Offering Terms
Key Features of the Fund
01
Monthly Subscriptions
Continuous monthly subscriptions and ongoing rebalancing within a single fund structure
02
No Capital Calls
Fully invested on day one; capital invested immediately
03
Expected Quarterly Liquidity
Fund-level quarterly liquidity of up to 3% of NAV, subject to limits [ 1 ]
There is no guarantee that any Blackstone product will achieve its aims or objectives or avoid substantial losses.
| Term | Description |
|---|---|
| Product | BXPM is a regulated Luxembourg UCI Part II SICAV-SCA designed to provide access to Blackstone’s leading private markets investment strategies across major asset classes |
| Investors |
|
| Reference Currency | USD |
| Initial Investment | $10,000 |
| Subscriptions | Monthly at NAV |
| Liquidity | Quarterly up to 3% of NAV (expected, not guaranteed) [ 1 ] |
| Leverage | Up to 30% of assets |
| Share Classes | Accumulating share classes available, distributing share classes available in limited jurisdictions |
| Term | ||||
|---|---|---|---|---|
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
| Costs | Fees | Class I-A |
|---|---|---|
| One-off Costs | Subscription Fee | A Subscription Fee may be charged by certain financial intermediaries |
| Ongoing Costs |
|
|
| Incidental Costs | Performance Fee |
| Costs | ||||||
|---|---|---|---|---|---|---|
|
||||||
|
||||||
|
Redemption requests are expected but not guaranteed and are subject to early redemption deduction, quarterly limitations and certain specified restrictions set forth in the BXPM Prospectus. The information above a summary of certain principal terms only and is qualified in its entirety by the “Summary of Terms” in BXPM’s Prospectus. If any discrepancy, the Prospectus terms shall control. Capitalized terms used but not defined have the meanings set forth in the Prospectus. The management fees and/or performance-based compensation or fees of any Underlying Blackstone Fund may differ from those described (e.g., due to different access points or different terms) and may be calculated differently, as described in the Prospectus of such Underlying Blackstone Fund. The aggregate management fees and other administrative or operative costs charged at the level of all Underlying Blackstone Funds is also disclosed as part of the PRIIPs KID of BXPM.
Explore More About BXPM
Important Disclosure Information
Important Disclosure Information
Blackstone Proprietary Data. Certain information and data provided herein is based on Blackstone proprietary knowledge and data. Portfolio companies may provide proprietary market data to Blackstone, including about local market supply and demand conditions, current market rents and operating expenses, capital expenditures, and valuations for multiple assets. Such proprietary market data is used by Blackstone to evaluate market trends as well as to underwrite potential and existing investments. While Blackstone currently believes that such information is reliable for purposes used herein, it is subject to change, and reflects Blackstone’s opinion as to whether the amount, nature, and quality of the data is sufficient for the applicable conclusion, and no representations are made as to the accuracy or completeness thereof.
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 BXPM in employing its investment strategies. It should not be assumed that BXPM will make equally successful or comparable investments in the future. Moreover, the actual investments to be made by BXPM or any other 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 BXPM as well as other Blackstone personnel who will not be involved in the management and operations of BXPM. 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.
Diversification; Potential Lack Thereof. Diversification is not a guarantee of either a return or protection against loss in declining markets. The number of investments a 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.
Forward-Looking Statements. Certain forward-looking statements, including financial projections and estimates and statements regarding future performance, are inherently uncertain and there may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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 a Fund will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that a Fund will be able to fully invest its committed capital. There is no guarantee that investment opportunities will be allocated to a Fund and/or that the activities of Blackstone’s other funds will not adversely affect the interests of such Fund.
Images. The select images of certain investments included in this presentation are owned by existing Blackstone funds, are not held by BXPM, and are provided for illustrative purposes only. There is no guarantee BXPM will make similar investments.
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 is not possible to invest directly in the indices. The performance of the indices has not been selected to represent an appropriate benchmark or target to compare to the performance of a Fund, 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 are available upon request. In the case of equity indices, performance of the indices reflects the reinvestment of dividends. Index data is obtained from unaffiliated third parties and is subject to subsequent adjustments. Blackstone makes no assurances as to the accuracy or completeness thereof.
Logos. The logos presented herein were not selected based on performance of the applicable company or sponsor to which they pertain.
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.
MiFID Terms of Business. For investors in the European Economic Area, please refer to www.blackstone.com/regional-disclosures-and-information/ to find the MiFID Terms of Business which may be applicable to you.
Opinions. Opinions expressed reflect the current opinions of Blackstone as of the date appearing in the materials only and are based on Blackstone’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.
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), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the US 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 a 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 a Fund may be 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).
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 assurance 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.
Summary of Key Risk Factors
This document is provided on a confidential basis for informational due diligence purposes only and is not to, and may not, be relied on in any manner as legal, tax, investment, accounting or other advice or as an offer to sell, or a solicitation of an offer to buy, any security or instrument in or to participate in any trading strategy with any Blackstone fund, account or other investment vehicle. The fund’s risks will include, but are not limited to, those described herein, and it will also be subject to the risks of any Underlying Blackstone Funds in which it invests, as applicable. Unless otherwise defined in this document, capitalized terms used herein shall have the meanings given to them in the prospectus of the fund.
Allocation to New Underlying Blackstone Funds. The fund will, from time to time, allocate capital to newly established or recently launched Underlying Blackstone Funds that have a limited or no performance history and that have not yet reached scale. Such funds may be unable to make a sufficient number, size or diversity of investments, may be unable to take advantage of scale-dependent investment opportunities, may bear proportionately higher expenses where economies of scale are not achieved, and may be more likely to delay, reduce or abandon planned investments or to be dissolved or terminated earlier than anticipated, any of which could increase concentration risk and adversely affect BXPM’s performance. Because the Underlying Managers are affiliates of Blackstone, conflicts of interest arise in connection with any decision to allocate to, increase exposure to, seed or otherwise support a newly established or sub-scale Underlying Blackstone Fund, including at times and on terms when such an allocation might not be made if the fund were not affiliated with Blackstone. There can be no assurance that any such decision will be resolved in favour of the fund, that any support will improve the relevant fund’s viability or performance, or that such allocations will not expose the fund to increased concentration, liquidity risk and risk of loss.
Blind pool offering. Prospective investors will not have the opportunity to evaluate future investments in the fund before these are made.
Capacity of Underlying Blackstone Funds. If the Underlying Blackstone Fund’s are unable to raise substantial capital, they may be constrained in the number, size and type of investments they are able to make, may not achieve an appropriately diversified portfolio, may be unable to take advantage of scale-dependent investment opportunities, may be required to delay, reduce or abandon planned investments, dispose of investments prematurely, suspend or modify investment programs or terminate earlier than anticipated, and may bear proportionately higher expenses if economies of scale are not achieved. Any of these factors could increase concentration risk and materially adversely affect performance of the Underlying Blackstone Funds and, indirectly, the fund. The fund will also be reliant on the Underlying Blackstone Fund managers in respect of investment selection, monitoring, valuation and exit decisions, over which it will have no direct control.
Concentration Risk. Although the fund seeks diversified exposure across the Blackstone Asset Classes and the Underlying Blackstone Funds, it may from time to time be heavily concentrated in one or more asset classes, strategies, sectors, geographies or single Underlying Blackstone Funds. Concentration may be further increased where Underlying Blackstone Funds across different asset classes have overlapping exposures to the same investments, sectors or geographies.As a result, adverse performance of a single strategy, Underlying Blackstone Fund, sector or geography may have a disproportionate impact on the fund. Correlations between investments may also rise in periods of market stress, further amplifying losses.
Conflicts of Interest. The fund’s investment manager and its affiliates will encounter conflicts of interest in connection with the fund’s activities, including, without limitation, the allocation of investment opportunities and the selection of Underlying Blackstone Funds and Blackstone Asset Classes, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of the fund’s investor group. 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. The investment manager and its affiliates manage or advise the Underlying Blackstone Funds and other Blackstone‑managed vehicles in which the fund invests, and have competing obligations with respect to such funds and vehicles. As a result, conflicts of interest will arise in connection with the allocation of time, resources, investment opportunities, capital and liquidity among the fund, the Underlying Blackstone Funds and other Blackstone‑managed accounts. The fund is expected to be a passive investor in the Underlying Blackstone Funds and will not be able to participate in or influence investment, portfolio management or disposition decisions at the underlying fund or portfolio company level, and will therefore be reliant on the judgment and management of the underlying managers.
Exchange Currency Risk. Unless otherwise stated, performance will be shown in the fund’s reference currency. Shareholders/unitholders holding shares/units with a reporting currency other than the reference currency (if any) will be exposed to fluctuations of the reference currency foreign exchange rate and/or hedging costs (as applicable). This 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. 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 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. In addition, investments, income and share classes may be denominated in currencies other than the fund’s reference currency, exposing the fund and shareholders to foreign exchange movements that may adversely affect net asset value, income, distributions and returns. Currency hedging, if used, is discretionary, may be imperfect or unavailable, and may involve additional costs that could further reduce returns.
Fund‑of‑Funds Structure; No Direct Rights in Underlying Blackstone Funds. Investors in the fund will not invest directly in the Underlying Blackstone Funds or their portfolio investments. As a result, investors will not be parties to any Underlying Blackstone Fund’s governing documents and will have no direct voting, consent, information, contractual or legal rights, or direct recourse, against any Underlying Blackstone Fund, its general partner, the Underlying Managers, their affiliates or portfolio companies. The fund will depend on information provided by the Underlying Blackstone Funds, and periodic reporting received by shareholders will generally aggregate the performance of the Underlying Blackstone Funds rather than provide look-through information on individual portfolio investments. As such, information provided by the Underlying Blackstone Funds or in relation to the Underlying Blackstone Funds may be limited, delayed, aggregated or unaudited. As a passive investor, the fund will be wholly reliant on the skills, judgment and management of the Underlying Managers, will not conduct independent due diligence on investments made by the Underlying Blackstone Funds and will not be able to participate in or influence investment, disposition or portfolio management decisions at the underlying level. As such, decisions made at the Underlying Blackstone Fund level may be adverse to the interests of the fund, and the fund will have no ability to influence such decisions. In addition, the terms governing the fund’s investments in the Underlying Blackstone Funds are not expected to be negotiated on its behalf, and other investors (including other Blackstone-managed accounts) may invest on more favorable economic terms, resulting in different net returns. Conversely, the fund may in certain circumstances benefit from preferential fee or incentive terms, which may create actual or perceived conflicts of interest and differences in investor outcomes.
Lack of Liquidity. There is no organized secondary market for investors’ interests in any fund nor is there an organised market for which to sell a fund’s underlying investments, and none is expected to develop. Withdrawal and transfer of interests in a fund are subject to various restrictions, and similar restrictions will apply in respect of the fund’s underlying investments. Further, the valuation of a 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. In addition, any liquidity available to shareholders will depend on the operation of the fund’s redemption programme and the timing, amount and availability of proceeds received from investments in Underlying Blackstone Funds. Those Underlying Blackstone Funds generally invest in private illiquid assets and operate under their own redemption and distribution terms, so the fund may not be able to realise cash from them on the same timetable, or in the same amounts, as shareholder redemption requests made at fund level. During periods of market stress, limited liquidity, valuation uncertainty or increased redemption activity at the Underlying Blackstone Fund level (including where an Underlying Blackstone Fund is subject to pro-ration), redemption proceeds available to the fund may be delayed, reduced or suspended. Shareholders should not assume that redemption rights at the fund level will correspond to liquidity available from the Underlying Blackstone Funds, and any mismatch may expose shareholders to extended holding periods, market risk, adverse movements in the value of underlying investments and reduced or delayed proceeds. Accordingly, redemption requests may be delayed, satisfied only in part or not at all, and shareholders may be required to hold their investment for an extended period. In addition, although redemptions are expected to be offered on a quarterly basis, redemption rights are limited: shares are redeemed at the prevailing NAV rather than the price paid, shares redeemed within 24 months will generally be subject to an early redemption deduction, and the fund’s redemption programme may be suspended or restricted in exceptional circumstances. As a result, shareholders may receive less than the amount they invested.
Leverage; Borrowings Under a Subscription Facility. The fund may use leverage, and may utilize borrowings from Blackstone Inc. or under its subscription-based credit facility in advance of or in lieu of receiving investors’ capital contributions. The use of leverage or borrowings magnifies investment, market and certain other risks and may be significant. The fund’s performance will be affected by the availability and terms of any leverage as such leverage will enhance returns from investments to the extent such returns exceed the costs of borrowings by the fund. The leveraged capital structure of such assets will increase their exposure to certain factors such as rising interest rates, downturns in the economy, or deterioration in the financial condition of such assets or industry. In the event an investment cannot generate adequate cash flow to meet its debt service, the fund may suffer a partial or total loss of capital invested in the investment, which may adversely affect the returns of the fund. In the case of borrowings used in advance of or in lieu of receiving investors’ capital contributions, such use will result in higher or lower reported returns than if investors’ capital had been contributed at the inception of an investment because calculations of returns to investors are based on the payment date of investors’ capital contributions. 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. In addition, leverage may be employed at multiple levels, including at the level of the fund, the Underlying Blackstone Funds and their Portfolio Entities, and may involve restrictive covenants, refinancing risk, increased interest expense, cross‑collateralisation, guarantees or joint and several obligations, which could amplify losses and materially adversely affect the fund’s performance.
Limited Operating History; Blackstone Seed Capital and Track Record. The fund is newly established and has a limited operating history. Blackstone and/or its affiliates seeded the fund with their own capital ahead of, and in order to facilitate, the admission of third-party investors, and the fund’s track record commenced as of the date of that seed investment. Any performance shown for the period since inception therefore reflects only a limited period and may not be representative of that applicable once third-party capital has been admitted and the fund has reached scale.
Multi-Asset Sector and Specific Asset Class Risks. Through its investments in the Underlying Blackstone Funds, the fund will gain exposure to a range of Blackstone Asset Classes, including private equity, private credit, infrastructure, real estate and multi-asset strategies. Each of these sectors is subject to its own market, economic, regulatory, competitive and structural risks — including competitive pressures, business and operational risks, illiquidity, leverage, credit risk, valuation uncertainty, regulatory change and adverse market, economic and geopolitical conditions — and the value of the fund’s investments will fluctuate with the performance of those sectors. Investments across these asset classes may involve highly speculative and illiquid assets, long investment horizons, reliance on external financing, borrower or tenant defaults, structural and documentation risks, regulatory and governmental constraints, and limited exit opportunities, any of which may result in volatility, delayed realisations or substantial losses, including the loss of all or a portion of a shareholder’s investment. Adverse developments in any one sector may materially affect the fund’s returns and may not be offset by performance in others, particularly during periods of market stress when correlations may increase. Blackstone may also introduce new asset classes, strategies or Underlying Blackstone Funds to the fund over time, and any such additions could expose the fund to risks that differ from, exceed or are in addition to those associated with the Blackstone Asset Classes in which the Fund will invest and may affect the fund’s diversification, liquidity profile, volatility and returns. The success of the fund will also depend substantially on the investment professionals of the Underlying Managers and their ability to source investments related to the relevant Blackstone Asset Class, and there can be no assurance that such professionals will continue to be employed by the Underlying Managers or that suitable replacements will be found.
Multiple Levels of Fees and Expenses. Although no performance participation allocation or incentive fee is intended to be charged at the level of the fund, the fund, through its investments in the Underlying Blackstone Funds, will indirectly bear multiple layers of fees and expenses, including management fees, carried interest or other incentive compensation, and other fund‑level costs, expenses and redemption‑related charges, in addition to fees and expenses payable at the level of the fund. Such fees and expenses will be payable regardless of performance, may be significantly higher than those incurred through a direct investment in a single Underlying Blackstone Fund, and will reduce net returns and may materially adversely affect overall performance, with no assurance that any fee waivers or expense limitations will be available.
Past Performance. In considering any investment performance information contained in the materials, prospective investors should bear in mind that past or estimated performance does not predict future returns and 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.
Proposed Allocation Targets and Limited Portfolio Rebalancing. Asset class and fund allocations are determined based on long-term portfolio construction considerations and are generally expected to remain stable over time. Allocations are not designed to respond to short-term market developments or shifts in the relative performance of individual Underlying Blackstone Funds or Blackstone Asset Classes. The fund will generally seek to reach and maintain its target allocations through the direction of new subscription proceeds and the management of distributions received from Underlying Blackstone Funds. As a result, actual allocations may deviate materially from targets at any given time, and the Investment Manager is under no obligation to take additional action (including submitting redemption requests to Underlying Blackstone Funds) to bring allocations within target ranges. As a result, there will be instances where the fund continues to allocate capital to, or maintains exposure in, Underlying Blackstone Funds that are subject to proration or elevated redemption activity, without corrective changes being made. There can be no assurance that this approach will not result in adverse outcomes for investors, including the risk that the fund’s own ability to effect redemptions from such Underlying Blackstone Funds may be limited or delayed. Investors should also be aware that the fund’s portfolio may, at times, be more concentrated in certain Blackstone Asset Classes or Underlying Blackstone Funds than contemplated by target allocations, which could result in a less efficient risk/return profile.
Risk of Capital Loss and 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 invests (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 sophisticated investors who can afford to lose all or a substantial amount of their investment. The fund will incur costs which will impact the return throughout the life of the 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. The fund’s fees and expenses may offset or exceed its profits. There is no assurance that the fund will make distributions, and any distributions will be made at the discretion of the investment manager. A more detailed description of relevant fund costs and expenses will be included in the fund’s offering documents.
Selecting Underlying Blackstone Funds. The fund will invest primarily or exclusively in Underlying Blackstone Funds that are managed, advised or otherwise affiliated with Blackstone, and significant conflicts of interest are inherent in the investment program. The investment manager and its affiliates have economic, commercial, reputational and strategic interests in the success, fee generation and overall performance of the Underlying Blackstone Funds that may diverge from, or conflict with, the interests of the fund and the shareholders.
Valuations. The purchase and redemption price for the fund’s shares/units will be based on the fund’s net asset value (“NAV”) and is not on any public trading market. While there will be independent valuations of the fund’s direct investments from time to time, the valuation of investments is inherently subjective, and the fund’s NAV may not accurately reflect the actual price at which the fund’s investments could be liquidated on any given day. In addition, the fund’s NAV and performance will be based in significant part on valuations and information provided by Underlying Blackstone Funds and other third parties, which may be delayed, unaudited, prepared using different accounting standards or valuation methodologies, and may involve significant judgment and estimation, particularly for illiquid investments. As a result, the fund’s NAV and performance may not reflect current market conditions or realizable values, may be revised or adjusted in future periods, and may differ materially from values ultimately realized upon disposition of investments, which could adversely affect investors subscribing for or redeeming shares.