals will be associated with a fund throughout the life of a fund. The professionals above are not solely dedicated to BXINFRA or any particular Blackstone business and will perform work for other Blackstone business units.
Shareholder Resources
| Class | Currency [ 12 ] | Availability [ 13 ] | Type of Share [ 14 ] | Initial Share Price | Minimum Initial Subscription [ 15 ] | Subsequent Subscriptions | Servicing Fee (% of NAV) [ 16 ] |
|---|---|---|---|---|---|---|---|
| IA-USD | USD | Generally available Institutional Sub-Class Shares | Accumulation | US$25 | US$10,000 | US$1,000 | 0.00% |
| ID-USD | USD | Generally available Institutional Sub-Class Shares | Distribution | US$25 | US$10,000 | US$1,000 | 0.00% |
| AA-USD | USD | Generally available Advisory Sub-Class Shares | Accumulation | US$25 | US$10,000 | US$1,000 | 0.85% |
| AD-USD | USD | Generally available Advisory Sub-Class Shares | Distribution | US$25 | US$10,000 | US$1,000 | 0.85% |
| IA-EUR | EUR | Generally available Institutional Sub-Class Shares | Accumulation | €25 | €10,000 | €1,000 | 0.00% |
| ID-EUR | EUR | Generally available Institutional Sub-Class Shares | Distribution | €25 | €10,000 | €1,000 | 0.00% |
| AD-EUR | EUR | Generally available Advisory Sub-Class Shares | Distribution | €25 | €10,000 | €1,000 | 0.85% |
| AA-EUR | EUR | Generally available Advisory Sub-Class Shares | Accumulation | €25 | €10,000 | €1,000 | 0.85% |
| IA-IF-USD | USD | Advisory Sub-Class Shares available to some financial intermediaries outside of the European Economic Area, Switzerland and the United Kingdom as determined by the Investment Manager | Accumulation | US$25 | US$10,000 | US$1,000 | 0.40% |
| ID-IF-USD | USD | Advisory Sub-Class Shares available to some financial intermediaries outside of the European Economic Area, Switzerland and the United Kingdom as determined by the Investment Manager | Distribution | US$25 | US$10,000 | US$1,000 | 0.40% |
| ID-V-CAD | CAD | Non-voting Institutional Sub-Class Shares available to certain Canadian access funds as determined by the Investment Manager | Distribution, Non-voting shares | CA$25 | CA$10,000 | CA$1,000 | 0.00% |
| ID-v-USD | USD | Non-voting Institutional Sub-Class Shares available to certain access funds as determined by the Investment Manager | Distribution, Non-voting shares | US$25 | US$10,000 | US$1,000 | 0.00% |
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Key Information Documents (KIDs)
For investors based in the European Economic Area (EEA) or Switzerland, please refer to the relevant EEA KIDs.
For investors based in the United Kingdom (UK), please refer to the relevant UK KIDs.
| Class | Currency | Type of Share | View EEA KID | View UK KID |
|---|---|---|---|---|
| ID-USD | USD | Distribution | Download | Download |
| IA-USD | USD | Accumulation | Download | Download |
| AD-USD | USD | Distribution | Download | Download |
| AA-USD | USD | Accumulation | Download | Download |
| ID-EUR | EUR | Distribution | Download | Download |
| IA-EUR | EUR | Accumulation | Download | Download |
| AD-EUR | EUR | Distribution | Download | Download |
| AA-EUR | EUR | Accumulation | Download | Download |
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| Class | Currency | Type of Share | View English EEA KID | View German EEA KID |
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| ID-USD | USD | Distribution | Download | Download |
| IA-USD | USD | Accumulation | Download | Download |
| AD-USD | USD | Distribution | Download | Download |
| AA-USD | USD | Accumulation | Download | Download |
| ID-EUR | EUR | Distribution | Download | Download |
| IA-EUR | EUR | Accumulation | Download | Download |
| AD-EUR | EUR | Distribution | Download | Download |
| AA-EUR | EUR | Accumulation | Download | Download |
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| Appreciation | Increase in the value of an asset over time. |
|---|---|
| Assets | Any resources, items, or properties owned or controlled by an individual, organization, or entity that have economic value or are expected to provide future benefits. |
| Assets Under Management (AUM) | Refers to the total market value of all the financial assets that Blackstone manages on behalf of its investors. |
| Committed Capital | Capital that has been designated for an investment but has not yet been deployed. |
| Credit Defaults | Loans that a lender has written off as unpaid after a prolonged period of missed payments. |
| Diversified / Diversification | The practice of investing in a variety of investments. A diversified portfolio can be a risk management technique and contains a mix of distinct assets and investments to offset losses, thereby potentially lessening the impact on the overall portfolio. Diversification does not assure a profit or protect against a loss in a declining market. |
| General Partner (GP) | General Partners manage a private fund, select its investments, and attain capital commitments from Limited Partners (LPs). |
| Inflation | General increase in prices and fall in the purchasing value of money. |
| Inflation Mitigation | Measures designed to preserve or increase the value of assets during periods of inflation. |
| Interest Rate | The amount a lender charges a borrower expressed as a percentage of the principal. |
| Liquidity | Ability for fund investors to subscribe and redeem units in a fund. The more liquid a fund, means the greater ease to subscribe and liquidate. |
| Net Asset Value | Represents the value of the Fund’s assets, minus the Fund’s liabilities as well as expenses attributable to certain share classes, such as servicing fees, in all cases as described in the Prospectus and determined in accordance with the Valuation Policy. |
| Private Infrastructure | Investment in infrastructure assets that are not publicly traded. Infrastructure investments are characterized by hard assets that provide essential services. |
| Secular Tailwinds | Long-term, structural factors or trends that drive sustained growth or positive momentum in a particular industry, market, or economy over an extended period of time. These trends are typically independent of short-term economic cycles and are rooted in fundamental shifts in demographics, technology, societal behavior, or policy changes. E.g. technological advancements or demographic trends. |
| Spreads of Credit | The difference in yield between two debt securities of the same maturity but different credit quality. |
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Notice to Investors in EEA (except for Estonia, Croatia, Greece, Iceland, Latvia, Lithuania, Slovenia and Slovakia)
Pursuant to the requirements under Article 43a of the Directive 2011/61/EU on Alternative Investment Fund Managers, Blackstone Europe Fund Management S.à r.l. has appointed FE fundinfo (UK) Limited to provide it with certain European facilities agent services in in EEA (except for Estonia, Croatia, Greece, Iceland, Latvia, Lithuania, Slovenia and Slovakia) in respect of BXINFRA.
FE fundinfo (UK) Limited services include:
Facilitate processing of subscription, repurchase and redemption orders and making other payments to investors
Provide investors with information on the above and how repurchase and redemption proceeds are paid
Facilitate the handling of information relating to an investor exercising their investment rights
Act as a point of contact for communicating with regulators
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Blackstone Europe Fund Management S.à r.l. (“BEFM”) Disclosure Statement for Users in the European Economic Area (“EEA”) and the United Kingdom
The information contained on the Site has been approved by BEFM for issue in the EEA and certified high net worth (“HNW”) individuals under the FSMA 2000 Financial Promotion Order (“FPO”) in the UK. BEFM is authorized by the Luxembourg Commission de Surveillance du Secteur Financier (reference number A00001974). Its registered office is at 2-4 Rue Eugène Ruppert, L-2453, Luxembourg.
Note: Blackstone proprietary data as of August 31, 2025, unless otherwise indicated. Represents Blackstone’s view of the current market environment as of the date appearing herein, which is subject to change. The figures herein include preliminary, unaudited results, which are subject to further review and adjustment. Different investor eligibility requirements and minimum subscription amounts may apply in certain jurisdictions.
When used in this website and unless otherwise specified or unless the context otherwise requires, references to the “fund” and/or “BXINFRA” should be read as references to Blackstone Private Market Solutions SCA-SICAV – Blackstone Infrastructure Strategies ELTIF and references to the “Fund” should be read as references to the Fund, together with any aggregator and parallel entities. When used in this document and unless otherwise specified or unless the context otherwise requires, references to the “BXINFRA Fund Program” should be read as references to BXINFRA and its US equivalent fund collectively.
An investment in BXINFRA involves subscribing to shares of a collective investment and not of a given underlying asset. Complete information on the risks of investing in BXINFRA are set out in its Prospectus and Key Information Document (KID).
Important Disclosure Information
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.
Indices are provided for illustrative purposes only, and there are significant risks and limitations to relying on comparisons to an index, including the PME adjustments. These indices have been selected as generally well-known and widely recognized indices and not as a benchmark for any specific fund.
Based on quarterly returns. Return data is from Cambridge Associates, as of September 30, 2025, and provided net of management fees, expenses, and performance fees that take the form of carried interest, annualized by Blackstone. Growth of $100,000 based on cumulative returns from January 1, 2004 to September 30, 2025, based on earliest common inception date. “Private Infrastructure” is represented by the pooled returns of the Cambridge Private Infrastructure Index, which comprises 93 infrastructure funds, including fully liquidated partnerships, formed between 1993 and 2015. “Public Equities” are represented by the Cambridge Modified Public Market Equivalent (“PME”) analysis of the MSCI ACWI Index. Comparisons of private infrastructure performance to public equity performance is therefore based on the difference in performance between Cambridge Private Equity Index IRR and the hypothetical PME return of the MSCI ACWI Index and S&P Global Infrastructure Index. Hypothetical PME index performance may differ materially from the performance of such index during the same time period on account of the adjustments made for the timing of cash flows as per the PME analysis. The Cambridge Private Infrastructure is not representative of all BXINFRA’s underlying strategies, some of which may have different return and volatility profiles historically than those presented above. Returns shown above have been compounded quarter over quarter to show comparison over time and may not be representative of actual historical returns experienced by investors in either private equity, public equities, or public infrastructure. Please see more information below about “PME calculation methodology” and “Important Disclosure Information,” including “Index Comparison,” “Trends,” and “Index Definitions”.
“PME calculation methodology”
PME data contained herein was generated by Cambridge Associates’ PME tool as of September 30, 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.
Comparison to other asset classes shown to indicate how private infrastructure as an asset class has performed historically relative to other asset classes commonly available to individual investors. Correlation measures how one investment performs in relation to another, with a coefficient of +1 being a perfect, positive correlation and a coefficient of -1 being a perfect, negative correlation. When two asset classes have a correlation of +1, they will both move up or down by the same amount in the same direction. Conversely, a correlation of -1 indicates that when one asset class moves up or down, the other moves in the opposite direction by the same amount. In general, asset classes with a correlation of less than 0.70 or greater than -0.70 are considered to have relatively low correlation. Please see “Important Disclosure Information,” including “Index Comparison,” “Estimates/Targets,” “Trends,“ and “Index Definitions.”
Inflation mitigants are measures aimed to preserve or increase the value of assets during periods of inflation, through mechanisms such as indexed contracts or annual price escalators.
Redemption requests are subject to early redemption deduction, quarterly limitations and certain specified restrictions set forth in the Prospectus. There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our general partners. We may fund distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.