Offering Terms

Features

1

Monthly Subscriptions

2

No Capital Calls1

3

Expected Quarterly
Liquidity

Key Terms Definitions

Description
ProductBXPE Lux is a regulated Luxembourg fund focused on privately negotiated, equity-oriented investments, diversified across geographies and sectors. Diversification is not guaranteed and does not eliminate risk or guaranteed a profit.
StructureLuxembourg AIF passported under AIFMD to Professional Investors across the European Union (“EU”), registered under the National Private Placement Regime in the United Kingdom
Invests alongside BXPE U.S.; vehicles expected to share in majority of deal flow
AIFMBlackstone European Fund Management (“BEFM”)
Base CurrencyUSD
Initial Investment$25,000 for Professional Investors. Higher amounts may be required for investor eligibility under local laws
SubscriptionsMonthly purchases at NAV as of the first calendar day of each month, fully funded; subscription requests must be received at least four business days prior to the first calendar day of the month2
DistributionsNo regular distributions expected; potential for special distributions at Board’s discretion
LiquidityQuarterly repurchases at NAV as of each quarter end are expected but not guaranteed
Quarterly repurchases are limited to up to 3.0% of shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter3
Shares not held for 24 months will be repurchased at 95% of NAV4
BXPE may amend or suspend these repurchases in its discretion if it deems such action to be in the best interest of shareholders
LeverageBelow 30%5​​. The use of leverage or borrowings magnifies investment, market, and certain other risks and may have a significant impact on returns, resulting in the partial or total loss of capital invested
Description
ProductBXPE Lux is a regulated Luxembourg fund focused on privately negotiated, equity-oriented investments, diversified across geographies and sectors. Diversification is not guaranteed and does not eliminate risk or guaranteed a profit.
StructureLuxembourg AIF which has been notified to the Monetary Authority of Singapore as a restricted scheme under section 305 of the Securities and Futures Act 2001 of Singapore.
Invests alongside BXPE U.S.; vehicles expected to share in majority of deal flow
AIFMBlackstone European Fund Management (“BEFM”)
Base CurrencyUSD
Initial Investment$25,000 for Accredited Investors and Institutional Investors (as defined in section 4A of the Securities and Futures Act 2001 of Singapore).
SubscriptionsMonthly purchases at NAV as of the first calendar day of each month, fully funded; subscription requests must be received at least four business days prior to the first calendar day of the month2
DistributionsNo regular distributions expected; potential for special distributions at Board’s discretion
LiquidityQuarterly repurchases at NAV as of each quarter end are expected but not guaranteed
Quarterly repurchases are limited to up to 3.0% of shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter3
Shares not held for 24 months will be repurchased at 95% of NAV4
BXPE may amend or suspend these repurchases in its discretion if it deems such action to be in the best interest of shareholders
LeverageBelow 30%5​​. The use of leverage or borrowings magnifies investment, market, and certain other risks and may have a significant impact on returns, resulting in the partial or total loss of capital invested

There can be no assurance that BXPE will be able to achieve comparable results to those of any of Blackstone’s prior funds or that any Blackstone fund or investment will be able to implement its investment strategy, achieve its investment objectives or avoid significant losses.

Fees and Share Classes

The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.

Description
Share ClassesClass I and Class A with either (i) cash distribution or (ii) accumulation
USD-denominated
Management Fee1.25% per annum of NAV, payable monthly; early investors will benefit from a management fee holiday for the first six months from accepting subscriptions or commencing operations on January 1, 2024
Performance Fee12.5% of annual total return subject to a 5% annual hurdle and high water mark with a 100% catch-up, payable quarterly​
AIFM Fee0.10% per annum of NAV, payable monthly
Servicing FeeNone for Class I; 0.85% per annum for Class A; payable monthly to financial intermediaries​ or insurance companies (such as the person selling you or advising you on this product)
Subscription FeeMay be charged by certain financial intermediaries​

Fees are paid out by the Fund, which will impact on the overall return of the Fund. Fund charges will be incurred in USD meaning that payments may increase or decrease as a result of currency exchange fluctuations. There is no assurance BXPE will pay distributions in any particular amount, if at all. Any distributions will be at the discretion of the Board.


The information above is presented as a summary of certain principal terms only and is qualified in its entirety by the more detailed “Summary of Terms” in BXPE’s Prospectus. In the event of a discrepancy between the terms presented above and those set forth in the Prospectus, the Prospectus shall control. Please refer to the Prospectus and to the KID before making any final investment decisions. Capitalized terms used but not defined have the meanings set forth in the Prospectus. Organizational and Offering Expenses will be advanced by Blackstone through the first year. After BXPE’s first anniversary, BXPE will reimburse the Organizational and Offering Expenses incurred ratably over the following five years. BXPE bears all expenses of its operations.

Blackstone proprietary data as of February 29, 2024, unless otherwise indicated. Represents Blackstone’s view of the current market environment as of the date appearing herein. The figures herein include preliminary, unaudited results, which are subject to further review and adjustment. When used in this presentation and unless otherwise specified or unless the context otherwise requires, references to the “Fund” should be read as references to Blackstone Private Equity Strategies Fund SICAV (“BXPE”), Blackstone Private Equity Strategies Fund (Master) FCP, BXPE Aggregator and their parallel entities. Capitalized terms used but not defined will have the meanings set forth in the prospectus prepared for BXPE (the “Prospectus”). An investment in BXPE involves subscribing to shares of a collective investment and not of a given underlying asset.

Summary of Risk Factors

We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions could impact our capacity to pay you. 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 BXPE are set out in the prospectus.

BXPE is an investment program designed to offer eligible individual investors access to Blackstone’s private equity platform (the “PE Platform”). BXPE will seek to meet its investment objectives by investing primarily in privately negotiated, equity-oriented investments leveraging the talent and investment capabilities of Blackstone’s PE Platform to create an attractive portfolio of alternative investments diversified across geographies and sectors. Investing in our Shares involves a high degree of risk. If we are unable to effectively manage the impact of these risks, we may not meet our investment objectives and, therefore, you should purchase our Shares only if you can afford a complete loss of your investment. You should carefully review the prospectus for a description of the risks associated with an investment in BXPE. These risks include, but are not limited to, the following:

  • Although the investment professionals of Blackstone have extensive investment experience generally, including extensive experience operating and investing for the PE Platform, BXPE has not commenced operations and has no operating history. We cannot provide assurance that Blackstone will be able to successfully implement BXPE’s investment strategy, or that investments made by BXPE will generate expected returns.
  • This is a “blind pool” offering and thus you will not have the opportunity to evaluate our future investments before we make them.
  • We do not intend to list our Shares on any securities exchange, and we do not expect a secondary market in our Shares to develop. In addition, there are limits on the ownership and transferability of our Shares. As such, BXPE can be described as illiquid in nature. Further, the valuation of BXPE’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.
  • 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 will be eligible for redemption and redemptions will be subject to available liquidity and other significant restrictions. This means that BXPE will be more illiquid than other investment products or portfolios.
  • An investment in our Shares is not suitable for you if you need ready access to the money you invest.
  • The purchase and redemption price for our Shares 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 private equity investments is inherently 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 private equity industry generally, and BXPE’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 private equity investments that fall within BXPE’s investment mandate is highly competitive and involves a high degree of uncertainty.
  • BXPE’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. There is no assurance that BXPE will perform well or even return capital; if certain investments perform unfavorably, for BXPE 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.

BXPE is authorized and supervised by the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (the “CSSF”). Such authorization does not, however, imply approval by any Luxembourg authority of the contents of the prospectus or of the portfolio of investments held by BXPE. Any representation to the contrary is unauthorized and unlawful.

The words “we”, “us” and “our” refer to BXPE, together with its consolidated subsidiaries, including Blackstone Private Equity Strategies Fund SICAV (“BXPE Feeder SICAV”, such term including, unless the context otherwise requires, its sub-funds, and together with its master fund, feeder funds, parallel funds and other related entities), unless the context requires otherwise. Financial information is approximate and as of December 31, 2023.

Conflicts of Interest. There may be occasions when BXPE’s investment manager, and its affiliates will encounter potential conflicts of interest in connection with BXPE’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 BXPE’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 BXPE.

Exchange Currency Risk. BXPE is denominated in U.S. dollars (USD). Shareholders holding Shares with a functional currency other than USD should acknowledge that they are exposed to fluctuations of the USD foreign exchange rate and/or hedging costs, which may lead to variations on the amount to be distributed. This risk is not considered in the indicator shown above. BXPE 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 BXPE will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that BXPE will be able to fully invest its available capital. There is no guarantee that investment opportunities will be allocated to BXPE and/or that the activities of Blackstone’s other funds will not adversely affect the interests of BXPE.

Lack of Liquidity. There is no current public trading market for the shares, and Blackstone does not expect that such a market will ever develop. Therefore, repurchase of shares by BXPE will likely be the only way for you to dispose of your shares. BXPE expects to offer to repurchase shares 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. Shares redeemed within two years of the date of issuance will be redeemed at 95% of the applicable net asset value as of the redemption date, unless such deduction is waived by BXPE 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 when you sell them to BXPE pursuant to BXPE’s share repurchase program.

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

Limited Operating History. Although Blackstone Private Equity has made investments through certain of its funds and separately managed accounts that would have been within the investment objective of BXPE, BXPE will make investments under different geographic, market, regulatory and economic conditions than those prevalent when the previous investments were made. The size and type of investments to be made by BXPE could differ from prior Blackstone investments. Where provided, as part of the prospectus or otherwise, the prior investment results of Blackstone Private Equity are provided for illustrative purposes only and not to imply that such results will be obtained in the future. Although Blackstone’s investment professionals have considerable prior experience, the past investment performance of Blackstone Private Equity (and investment vehicles sponsored or managed by Blackstone Private Equity) is not necessarily indicative of BXPE’s future results, and there can be no assurance that BXPE will achieve comparable results, be able to effectively implement its investment strategy, achieve its investment or asset allocation objectives, be profitable or avoid substantial losses.

No Assurance of Investment Return. Prospective investors should be aware that an investment in BXPE is speculative and involves a high degree of risk. There can be no assurance that BXPE 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 BXPE may invest (directly or indirectly) are speculative investments and will be subject to significant business and financial risks. BXPE’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. BXPE’s fees and expenses may offset or exceed its profits.

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 BXPE 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 BXPE 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 and No Assurance of Investment Return. BXPE offers no capital protection 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. BXPE’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. BXPE’s fees and expenses may offset or exceed its profits. In considering any investment performance information contained in this website, the prospectus and related materials (“the Materials”), recipients should bear in mind that past performance is not necessarily indicative of future results.

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

Target Allocations. There can be no assurance that a 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.

  1. Capital is invested immediately.
  2. NAV per share will generally be available within 20 business days of month-end. If you make a decision to invest, you will be buying shares in BXPE and will not be investing directly in the underlying assets.
  3. In each case, calculated across BXPE Lux but not including BXPE U.S.
  4. Settlements of repurchases are generally expected to be within 65 calendar days of the repurchase date.
  5. From time to time, the leverage limit may be exceeded, including to satisfy short-term liquidity needs, refinance existing borrowings or for other obligations.