Blackstone Alternative Multi-Strategy Fund (BXMIX)
An alternative mutual fund for investors seeking diversification
8.6%
Annualized trailing three-year net performance
$11.02
Net asset value
as of February 17, 2026
$3.8B
Assets under management
8.6%
Annualized trailing three-year net performance
$10.95
Net asset value
as of February 17, 2026
$3.8B
Assets under management
8.6%
Annualized trailing three-year net performance
$10.94
Net asset value
as of February 17, 2026
$3.8B
Assets under management
As of December 31, 2025, unless stated otherwise. [ 1 ]
A Core Alternative Solution
Reasons to Invest
A daily liquid solution combining differentiated alternative strategies in a single portfolio that seeks consistent, resilient, and diversified returns
Consistency
Pursues steady growth irrespective of market conditions
Resilience
Employs rigorous risk controls in an effort to mitigate drawdowns and support long-term compounding of capital
Diversification
Seeks to add balance and offset weakness when other portfolio holdings struggle
Liquidity
Provides liquid exposure to diversified alternative return sources beyond traditional stocks and bonds
There can be no assurance that the Fund will achieve its goals or avoid losses. Diversification does not ensure a profit or guarantee against loss.
01
Specialization
Leverages specialist managers with expertise across Equities, Credit, Macro, and Quant strategies.
02
Integration
Combines multiple strategies within a single portfolio, sizing exposures to account for correlations and overall portfolio impact.
03
Adaptability
Dynamically adjusts manager allocations and strategy weights as market conditions and risks evolve.
Equities
| Manager | Strategy | Sub-Strategy |
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| Callodine | Equity Hedge | Equity Long/Short |
| Catalio | Equity Hedge | Equity Long/Short |
| Fort Baker | Equity Driven | Event Driven Multi-Strategy |
| Harvest | Equity Hedge | Equity Long/Short |
| Maren | Equity Hedge | Fundamental Value |
| North Reef | Equity Hedge | Equity Long/Short |
| Seiga [ 3 ] | Equity Hedge | Equity Long/Short |
| Seven Grand | Event Driven | Event Driven Multi-Strategy |
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Credit
| Manager | Strategy | Sub-Strategy |
|---|---|---|
| Bayview | Relative Value | Fixed Income – Asset Backed |
| BRESSA [ 3 ] | Relative Value | Fixed Income – Asset Backed |
| BX LCS [ 3 ] | Relative Value | Fixed Income – Asset Backed |
| Caspian | Event Driven | Distressed/Restructuring |
| Mariner | Relative Value | Fixed Income – Asset Backed |
| Oak Hill Advisors | Relative Value | Fixed Income – Asset Backed |
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Macro
| Manager | Strategy | Sub-Strategy |
|---|---|---|
| Commodity-Energy Trader | Macro | Commodity – Energy |
| Emerging Markets Manager | Relative Value | Fixed Income – Sovereign |
| Merritt Point | Macro | Commodity – Multi |
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Quant
| Manager | Strategy | Sub-Strategy |
|---|---|---|
| Bayforest | Multi-Strategy | N/A |
| D.E. Shaw | Multi-Strategy | N/A |
| OT Research | Equity Hedge | Equity Market Neutral |
| Two Sigma Advisers | Equity Hedge | Equity Market Neutral |
| Varick | Macro | Systematic Diversified |
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Data as of June 2025.
The Blackstone Advantage
Blackstone Multi-Asset Investing (BXMA) is a global leader in multi-asset investing with a 30+ year track record. [ 6 ]
Platform
Proprietary data and insights from the Blackstone ecosystem combined with deep expertise across asset classes, strategies and sectors
People
Large global team with a mix of manager selection and direct investing capabilities
Partnership
Differentiated relationships with hedge fund talent, with over three decades of experience partnering across every stage of a manager’s life cycle
Process
Disciplined investment and operational due diligence; proprietary risk management and technology
Check the background of this firm on FINRA’s BrokerCheck.
Key Differentiators
Scale
- Deep insights from our position within Blackstone provides an edge [ 7 ]
- Global investment team with experience across asset classes, strategies, and investment styles
- Dedicated access to strategies with scarce capacity
Structuring
- Tailored mandates democratize access to specific skills and exposures
- Innovative open-architecture framework accommodates a wide array of strategies
- Separate accounts increase portfolio efficiency and transparency
Strategy Rotation
- Allocations informed by proprietary insights from the Blackstone ecosystem [ 7 ]
- Multi-strategy, multi-manager construct allows dynamic shifts in positioning
Asset Allocation
A natural complement to a traditional allocation.
Portfolio Without Alternatives
Allocating to the Blackstone Alternative Multi-Strategy Fund in addition to equity and fixed income positions may mitigate overall portfolio volatility.
Portfolio With Alternatives
Blackstone Alternative Multi‑Strategy Fund represents a core allocation that is designed to stand on its own or provide a complement to other tactical alternative allocations.
The charts above represent illustrative examples. There can be no assurance that the Fund will achieve its goals or avoid losses. Diversification does not ensure a profit or guarantee against loss.
Portfolio Management
Blackstone seeks to add value through top-down strategy selection and bottom-up manager evaluation.
Riad Abrahams
Sr. Managing Director
Riad Abrahams
Sr. Managing Director
Riad Abrahams is a Senior Managing Director in Blackstone Multi-Asset Investing (BXMA), where he serves as Head of Strategy.
Prior to joining Blackstone in 2022, Mr. Abrahams served as Chief Strategist and Head of Quantitative Investing at Maverick Capital, a global long/short equity fund. At Maverick, Mr. Abrahams also sat on the Portfolio Management Committee and Stock Committee, and he was a prior Co-Head of the Consumer Sector. He started his professional career at Blackstone in 1999 as a member of the Private Equity group.
Mr. Abrahams has a B.A. from Harvard College and an MBA from Harvard Business School. He sits on the Investment Committee for Cranbrook Schools.
David Ben-Ur
Sr. Managing Director
David Ben-Ur
Sr. Managing Director
David Ben-Ur is a Senior Managing Director in Blackstone Multi-Asset Investing (BXMA), where he serves as Chief Investment Officer of the Absolute Return platform.
Prior to joining Blackstone, Mr. Ben-Ur served as Chief Investment Officer of The Kovner Foundation and of CAM Capital, which manages the private assets of the Kovner family. From 2004 to 2012, Mr. Ben-Ur was a Partner and Co-Chief Investment Officer at Corbin Capital Partners, a private investment company based in New York. Prior to joining Corbin Capital Partners, Mr. Ben-Ur worked at Goldman Sachs Asset Management, where he was Vice President from 2000 to 2004, and at Fidelity Management & Research Company, where he was a Senior Analyst from 1995 to 2000.
Mr. Ben-Ur graduated magna cum laude from Tufts University and was inducted into the Phi Beta Kappa National Honor Society. He received his MPP from the John F. Kennedy School of Government at Harvard University and is a CFA® charterholder.
Max Jaffe
Managing Director
Max Jaffe
Managing Director
Max Jaffe is a Managing Director in Blackstone Multi-Asset Investing (BXMA).
Before joining Blackstone in 2016, Mr. Jaffe was a Senior Analyst at The Solaris Group where he focused on building custom portfolios for private clients. Prior to The Solaris Group, Mr. Jaffe was an Associate at Ziff Brothers Investments where he worked in the Risk and Performance group.
Mr. Jaffe received a B.S. in Finance from the University of Montana. In addition, he serves on the Board of Puppies Behind Bars.
Stephen Zhu
Managing Director
Stephen Zhu
Managing Director
Stephen Zhu is a Managing Director in Blackstone Multi-Asset Investing (BXMA).
Before joining Blackstone in 2019, Mr. Zhu was a Portfolio Manager at Axonic Capital for its hedge fund, long-only, and separately managed accounts focused on credit strategies globally. Prior to Axonic, Mr. Zhu was a Trader at Ellington Management Group focused on structured credit investments and portfolio management.
Mr. Zhu received a B.S. in Electrical Engineering and Computer Science and a B.S. in Biology from MIT and a M.S. in Computer Science from UCLA.
Investor Material
| Summary Prospectus | View |
|---|---|
| Prospectus | View |
| Statement of Additional Information | View |
| Annual Tailored Shareholder Report | View |
| Annual Financial Statements | Download |
| Semi-Annual Financial Statements | Download |
| Semi-Annual Tailored Shareholder Report | View |
| Portfolio Holdings | Download |
| Annual Proxy Voting Report | Download |
| SEC Filings | View |
| Information Statements | Download |
| 2025 Year-End Distribution | Download |
| Form 5500 | Download |
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Important Disclosure Information
Important Information
This material is not an offer to sell the Fund’s securities and is not soliciting an offer to buy the Fund’s securities. All investors should consider the investment objectives, risks, charges and expenses of BXMIX, Class I carefully before investing. All investors are urged to carefully read the prospectus and the summary prospectus in its entirety before investing. The prospectus and the summary prospectus contain this and other information about BXMIX and are available on BXMIX’s website at www.bxmix.com.
Please note that additional details concerning the Fund’s performance, liquidity and asset class exposures are available upon request. Please contact your BXMA representative for further information.
No Assurance of Investment Return. Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. All returns include dividend and capital gain distributions. There can be no assurance that the Fund will achieve its goals or avoid losses. Diversification does not ensure a profit or guarantee against loss. Information about the Fund, including current month-end performance, is available on the Fund’s website at www.bxmix.com or by calling 855-890-7725.
Allocations: The Fund may shift allocations among sub-advisers, strategies and sub-strategies at any time. Further, Blackstone, on behalf of the Fund, may determine to not employ one or more of the above-referenced, strategies or sub- strategies. Blackstone may also add new strategies or sub-strategies. Accordingly, the allocations are presented for illustrative purposes only and should not be viewed as predictive of the ongoing composition of the Fund’s portfolio (and its sub-advisers),which may change at any time without notice.
ERISA Fiduciary Disclosure: The foregoing information has not been provided in a fiduciary capacity under ERISA, and it is not intended to be, and should not be considered as, impartial investment advice. If you are an individual retirement investor, contact your financial advisor or other fiduciary unrelated to BAIA about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.
Opinions and Trends. 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 are 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. 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.
Important Risks
An investment in the Fund should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other investments. The Fund’s investments involve special risks including, but not limited to, loss of all or a significant portion of the investment due to leveraging, short-selling, or other speculative practices, lack of liquidity and volatility of returns. The following is a summary description of certain additional principal risks of investing in the Fund:
Allocation Risk – Blackstone’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, sub-adviser or security may be incorrect and this may have a negative impact upon performance. Market Risk and Selection Risk – One or more markets may go down in value, possibly sharply and unpredictably, affecting the values of individual securities held by the Fund. Derivatives Risk – the use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. Derivatives can be subject to counterparty credit risk and may entail investment exposure greater than their notional amount. Debt Securities Risk – investments in bonds and certain asset-backed securities are subject to risks, including but not limit to, the credit risk of the issuer of the security, the risk that the issuer undergoes a restructuring or a similar event, the risk that inflation decreases the value of assets or income from the investments, and the risk that interest rates changes adversely impact the debt investments. Equity Securities Risk – prices of equity and preferred securities fluctuate based on changes in a company’s financial condition and overall market and economic conditions. Mortgage- and Asset-Backed Securities Risk – involves credit, interest rate, prepayment and extension risk, as well as the risk of default of the underlying mortgage or asset, particularly during times of economic downturn. Multi-Manager Risk– managers may make investment decisions which conflict with each other and as a result, the Fund could incur transaction costs without accomplishing any net investment result. Leverage Risk – use of leverage can produce volatility and may exaggerate changes in the net asset value of Fund shares and in the return on the portfolio, which may increase the risk that the Fund will lose more than it has invested. Large Purchase or Redemption Risk – large redemption or purchase activity could have adverse effects on performance to the extent that the Fund incurs additional costs or is required to sell securities, invest cash, or hold a relatively large amount of cash at times when it would not otherwise do so.
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 U.S. and global economies and have a significant impact on the Fund and its investments. The recovery from any 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.
Conflicts of Interest: Blackstone and the Sub-Advisers have conflicts of interest that could interfere with their management of the Fund. These conflicts, which are disclosed in the Fund’s Statement of Additional Information, include, without limitation:
- Selection of Sub-Advisers. Blackstone compensates the Sub-Advisers out of the management fee it receives from the Fund. This could create an incentive for Blackstone to select Sub-Advisers with lower fee rates.
- Financial Interests in Sub‐Advisers and Service Providers. Blackstone, the Sub‐Advisers, and their affiliates have financial interests in asset managers and financial service providers. Allocating to an affiliate (or hiring such entity as a service provider) benefits Blackstone Inc. and the relevant Sub‐Adviser and redemptions from an affiliate (or terminating such entity as a service provider) would be detrimental to Blackstone Inc. and the relevant Sub‐Adviser. For example:Blackstone Strategic Alliance Advisors L.L.C. (“BSAA”), an affiliate of BAIA, manages the Strategic Alliance Funds (the “SAF Funds”) that provide seed capital to emerging alternative asset managers (the “SAF Managers”) in exchange for a revenue share arrangement. Seiga Asset Management Limited, a SAF Manager, is a sub‐adviser to the Fund. The revenue generated for BSAA related to the Fund’s investment with a SAF Manager is rebated to the Fund. The Fund will not otherwise participate in any of the economic arrangements between the SAF Funds and any SAF Manager with which the Fund invests.
- Blackstone Real Estate Special Situations Advisors L.L.C. (“BRESSA”), an affiliate of BAIA and an indirect wholly-owned subsidiary of Blackstone Inc., serves as a Sub-Advisor Sub-Adviser. BRESSA invests primarily in liquid, commercial and residential real estate-related debt instruments.
- Blackstone Liquid Credit Strategies LLC (“BX LCS”), an affiliate of BAIA and an indirect wholly‐owned subsidiary of Blackstone Inc., serves as a Sub‐Adviser. BX LCS invests primarily in below investment grade corporate credit.
- Blackstone utilizes technology offered by Arcesium LLC (“Arcesium”) to provide certain middle‐ and back‐office services and technology to the Fund. The parent company of a Sub‐Adviser owns a controlling, majority interest in Arcesium and Blackstone Alternative Asset Management L.P. owns a non‐controlling, minority interest in Arcesium.
- Other Activities of Blackstone or the Sub-Advisers. The activities in which Blackstone, the Sub-Advisers, or their affiliates are involved in on behalf of other accounts may create conflicts of interest or limit the flexibility that the Fund may otherwise have to participate in certain investments. For example, if Blackstone or a Sub-Adviser comes into possession of material non-public information with respect to a company, then Blackstone or the relevant Sub-Adviser generally will be restricted from investing in securities issued by that company. Further, Blackstone generally will be restricted from investing in portfolio companies of its affiliated private equity business.
- Allocation of Investment Opportunities. Blackstone and the Sub-Advisers (or their affiliates) manage other accounts and have other clients with investment objectives and strategies that are similar to, or overlap with, the investment objective and strategy of the fund, creating potential conflicts of interest in investment and allocation decisions. These conflicts of interest are exacerbated to the extent that the other clients are proprietary or pay higher fees or performance-based fees.
Glossary of Terms
Gross Exposure: Reflects the aggregate of long and short investment positions in relation to the net asset value. The gross exposure is one indication of the level of leverage in a portfolio. Net Exposure: This is the difference between long and short investment positions in relation to the net asset value. Long Exposure: A long position occurs when an individual owns securities. Short Exposure: Short selling a security not actually owned at the time of sale. Short positions can also generate returns when the price of a security declines. Beta: A measure of the volatility, or systemic risk, of a security or a portfolio in comparison to the market as a whole. Alpha: A risk-adjusted performance measure that represents the average return on a portfolio over and above that predicted by the capital asset pricing model (CAPM), given the portfolio’s beta and the average market return. More specifically, Jensen’s Measure is used to calculate alpha. Standard Deviation: A measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
Index Comparisons: Indices are unmanaged and investors cannot invest in an index. Indices are provided for illustrative purposes only. They have not been selected to represent appropriate benchmarks for BXMIX, but rather are disclosed to allow for comparison of BXMIX’s performance to that of well-known and widely recognized indices. The indices may include holdings that are substantially different than investments held by BXMIX and do not reflect the strategy of the Fund. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that may differ from BXMIX. The indices do not reflect the deduction of fees or expenses. 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.
Glossary of Indices: Market indices obtained through Bloomberg, HFR Asset Management, MSCI and Morngingstar, as applicable. MSCIWorld Index TR: Market capitalization weighted index designed to provide a broad measure of large and mid-cap equity performance across 23 developed markets countries. HFRX Global Hedge Fund Index: Designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies falling within four principal strategies: equity hedge, event driven, macro/CTA, and relative value arbitrage. Strategies are asset weighted based on the distribution of assets in the hedge fund industry. Barclays Global Aggregate Bond Index TR: Flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Barclays US Aggregate Bond Index: A broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. Morningstar Multistrategy Category: Represents the average performance of mutual funds categorized as “multistrategy” funds by Morningstar, Inc. These funds allocate capital (at least 30% combined) to a mix of alternative strategies that aim to minimize exposure to traditional market risks. S&P 500 Index: Market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading.
None of the indices presented are benchmarks or targets for the Fund. Indices are unmanaged and investors cannot invest in an index.
Blackstone Securities Partners L.P. (“BSP”) is a broker-dealer whose purpose is to distribute Blackstone managed or affiliated products. BSP provides services to its Blackstone affiliates, not to investors in its funds, strategies or other products. BSP does not make any recommendation regarding, and will not monitor, any investment. As such, when BSP presents an investment strategy or product to an investor, BSP does not collect the information necessary to determine –and BSP does not engage in a determination regarding –whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. You should exercise your own judgment and/or consult with a professional advisor to determine whether it is advisable for you to invest in any Blackstone strategy or product. Please note that BSP may not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an investment in any Blackstone strategy or product, contact your own professional advisor.
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.
There can be no assurance that the Fund will achieve its goals or avoid losses. Diversification does not ensure a profit or guarantee against loss.
Blackstone and its affiliates have financial interests in asset managers. Any allocation by Blackstone to a subsidiary or other affiliate benefits Blackstone Inc. and any redemption or reduction of such allocation would be detrimental to Blackstone Inc., creating potential conflicts of interest in allocation decisions. For a discussion of this and other conflicts, please see the Important Risks section at the end of this page.
BAIA manages a portion of the Fund’s assets directly. Such investments presently include allocations to funds managed by third-party asset managers, opportunistic trades and hedging. BAIA allocations are subject to change and BAIA’s fees on directly managed assets are not reduced by a payment to a sub‐adviser.
Inactive sub-advisers are not currently managing any Fund assets. Allocations may change at any time without notice.
With Intelligence Billion Dollar Club, as of June 2025, based on AUM.
Subject to Blackstone’s information walls and confidentiality and fiduciary obligations.
Strategy
Equity Hedge
Sub-Strategy
Equity Long/Short
Geographic Focus
North America
Headquarters
Boston, MA
Firm Background
2018
Firm Inception
$1.0B
Firm AUM [ 1 ]
Callodine Capital Management, LP (“Callodine”)
Strategy Overview
Callodine Capital Management is a fundamental long/short and long-only investment manager focused on the value-oriented and income-producing segments of the equity market. Callodine utilizes a bottom-up, fundamental investment process centered on free cash flow generation, placing strong emphasis on balance sheets and cash flow statements to identify potential changes in capital allocation, capital structure, cost of capital, and dividend policy.
The long/short strategy for the Fund aims to generate alpha by capitalizing on perceived inefficiencies within its target investment universe. Callodine believes that dividend-paying stocks and income-generating segments of the market exhibit distinct behavioral attributes and valuation dynamics compared to the broader equity landscape. The strategy seeks to exploit these characteristics through its fundamental- and valuation-driven framework, with the objective of delivering attractive, risk-adjusted total returns while maintaining a lower beta profile.
Callodine Capital Management is a fundamental long/short and long-only investment manager focused on the value-oriented and income-producing segments of the equity market. Callodine utilizes a bottom-up, fundamental investment process centered on free cash flow generation, placing strong emphasis on balance sheets and cash flow statements to identify potential changes in capital allocation, capital structure, cost of capital, and dividend policy.
The long/short strategy for the Fund aims to generate alpha by capitalizing on perceived inefficiencies within its target investment universe. Callodine believes that dividend-paying stocks and income-generating segments of the market exhibit distinct behavioral attributes and valuation dynamics compared to the broader equity landscape. The strategy seeks to exploit these characteristics through its fundamental- and valuation-driven framework, with the objective of delivering attractive, risk-adjusted total returns while maintaining a lower beta profile.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of June 1, 2025.
1. AUM as of June 1, 2025.
Strategy
Equity Hedge
Sub-Strategy
Equity Long/Short
Geographic Focus
Global
Headquarters
New York, NY
Firm Background
2020
Firm Inception
$1.8B
Firm AUM [ 1 ]
Catalio Capital Management, LP (“Catalio”)
Strategy Overview
Catalio seeks to achieve risk-adjusted capital growth through investment in equity securities and other equity-related instruments principally in the innovative healthcare sector including global biotechnology, pharmaceuticals, medical devices, life science tools, diagnostics and data.
The principal investment strategy is based upon a fundamental bottom-up research-intensive security selection process aimed at identifying mis-priced risk in these innovative healthcare securities. These primary mis-priced risks may include clinical, regulatory, intellectual property, new product launches and corporate actions. Catalio expects to analyze data on a company-by-company basis and seeks to capitalize on the difference between the market valuation of a security and what it considers to be the value of the underlying businesses of the company. Catalio looks to identify a catalyst path or series of events where the market can re-price risk.
Catalio seeks to achieve risk-adjusted capital growth through investment in equity securities and other equity-related instruments principally in the innovative healthcare sector including global biotechnology, pharmaceuticals, medical devices, life science tools, diagnostics and data.
The principal investment strategy is based upon a fundamental bottom-up research-intensive security selection process aimed at identifying mis-priced risk in these innovative healthcare securities. These primary mis-priced risks may include clinical, regulatory, intellectual property, new product launches and corporate actions. Catalio expects to analyze data on a company-by-company basis and seeks to capitalize on the difference between the market valuation of a security and what it considers to be the value of the underlying businesses of the company. Catalio looks to identify a catalyst path or series of events where the market can re-price risk.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Event Driven
Sub-Strategy
Event Driven Multi-Strategy
Geographic Focus
Global
Headquarters
Larkspur, CA
Firm Background
2015
Firm Inception
$416.0M
Firm AUM [ 1 ]
Fort Baker Capital Management LP (“Fort Baker”)
Strategy Overview
Fort Baker manages a portion of the Fund’s assets primarily using catalyst-driven investing in global equity markets across the capital structure. Fort Baker seeks to identify securities that, at current valuations, will either positively or negatively benefit from certain complex, non-fundamental corporate catalysts. Examples of these catalysts include: mergers and acquisitions (both hostile and distressed), corporate tender offers, spin-offs and split-offs, re-financings, and other corporate restructurings, in addition to regulatory, legislative, or legal issues, proxy contests, activist situations, and other capital markets issues.
Fort Baker also may invest in capital structure arbitrage, relative value and catalyst trades involving warrants, preferred securities, convertible bonds, high yield and other debt instruments and debt and equity derivative/synthetic securities.
Fort Baker manages a portion of the Fund’s assets primarily using catalyst-driven investing in global equity markets across the capital structure. Fort Baker seeks to identify securities that, at current valuations, will either positively or negatively benefit from certain complex, non-fundamental corporate catalysts. Examples of these catalysts include: mergers and acquisitions (both hostile and distressed), corporate tender offers, spin-offs and split-offs, re-financings, and other corporate restructurings, in addition to regulatory, legislative, or legal issues, proxy contests, activist situations, and other capital markets issues.
Fort Baker also may invest in capital structure arbitrage, relative value and catalyst trades involving warrants, preferred securities, convertible bonds, high yield and other debt instruments and debt and equity derivative/synthetic securities.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025. AUM reflects approximate investor capital managed by Fort Baker.
1. AUM as of March 31, 2025. AUM reflects approximate investor capital managed by Fort Baker.
Strategy
Equity Hedge
Sub-Strategy
Equity Long/Short
Geographic Focus
North America
Headquarters
Wayne, PA
Firm Background
2005
Firm Inception
$8.4B
Firm AUM [ 2 ]
Harvest Fund Advisors LLC (“Harvest”) [ 1 ]
Strategy Overview
Harvest, a wholly-owned subsidiary of Blackstone Inc. and an affiliate of BAIA, is an investment adviser within the Blackstone Multi-Asset Investing group (“BXMA”).
Harvest is an equity long/short manager with a focus on generating uncorrelated long/short spread in the North American energy infrastructure sector. Harvest intends to invest (both long and short) in common equities as well as preferred equity instruments in these companies’ capital structures.
Harvest’s principal objective is to provide risk-adjusted total returns from long and short investments in several megatrends impacting infrastructure assets including: an energy transition to lower emission sources, a focus on rebuilding depreciated transportation and logistics assets, and increasing connectivity through digital infrastructure buildout. Harvest’s strategy has a focus on limited market exposure, reduced volatility as compared to broader benchmarks, in addition to protecting capital during periods of negative absolute performance in its markets through the use of hedging and short positions.
Harvest, a wholly-owned subsidiary of Blackstone Inc. and an affiliate of BAIA, is an investment adviser within the Blackstone Multi-Asset Investing group (“BXMA”).
Harvest is an equity long/short manager with a focus on generating uncorrelated long/short spread in the North American energy infrastructure sector. Harvest intends to invest (both long and short) in common equities as well as preferred equity instruments in these companies’ capital structures.
Harvest’s principal objective is to provide risk-adjusted total returns from long and short investments in several megatrends impacting infrastructure assets including: an energy transition to lower emission sources, a focus on rebuilding depreciated transportation and logistics assets, and increasing connectivity through digital infrastructure buildout. Harvest’s strategy has a focus on limited market exposure, reduced volatility as compared to broader benchmarks, in addition to protecting capital during periods of negative absolute performance in its markets through the use of hedging and short positions.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. Harvest is an affiliate of BAIA. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone Inc. and any redemption or reduction of such allocation would be detrimental to Blackstone Inc., creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. AUM as of March 31, 2025.
1. Harvest is an affiliate of BAIA. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone Inc. and any redemption or reduction of such allocation would be detrimental to Blackstone Inc., creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. AUM as of March 31, 2025.
Strategy
Equity Hedge Strategies
Sub-Strategy
Fundamental Value
Geographic Focus
North America
Headquarters
Chicago, IL
Firm Background
2022
Firm Inception
$1.5B
Firm AUM [ 1 ]
Maren Capital LLC (“Maren “)
Strategy Overview
Maren’s investment strategy seeks to generate attractive absolute returns by investing in a select number of companies derived from fundamental, in-depth research and a disciplined investment process. Maren seeks to invest in a concentrated portfolio that meets Maren’s investment discipline.
Maren focuses its investment approach and research process on companies and industries within its circle of competence and seeks to identify easy to understand, dominant businesses that can sustain themselves and thrive in all market environments.
Maren’s investment strategy seeks to generate attractive absolute returns by investing in a select number of companies derived from fundamental, in-depth research and a disciplined investment process. Maren seeks to invest in a concentrated portfolio that meets Maren’s investment discipline.
Maren focuses its investment approach and research process on companies and industries within its circle of competence and seeks to identify easy to understand, dominant businesses that can sustain themselves and thrive in all market environments.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Equity Hedge
Sub-Strategy
Equity Long Short
Geographic Focus
North America
Headquarters
Laguna Beach, CA
Firm Background
2020
Firm Inception
$1.4B
Firm AUM [ 1 ]
North Reef Capital Management LP (“North Reef”)
Strategy Overview
North Reef is an equity long/short manager with a focus on the North American financial sector.
North Reef’s strategy seeks to generate a long-short spread by taking advantage of opportunities in the North American financial sector that are misunderstood or not reflected in market prices. The strategy seeks to take advantage of dislocations between stock prices and the fundamental values of the underlying businesses. North Reef manages a low net equity strategy specializing in investing across all major subsectors of Financial Services with particular emphasis on regional banks, money center banks, trust banks, broker dealers, credit card companies, payment companies, asset managers, and specialty finance companies. North Reef may also initiate derivatives transactions such as options or futures and expects to employ margin borrowings.
North Reef is an equity long/short manager with a focus on the North American financial sector.
North Reef’s strategy seeks to generate a long-short spread by taking advantage of opportunities in the North American financial sector that are misunderstood or not reflected in market prices. The strategy seeks to take advantage of dislocations between stock prices and the fundamental values of the underlying businesses. North Reef manages a low net equity strategy specializing in investing across all major subsectors of Financial Services with particular emphasis on regional banks, money center banks, trust banks, broker dealers, credit card companies, payment companies, asset managers, and specialty finance companies. North Reef may also initiate derivatives transactions such as options or futures and expects to employ margin borrowings.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Equity Hedge
Sub-Strategy
Equity Long Short
Geographic Focus
Pan-Asia
Headquarters
Hong Kong
Firm Background
2016
Firm Inception
$957.0M
Firm AUM [ 2 ]
Seiga Asset Management (“Seiga”) [ 1 ]
Strategy Overview
Seiga is a fundamental long/short equity manager primarily focused on Japanese markets. Seiga performs fundamental bottom-up research focusing on market inefficiencies and idiosyncratic ideas.
The strategy for the Fund seeks to generate alpha by taking advantage of mispricing across regional markets prone to dislocations. Seiga identifies investment opportunities using specific stock picking criteria with a thematic overlay. The research process includes analysis of core value drivers and the source of mispricing. Seiga employs a disciplined and balanced approach to portfolio construction in order to make it possible to run a concentrated portfolio with full expression of fundamental stock picks.
The strategy invests primarily in equities and equity-related securities, including without limitation publicly listed equity securities, and over-the-counter or “OTC” derivatives such as swaps and contracts for differences over stocks and indexes, futures and options. However, depending on opportunities identified by the research process and subject to market conditions, the strategy may invest in a broad range of assets which Seiga reasonably determines may be made in compliance with the investment objective and strategy.
The strategy benefits from Seiga’s investment management experience in Asia markets and Seiga’s ability to leverage its extensive local network of information and relationships.
Seiga is a fundamental long/short equity manager primarily focused on Japanese markets. Seiga performs fundamental bottom-up research focusing on market inefficiencies and idiosyncratic ideas.
The strategy for the Fund seeks to generate alpha by taking advantage of mispricing across regional markets prone to dislocations. Seiga identifies investment opportunities using specific stock picking criteria with a thematic overlay. The research process includes analysis of core value drivers and the source of mispricing. Seiga employs a disciplined and balanced approach to portfolio construction in order to make it possible to run a concentrated portfolio with full expression of fundamental stock picks.
The strategy invests primarily in equities and equity-related securities, including without limitation publicly listed equity securities, and over-the-counter or “OTC” derivatives such as swaps and contracts for differences over stocks and indexes, futures and options. However, depending on opportunities identified by the research process and subject to market conditions, the strategy may invest in a broad range of assets which Seiga reasonably determines may be made in compliance with the investment objective and strategy.
The strategy benefits from Seiga’s investment management experience in Asia markets and Seiga’s ability to leverage its extensive local network of information and relationships.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. An affiliate of BAIA currently has a financial interest in Seiga. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone and any redemption or reduction of such allocation would be detrimental to Blackstone, creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. As of March 31, 2025.
1. An affiliate of BAIA currently has a financial interest in Seiga. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone and any redemption or reduction of such allocation would be detrimental to Blackstone, creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. As of March 31, 2025.
Strategy
Event Driven
Sub-Strategy
Event Driven Multi-Strategy
Geographic Focus
North America
Headquarters
New York, NY
Firm Background
2019
Firm Inception
$451.3M
Firm AUM [ 1 ]
Seven Grand Managers, LLC (“Seven Grand”)
Strategy Overview
Seven Grand is an event-driven manager focused on new issuance opportunities within equity capital markets. Seven Grand deploys a multi-strategy, discretionary investing approach focused on making principal investments in public and privately placed securities in primary and secondary capital markets at perceived discounts commensurate to a variety of opportunity specific risks.
Seven Grand’s investments are expected to primarily consist of initial public offerings (traditional corporate and special purpose acquisition companies), follow-on offerings, and block trades. Seven Grand engages in post-deal trading of equity capital markets issuance, as well as opportunistic adjacent capital markets-related special situations as they arise (such as private investments in public equity transactions, companies associated with acquisitions or tender offers and companies associated with liquidations, special dividends, divestitures, reorganizations, bankruptcies or other broadly transformative transactions).
Seven Grand may invest in equity, preferred equity, equity related securities, convertible bonds and debt issuances. Seven Grand may also invest in certain broad-based indices, exchange traded funds, futures, and custom derivative instruments for purposes of managing the risks associated with the investment opportunities.
Seven Grand is primarily focused on the U.S. capital markets universe but may also participate in transactions in developed international markets.
Seven Grand is an event-driven manager focused on new issuance opportunities within equity capital markets. Seven Grand deploys a multi-strategy, discretionary investing approach focused on making principal investments in public and privately placed securities in primary and secondary capital markets at perceived discounts commensurate to a variety of opportunity specific risks.
Seven Grand’s investments are expected to primarily consist of initial public offerings (traditional corporate and special purpose acquisition companies), follow-on offerings, and block trades. Seven Grand engages in post-deal trading of equity capital markets issuance, as well as opportunistic adjacent capital markets-related special situations as they arise (such as private investments in public equity transactions, companies associated with acquisitions or tender offers and companies associated with liquidations, special dividends, divestitures, reorganizations, bankruptcies or other broadly transformative transactions).
Seven Grand may invest in equity, preferred equity, equity related securities, convertible bonds and debt issuances. Seven Grand may also invest in certain broad-based indices, exchange traded funds, futures, and custom derivative instruments for purposes of managing the risks associated with the investment opportunities.
Seven Grand is primarily focused on the U.S. capital markets universe but may also participate in transactions in developed international markets.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Relative Value
Sub-Strategy
Fixed Income – Asset Backed
Geographic Focus
North America
Headquarters
Coral Gables, FL
Firm Background
1993
Firm Inception
$21.0B
Firm AUM [ 1 ]
Bayview Asset Management, LLC (“Bayview”)
Strategy Overview
Bayview is a mortgage-focused manager that aims to generate capital appreciation by investing in undervalued senior residential and commercial mortgage-backed securities, senior consumer asset-backed securities and related derivatives originated after 2009. Bayview may invest in non-agency residential mortgage loans securities issued in any year. Bayview may also enter into repurchase agreements in connection with investments in non-agency residential mortgage loans and asset-backed securities. Bayview is not prohibited from investing in private placements/Rule 144A securities, or prohibited from making an investment based solely on the credit rating of an investment.
In sourcing ideas for the strategy, the manager leverages the experience, deep team and infrastructure of the broader Bayview firm in sourcing, purchasing, special servicing and divesting whole loans. Bayview is an active purchaser of large and small pools of seasoned real-estate backed (performing and non-performing) loans from a variety of banks and government agencies. It is also an active seller of mortgage loans, including seasoned, performing assets to regional and community banks that find it advantageous to purchase performing assets in their footprints to supplement their loan originations.
Bayview is a mortgage-focused manager that aims to generate capital appreciation by investing in undervalued senior residential and commercial mortgage-backed securities, senior consumer asset-backed securities and related derivatives originated after 2009. Bayview may invest in non-agency residential mortgage loans securities issued in any year. Bayview may also enter into repurchase agreements in connection with investments in non-agency residential mortgage loans and asset-backed securities. Bayview is not prohibited from investing in private placements/Rule 144A securities, or prohibited from making an investment based solely on the credit rating of an investment.
In sourcing ideas for the strategy, the manager leverages the experience, deep team and infrastructure of the broader Bayview firm in sourcing, purchasing, special servicing and divesting whole loans. Bayview is an active purchaser of large and small pools of seasoned real-estate backed (performing and non-performing) loans from a variety of banks and government agencies. It is also an active seller of mortgage loans, including seasoned, performing assets to regional and community banks that find it advantageous to purchase performing assets in their footprints to supplement their loan originations.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Relative Value
Sub-Strategy
Fixed Income – Asset Backed
Geographic Focus
Global
Headquarters
New York, NY
Firm Background
2007
Firm Inception
$69.6B
Firm AUM [ 2 ]
Blackstone Real Estate Special Situations Advisors L.L.C. (“BRESSA”) [ 1 ]
Strategy Overview
BRESSA, a wholly-owned subsidiary of Blackstone Inc. and an affiliate of BAIA, is an investment adviser within the Blackstone Real Estate Debt Strategies group (“BREDS”).
BRESSA’s investment strategy for the Fund primarily focuses on credit-oriented, liquid high-yield real estate investments including CMBS, RMBS, corporate debt, CDOs, CLOs, CMBX, REITs, derivative instruments, rights, options, forward contracts, spot transactions, futures and swap arrangements, hedging transactions and short transactions and seeks to identify relative value opportunities between asset classes. Equity exposure is capped at 5%, however, equity securities, which are utilized in a macro portfolio hedging strategy are not counted towards that limit.
BRESSA, a wholly-owned subsidiary of Blackstone Inc. and an affiliate of BAIA, is an investment adviser within the Blackstone Real Estate Debt Strategies group (“BREDS”).
BRESSA’s investment strategy for the Fund primarily focuses on credit-oriented, liquid high-yield real estate investments including CMBS, RMBS, corporate debt, CDOs, CLOs, CMBX, REITs, derivative instruments, rights, options, forward contracts, spot transactions, futures and swap arrangements, hedging transactions and short transactions and seeks to identify relative value opportunities between asset classes. Equity exposure is capped at 5%, however, equity securities, which are utilized in a macro portfolio hedging strategy are not counted towards that limit.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. BRESSA is an affiliate of BAIA. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone and any redemption or reduction of such allocation would be detrimental to Blackstone, creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. AUM as of March 31, 2025.
1. BRESSA is an affiliate of BAIA. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone and any redemption or reduction of such allocation would be detrimental to Blackstone, creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. AUM as of March 31, 2025.
Strategy
Relative Value
Sub-Strategy
Fixed Income – Asset Backed
Geographic Focus
Global
Headquarters
New York, NY
Firm Background
2005
Firm Inception [ 2 ]
$110.9B
Firm AUM [ 3 ]
Blackstone Liquid Credit Strategies LLC (“BX LCS”) [ 1 ]
Strategy Overview
BX LCS, a wholly-owned subsidiary of Blackstone Inc. and an affiliate of BAIA, is an investment adviser within Blackstone’s global credit investment platform, Blackstone Credit & Insurance (“BXCI”).
BX LCS pursues a flexible mandate for the Fund in sub-investment grade credit that primarily targets investments in collateralized loan obligation (“CLO”) securities (including investment grade CLO securities) and first lien and second lien loans of North American and European issuers. BX LCS seeks to construct a diversified portfolio for the Fund within such investment types and in accordance with certain investment guidelines. BX LCS shall not invest more than 20% in BXCI-managed CLOs or 50% in European issuers.
BX LCS leverages the scale of BXCI’s platform, breadth and experience of its investment team.
BX LCS, a wholly-owned subsidiary of Blackstone Inc. and an affiliate of BAIA, is an investment adviser within Blackstone’s global credit investment platform, Blackstone Credit & Insurance (“BXCI”).
BX LCS pursues a flexible mandate for the Fund in sub-investment grade credit that primarily targets investments in collateralized loan obligation (“CLO”) securities (including investment grade CLO securities) and first lien and second lien loans of North American and European issuers. BX LCS seeks to construct a diversified portfolio for the Fund within such investment types and in accordance with certain investment guidelines. BX LCS shall not invest more than 20% in BXCI-managed CLOs or 50% in European issuers.
BX LCS leverages the scale of BXCI’s platform, breadth and experience of its investment team.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. BX LCS is an affiliate of BAIA. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone and any redemption or reduction of such allocation would be detrimental to Blackstone, creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. Inception date is for BXCI.
3. AUM as of March 31, 2025.
1. BX LCS is an affiliate of BAIA. Any allocation by BAIA to a manager in which Blackstone or one of its affiliates has a financial interest benefits Blackstone and any redemption or reduction of such allocation would be detrimental to Blackstone, creating potential conflicts of interest in allocation decisions. For a discussion of this conflict, please see the Financial Interests in Sub-Advisers and Service Providers section at the end of this document on the page titled Additional Disclosure Information.
2. Inception date is for BXCI.
3. AUM as of March 31, 2025.
Strategy
Event Driven
Sub-Strategy
Distressed / Restructuring
Geographic Focus
North America
Headquarters
New York, NY
Firm Background
1997
Firm Inception
$4.7B
Firm AUM [ 1 ]
Caspian Capital LP (“Caspian”)
Strategy Overview
Caspian is a credit manager that focuses on capital structure arbitrage strategies and stressed/distressed investing. Caspian seeks attractive, long-term, risk-adjusted returns by applying a flexible and opportunistic approach to investing which involves evaluating the current attractiveness of various asset classes.
Caspian can invest in a variety of securities but has historically focused on three trading strategies: 1) stressed/distressed corporate situations; 2) capital structure arbitrage; and 3) value shorting.
Most strategies are based on fundamental analysis with valuation work focusing on going concern and asset liquidation scenarios. Caspian typically creates comprehensive models to evaluate important fundamental characteristics such as asset quality, market share, industry value chain dynamics, free cash flow, liquidity, capital structure and/or possible near-term catalysts. After comparing the potential risk/reward of various credit outcomes on the entire corporate capital structure, Caspian seeks to implement favorable risk/reward strategies on a credit by credit basis, which could be expressed as stressed/distressed long, value short, or intra-capital structure long/short positions.
Caspian is a credit manager that focuses on capital structure arbitrage strategies and stressed/distressed investing. Caspian seeks attractive, long-term, risk-adjusted returns by applying a flexible and opportunistic approach to investing which involves evaluating the current attractiveness of various asset classes.
Caspian can invest in a variety of securities but has historically focused on three trading strategies: 1) stressed/distressed corporate situations; 2) capital structure arbitrage; and 3) value shorting.
Most strategies are based on fundamental analysis with valuation work focusing on going concern and asset liquidation scenarios. Caspian typically creates comprehensive models to evaluate important fundamental characteristics such as asset quality, market share, industry value chain dynamics, free cash flow, liquidity, capital structure and/or possible near-term catalysts. After comparing the potential risk/reward of various credit outcomes on the entire corporate capital structure, Caspian seeks to implement favorable risk/reward strategies on a credit by credit basis, which could be expressed as stressed/distressed long, value short, or intra-capital structure long/short positions.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Relative Value
Sub-Strategy
Fixed Income – Asset Backed
Geographic Focus
United States
Headquarters
Harrison, New York
Firm Background
1992
Firm Inception
$8.5B
Firm AUM [ 1 ]
Mariner Investment Group (“Mariner”)
Strategy Overview
The Bright Meadow Team, an investment team within Mariner Investment Group LLC (“Mariner”), seeks to capitalize on opportunities in the Agency mortgage and Structured Products markets including through relative value positioning within the Agency Mortgage TBA (“TBA”) market and between TBA and other U.S. interest rate products.
The strategy aims to take advantage of perceived dislocations, relative value and other opportunities believed to exist across these and related markets. Mariner intends to actively manage the portfolio which may incorporate various cash and synthetic investment and hedge strategies to enhance the overall risk and return profile while seeking to maintain liquidity. In addition to structural leverage that may exist in certain investments, Mariner expects to use notional leverage and may also use other forms of financial leverage.
With the backdrop of increasing inflation, Fed tapering, and rising rates, the strategy aims to capitalize on perceived market dislocations and provide a diversified source of alpha relative to traditional fixed income and credit sectors.
The Bright Meadow Team, an investment team within Mariner Investment Group LLC (“Mariner”), seeks to capitalize on opportunities in the Agency mortgage and Structured Products markets including through relative value positioning within the Agency Mortgage TBA (“TBA”) market and between TBA and other U.S. interest rate products.
The strategy aims to take advantage of perceived dislocations, relative value and other opportunities believed to exist across these and related markets. Mariner intends to actively manage the portfolio which may incorporate various cash and synthetic investment and hedge strategies to enhance the overall risk and return profile while seeking to maintain liquidity. In addition to structural leverage that may exist in certain investments, Mariner expects to use notional leverage and may also use other forms of financial leverage.
With the backdrop of increasing inflation, Fed tapering, and rising rates, the strategy aims to capitalize on perceived market dislocations and provide a diversified source of alpha relative to traditional fixed income and credit sectors.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Relative Value
Sub-Strategy
Fixed Income – Asset Backed
Geographic Focus
United States
Headquarters
New York, NY
Firm Background
1991
Firm Inception
$95.0B
Firm AUM [ 1 ]
Oak Hill Advisors L.P. (“OHA”)
Strategy Overview
OHA seeks to achieve attractive risk-adjusted returns by opportunistically investing in a diversified portfolio of CLO debt tranches. OHA anticipates sourcing investments through the secondary and primary markets. It is expected that the strategy will focus primarily on the debt tranches of U.S. CLOs managed by third parties. The Sub-Adviser will seek to capitalize on its deep experience as an investor in both CLOs and in the underlying leveraged loan asset class, as well as on its expertise as a CLO manager, to opportunistically source investments that it believes offer attractive risk-adjusted returns. OHA believes that its combined expertise in each of these areas offers a significant competitive advantage.
OHA seeks to achieve attractive risk-adjusted returns by opportunistically investing in a diversified portfolio of CLO debt tranches. OHA anticipates sourcing investments through the secondary and primary markets. It is expected that the strategy will focus primarily on the debt tranches of U.S. CLOs managed by third parties. The Sub-Adviser will seek to capitalize on its deep experience as an investor in both CLOs and in the underlying leveraged loan asset class, as well as on its expertise as a CLO manager, to opportunistically source investments that it believes offer attractive risk-adjusted returns. OHA believes that its combined expertise in each of these areas offers a significant competitive advantage.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Macro
Sub-Strategy
Commodity – Energy
Geographic Focus
Global
Headquarters
Austin, Texas
Firm Background
2013
Firm Inception
$300.0M
Firm AUM [ 2 ]
Commodity-Energy Trader (“Sub-Adviser”) [ 1 ]
Strategy Overview
The Sub-Adviser is engaged in energy trading across North America and European gas, power and liquids markets.
The strategy seeks to identify commodity inefficiencies and market dislocations in financial energy markets by leveraging its energy market experience and predictive modelling platform. Proprietary market intelligence gleaned from its commodity trading business coupled with fundamental supply and demand research unearths these potential relative value and directional mispricing opportunities.
The North American Energy Strategy is generally focused on generating absolute returns in North American energy markets from trading futures and options in energy commodity products. The Opportunistic Energy Strategy is focused on generating absolute returns in North American and European energy markets through deployment of additional capital where particular investment opportunities arise that can be captured by trading futures and options in certain energy commodity products. The North American Energy Strategy and Opportunistic Energy Strategy aim to identify trading opportunities which may arise from trade flows, supply, demand or infrastructure imbalances and structured trades to capture opportunities across locations and time.
Three trading desks across North America offer a combination of (i) additional capacity; (ii) ability to scale; (iii) liquidity; (iv) market depth across tenors, and (v) performance. Allocations of capital across these desks is based on VaR risk budget.
The Sub-Adviser is engaged in energy trading across North America and European gas, power and liquids markets.
The strategy seeks to identify commodity inefficiencies and market dislocations in financial energy markets by leveraging its energy market experience and predictive modelling platform. Proprietary market intelligence gleaned from its commodity trading business coupled with fundamental supply and demand research unearths these potential relative value and directional mispricing opportunities.
The North American Energy Strategy is generally focused on generating absolute returns in North American energy markets from trading futures and options in energy commodity products. The Opportunistic Energy Strategy is focused on generating absolute returns in North American and European energy markets through deployment of additional capital where particular investment opportunities arise that can be captured by trading futures and options in certain energy commodity products. The North American Energy Strategy and Opportunistic Energy Strategy aim to identify trading opportunities which may arise from trade flows, supply, demand or infrastructure imbalances and structured trades to capture opportunities across locations and time.
Three trading desks across North America offer a combination of (i) additional capacity; (ii) ability to scale; (iii) liquidity; (iv) market depth across tenors, and (v) performance. Allocations of capital across these desks is based on VaR risk budget.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. Please refer to the Fund’s Prospectus for a full list of Sub-Advisers.
2. AUM as of March 31, 2025.
1. Please refer to the Fund’s Prospectus for a full list of Sub-Advisers.
2. AUM as of March 31, 2025.
Strategy
Relative Value
Sub-Strategy
Fixed Income – Sovereign
Geographic Focus
Global
Headquarters
London, United Kingdom
Firm Background
2021
Firm Inception
$2.3B
Firm AUM [ 2 ]
Emerging Markets Credit Manager (“Sub-Adviser”) [ 1 ]
Strategy Overview
The Sub-Adviser is a relative value long/short credit manager focused on liquid emerging markets. The Sub-Adviser’s investment process is primarily based on fundamental research.
The Sub-Adviser’s investment strategy for the Fund predominantly invests in sovereign & quasi-sovereign cash bonds, liquid corporates, single-name CDS, CDX indices and associated liquid hedge instruments. The trading strategy is expressed in a diversified portfolio across regions and strategy types. Strategy types may include, amongst others, Deep Value, Relative Value, Momentum, Catalyst-Driven, Carry, New Issue and Liquidity Provision.
The strategy benefits from the portfolio manager’s trading acumen, active risk management techniques and the combined experience of the Sub-Adviser’s dedicated investment team.
In addition, the Sub-Adviser also invests a portion of the Fund’s assets in an opportunistic strategy in which the Sub-Adviser leverages core credit views, security selection, and risk management expertise in a long-biased format to provide greater upside and better downside management versus the emerging market sovereign bond index. The Sub-Adviser actively manages the portfolio, shifting exposure across the rating spectrum, countries, and securities over time.
The Sub-Adviser is a relative value long/short credit manager focused on liquid emerging markets. The Sub-Adviser’s investment process is primarily based on fundamental research.
The Sub-Adviser’s investment strategy for the Fund predominantly invests in sovereign & quasi-sovereign cash bonds, liquid corporates, single-name CDS, CDX indices and associated liquid hedge instruments. The trading strategy is expressed in a diversified portfolio across regions and strategy types. Strategy types may include, amongst others, Deep Value, Relative Value, Momentum, Catalyst-Driven, Carry, New Issue and Liquidity Provision.
The strategy benefits from the portfolio manager’s trading acumen, active risk management techniques and the combined experience of the Sub-Adviser’s dedicated investment team.
In addition, the Sub-Adviser also invests a portion of the Fund’s assets in an opportunistic strategy in which the Sub-Adviser leverages core credit views, security selection, and risk management expertise in a long-biased format to provide greater upside and better downside management versus the emerging market sovereign bond index. The Sub-Adviser actively manages the portfolio, shifting exposure across the rating spectrum, countries, and securities over time.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. Please refer to the Fund’s Prospectus for a full list of Sub-Advisers.
2. AUM as of March 31, 2025.
1. Please refer to the Fund’s Prospectus for a full list of Sub-Advisers.
2. AUM as of March 31, 2025.
Strategy
Macro
Sub-Strategy
Commodity – Multi
Geographic Focus
Global
Headquarters
Oakland, CA
Firm Background
2018
Firm Inception
$462.7M
Firm AUM [ 1 ]
Merritt Point Partners LLC (“Merritt Point”)
Strategy Overview
Merritt Point manages a global macro strategy that specializes in commodities. It employs a bottom-up, fundamental research process, paired with extensive derivatives expertise to construct a diversified portfolio of asymmetric trades. The strategy seeks to return consistent, uncorrelated returns through the market cycle with tight risk controls.
Merritt Point evaluates opportunities across all major commodity markets (energy, metals, agricultural, and emissions), screening for asymmetric pay-off structures with a value bias. The broad-based approach to sector selection allows Merritt Point to construct a diversified return stream, without relying on a single commodity or trade.
Merritt Point manages a global macro strategy that specializes in commodities. It employs a bottom-up, fundamental research process, paired with extensive derivatives expertise to construct a diversified portfolio of asymmetric trades. The strategy seeks to return consistent, uncorrelated returns through the market cycle with tight risk controls.
Merritt Point evaluates opportunities across all major commodity markets (energy, metals, agricultural, and emissions), screening for asymmetric pay-off structures with a value bias. The broad-based approach to sector selection allows Merritt Point to construct a diversified return stream, without relying on a single commodity or trade.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Multi-Strategy
Sub-Strategy
N/A
Geographic Focus
Global
Headquarters
London, United Kingdom
Firm Background
2017
Firm Inception
$1.4B
Firm AUM [ 1 ]
Bayforest Capital Limited (“Bayforest”)
Strategy Overview
Bayforest is a multi-asset quantitative research firm that combines real-time statistical inference analytics with deep market expertise. It specializes in stream learning algorithms to analyse large quantities of data, built solely on proprietary infrastructure.
Bayforest’s proprietary algorithm consumes large quantities of data to infer actionable insights in real time, which in turn are used to identifying complex patterns that may be formed because of market inefficiencies.
The strategy relies solely on quantitative analysis to build signals that are translated to financial instrument orders. The end-to-end process is entirely systematic and aims to capture perceived market inefficiencies.
Bayforest is a multi-asset quantitative research firm that combines real-time statistical inference analytics with deep market expertise. It specializes in stream learning algorithms to analyse large quantities of data, built solely on proprietary infrastructure.
Bayforest’s proprietary algorithm consumes large quantities of data to infer actionable insights in real time, which in turn are used to identifying complex patterns that may be formed because of market inefficiencies.
The strategy relies solely on quantitative analysis to build signals that are translated to financial instrument orders. The end-to-end process is entirely systematic and aims to capture perceived market inefficiencies.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Multi-Strategy
Sub-Strategy
N/A
Geographic Focus
Global
Headquarters
New York, NY
Firm Background
1988
Firm Inception [ 1 ]
$18.5B
Firm AUM [ 2 ]
D.E. Shaw Investment Management, L.L.C. (“DESIM”)
Strategy Overview
DESIM is a member of the D. E. Shaw group, a global investment and technology development firm that combines a rigorous quantitative approach with a complementary strategic focus on qualitative strategies. The strategy that DESIM deploys on behalf of the Fund seeks dynamic exposures to risk premia in core global assets along with the potential capture of more exotic forms of risk premia and opportunistic alpha. The strategy’s objective is to produce, across a variety of market conditions, attractive long-term risk-adjusted returns with moderate beta to the S&P 500 and various other major asset classes.
The strategy uses a combination of both qualitative and quantitative approaches to forecast expected returns for global assets based on modeling time-varying risk premia and various other dynamics in asset prices. The resulting portfolio is bucketed into five categories: credit, nominal rates, equities, inflation, and opportunistic.
The strategy also employs DESIM’s rigorous risk management process, which involves the application of a proprietary optimizer supplemented by a scenario-based framework focused on managing tail risk.
DESIM is a member of the D. E. Shaw group, a global investment and technology development firm that combines a rigorous quantitative approach with a complementary strategic focus on qualitative strategies. The strategy that DESIM deploys on behalf of the Fund seeks dynamic exposures to risk premia in core global assets along with the potential capture of more exotic forms of risk premia and opportunistic alpha. The strategy’s objective is to produce, across a variety of market conditions, attractive long-term risk-adjusted returns with moderate beta to the S&P 500 and various other major asset classes.
The strategy uses a combination of both qualitative and quantitative approaches to forecast expected returns for global assets based on modeling time-varying risk premia and various other dynamics in asset prices. The resulting portfolio is bucketed into five categories: credit, nominal rates, equities, inflation, and opportunistic.
The strategy also employs DESIM’s rigorous risk management process, which involves the application of a proprietary optimizer supplemented by a scenario-based framework focused on managing tail risk.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. Inception date for the D. E. Shaw group. DESIM, a member of the D.E. Shaw group, was formed in 2005.
2. AUM for DESIM is as of March 31, 2025.
1. Inception date for the D. E. Shaw group. DESIM, a member of the D.E. Shaw group, was formed in 2005.
2. AUM for DESIM is as of March 31, 2025.
Strategy
Equity Hedge
Sub-Strategy
Equity Market Neutral
Geographic Focus
United States
Headquarters
Dover, DE
Firm Background
2015
Firm Inception
$263.3M
Firm AUM [ 1 ]
OT Research LLC (“OTR”)
Strategy Overview
OTR is a quantitative equity manager. OTR employs a systematic, trading strategy focusing on publicly listed US equities. The strategy endeavors to be “market neutral,” which in this context means to be roughly balanced between long and short positions on a daily basis. The strategy trades a mix of technical, fundamental, factor, and flow based on signals with a medium term holding period. It is possible that, in the future, OTR may add other strategies that trade US equities (including in smaller capitalization ones), equities in other non-US markets, and/or futures. In all cases, it is expected that such strategies will also be systematic and focused on generating alpha, rather than having a fixed directional bias with respect to any market or asset class.
OTR is a quantitative equity manager. OTR employs a systematic, trading strategy focusing on publicly listed US equities. The strategy endeavors to be “market neutral,” which in this context means to be roughly balanced between long and short positions on a daily basis. The strategy trades a mix of technical, fundamental, factor, and flow based on signals with a medium term holding period. It is possible that, in the future, OTR may add other strategies that trade US equities (including in smaller capitalization ones), equities in other non-US markets, and/or futures. In all cases, it is expected that such strategies will also be systematic and focused on generating alpha, rather than having a fixed directional bias with respect to any market or asset class.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025.
1. AUM as of March 31, 2025.
Strategy
Equity Hedge
Sub-Strategy
Equity Market Neutral
Geographic Focus
United States
Headquarters
New York, NY
Firm Background
2009
Firm Inception
$36.1B
Firm AUM [ 1 ]
Two Sigma Advisers, LP (“Two Sigma Advisers”)
Strategy Overview
Two Sigma Advisers is a process-driven, systematic investment manager primarily focused on liquid markets. Two Sigma Advisers applies its technology and expertise in financial markets to seek to consistently generate uncorrelated alpha across a wide range of market conditions.
Two Sigma Advisers seeks to achieve a 360 degree view of the relevant drivers of asset prices and believes its systematic approach combines, and improves upon, traditional quantitative and discretionary methods. Intelligent computational systems translate vast amounts of information into a diversified set of investment strategies and integrate real-time risk management into the portfolio construction process.
Two Sigma Advisers is a process-driven, systematic investment manager primarily focused on liquid markets. Two Sigma Advisers applies its technology and expertise in financial markets to seek to consistently generate uncorrelated alpha across a wide range of market conditions.
Two Sigma Advisers seeks to achieve a 360 degree view of the relevant drivers of asset prices and believes its systematic approach combines, and improves upon, traditional quantitative and discretionary methods. Intelligent computational systems translate vast amounts of information into a diversified set of investment strategies and integrate real-time risk management into the portfolio construction process.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of April 1, 2025. AUM reflects total AUM of Two Sigma Advisers, including employee and proprietary capital, and has been adjusted downward to avoid double-counting certain assets.
1. AUM as of April 1, 2025. AUM reflects total AUM of Two Sigma Advisers, including employee and proprietary capital, and has been adjusted downward to avoid double-counting certain assets.
Strategy
Macro Strategies
Sub-Strategy
Systematic Diversified
Geographic Focus
Global
Headquarters
Amsterdam, The Netherlands
Firm Background
2021
Firm Inception
$140.0M
Firm AUM [ 1 ]
Varick Capital Partners LP (“Varick”)
Strategy Overview
Varick manages a portion of the Fund’s assets using a systematic diversified strategy approach, a subset of macro strategies which employs mathematical, algorithmic, and technical models, with little or no influence of investment personnel over the portfolio positioning. These strategies typically seek to identify opportunities in markets exhibiting trending or momentum, value, or carry characteristics across individual instruments or asset classes. Such strategies typically employ a quantitative process that focuses on statistically robust or technical patterns in the return series of the asset and highly liquid instruments. Varick’s systematic diversified macro strategy invests in liquid futures markets. The assets traded include futures in stock indices, fixed income, currencies and commodities (energy, metals, softs and agriculturals).
Varick manages a portion of the Fund’s assets using a systematic diversified strategy approach, a subset of macro strategies which employs mathematical, algorithmic, and technical models, with little or no influence of investment personnel over the portfolio positioning. These strategies typically seek to identify opportunities in markets exhibiting trending or momentum, value, or carry characteristics across individual instruments or asset classes. Such strategies typically employ a quantitative process that focuses on statistically robust or technical patterns in the return series of the asset and highly liquid instruments. Varick’s systematic diversified macro strategy invests in liquid futures markets. The assets traded include futures in stock indices, fixed income, currencies and commodities (energy, metals, softs and agriculturals).
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. AUM as of March 31, 2025. AUM reflects total AUM of Varick Capital Partners LP, including employee and proprietary capital, and has been adjusted downward to avoid double-counting certain assets.
1. AUM as of March 31, 2025. AUM reflects total AUM of Varick Capital Partners LP, including employee and proprietary capital, and has been adjusted downward to avoid double-counting certain assets.
Strategy
Multi-Strategy
Sub-Strategy
N/A
Geographic Focus
Global
Portfolio Managers [ 2 ]
BAIA PM Team
Headquarters
New York, NY
Firm Background
2012
Firm Inception
$3.7B
Firm AUM [ 3 ]
Blackstone Alternative Investment Advisors LLC (“BAIA”) [ 1 ]
Strategy Overview
BAIA, the Fund’s Investment Manager, allocates its assets among a variety of discretionary investment advisers (“Sub-Advisers”) with experience managing non-traditional or “alternative” investment strategies. BAIA is responsible for selecting the strategies, for identifying and retaining Sub-Advisers with expertise in the selected strategies, and for determining the amount of Fund assets to allocate to each strategy and to each Sub-Adviser. In addition, BAIA monitors the overall risk levels and investment concentrations of the Fund that are produced by the various sleeves managed by the Sub-Advisers. BAIA may enter into portfolio overlay hedging that seeks to mitigate or hedge market, interest rate, currency, issuer or other investment risk.
BAIA manages a portion of the Fund’s assets directly.
BAIA, the Fund’s Investment Manager, allocates its assets among a variety of discretionary investment advisers (“Sub-Advisers”) with experience managing non-traditional or “alternative” investment strategies. BAIA is responsible for selecting the strategies, for identifying and retaining Sub-Advisers with expertise in the selected strategies, and for determining the amount of Fund assets to allocate to each strategy and to each Sub-Adviser. In addition, BAIA monitors the overall risk levels and investment concentrations of the Fund that are produced by the various sleeves managed by the Sub-Advisers. BAIA may enter into portfolio overlay hedging that seeks to mitigate or hedge market, interest rate, currency, issuer or other investment risk.
BAIA manages a portion of the Fund’s assets directly.
Past performance may not be a reliable guide to future performance. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses.
1. BAIA is the Fund’s Investment Manager and manages a portion of the Fund’s assets directly. BAIA’s fees on directly managed assets are not reduced by a payment to a sub-advisor.
2. The BAIA PM Team consists of Riad Abrahams, David Ben-Ur, Max Jaffe, Winfield Sickles, and Stephen Zhu.
3. BAIA’s estimated AUM is as of February 28, 2025.
1. BAIA is the Fund’s Investment Manager and manages a portion of the Fund’s assets directly. BAIA’s fees on directly managed assets are not reduced by a payment to a sub-advisor.
2. The BAIA PM Team consists of Riad Abrahams, David Ben-Ur, Max Jaffe, Winfield Sickles, and Stephen Zhu.
3. BAIA’s estimated AUM is as of February 28, 2025.
Strategy
Event Driven
Sub-Strategy
Reinsurance
Geographic Focus
Global
Headquarters
Bermuda
Firm Background
1997
Firm Inception
$6.8B
Firm AUM [ 2 ]
Nephila Capital, Ltd. (“Nephila”) [ 1 ]
Strategy Overview
Nephila manages a variety of portfolios focusing on different natural catastrophe insurance linked instruments that provide varying levels of risk profiles to investors. As a firm, Nephila’s edge is derived from its underwriting and structuring expertise in reinsurance and its ability to dynamically allocate capital to what it believes are opportunities in the market, including private transactions, CAT Bonds, ILWs, Indemnity Reinsurance and Retro.
The strategy that Nephila executes for Blackstone’s mutual fund is opportunistic in nature and focuses on reinsurance—specifically Catastrophe Bonds (“CAT”). The strategy seeks to provide an attractive risk-adjusted return that is largely uncorrelated with other asset classes.
Nephila leverages its CAT models, proprietary risk systems, meteorological forecasts and industry relationships to evaluate the reinsurance market. Nephila has the ability to identify both long and short opportunities (writing and buying reinsurance) to create a balanced portfolio with an attractive risk/reward profile across geographies.
Nephila manages a variety of portfolios focusing on different natural catastrophe insurance linked instruments that provide varying levels of risk profiles to investors. As a firm, Nephila’s edge is derived from its underwriting and structuring expertise in reinsurance and its ability to dynamically allocate capital to what it believes are opportunities in the market, including private transactions, CAT Bonds, ILWs, Indemnity Reinsurance and Retro.
The strategy that Nephila executes for Blackstone’s mutual fund is opportunistic in nature and focuses on reinsurance—specifically Catastrophe Bonds (“CAT”). The strategy seeks to provide an attractive risk-adjusted return that is largely uncorrelated with other asset classes.
Nephila leverages its CAT models, proprietary risk systems, meteorological forecasts and industry relationships to evaluate the reinsurance market. Nephila has the ability to identify both long and short opportunities (writing and buying reinsurance) to create a balanced portfolio with an attractive risk/reward profile across geographies.
Past performance does not predict future returns. The value of the Fund’s shares may go down as well as up and there can be no assurance that the Fund will achieve its investment objectives or avoid significant losses. The data presented above is based on information obtained or derived from the Sub-Adviser. Blackstone does not guarantee the accuracy and completeness of such information and provides no assurance regarding the performance, management or affairs of the Sub-Adviser.
1. Sub-Adviser is not currently managing any Fund assets. Allocations may change at any time without notice.
2. AUM as of March 31, 2025.
1. Sub-Adviser is not currently managing any Fund assets. Allocations may change at any time without notice.
2. AUM as of March 31, 2025.
