BXINFRA U.S.

Company overview

Blackstone Infrastructure Strategies L.P. U.S. (“BXINFRA U.S.”) is a Delaware limited partnership formed on July 16, 2024.
It is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940.
Sponsor structure:
- General Partner: Blackstone Infrastructure Strategies Associates L.P. (Delaware LP)
- Investment Manager: Blackstone Infrastructure Advisors L.L.C. (Delaware LLC)
BXINFRA U.S. conducts a continuous private offering of Units to accredited investors and qualified purchasers. The fund held its first closing on January 2, 2025, with monthly closings continuing thereafter.

Blackstone is a global alternative asset manager with total assets under management (AUM) exceeding $1.3 trillion as of December 31, 2025.
Blackstone’s Infrastructure Platform manages approximately $152.1 billion in AUM as of December 31, 2025.
Blackstone employs over 5,000 people worldwide.

BXINFRA U.S., together with the Feeder, Aggregator, and any Parallel Funds, comprises the BXINFRA Fund Program.
BXINFRA U.S. and BXINFRA Lux have substantially similar objectives and strategies but operate as distinct investment structures.
BXINFRA invests alongside other Blackstone Accounts (Other Blackstone Accounts) and may make:
- Direct Investments (infrastructure assets and operating companies)
- Secondary Investments (purchases of existing investments in funds or platforms)
- Primary Commitments (commitments to commingled funds managed by Blackstone or third parties)
Investments are made through SPVs, operating companies, joint ventures, and other investment vehicles, including private and public securities (equity, preferred equity, convertible instruments, mezzanine, PIPEs, etc.).

Objective: deliver attractive returns consisting of current income and long-term capital appreciation.
Focus: Infrastructure investments across equity, debt-like credit, and related strategies, using Blackstone’s Infrastructure Platform to build a diversified portfolio.
Target allocation: generally at least 80% of NAV in Infrastructure Investments and up to 20% in Debt and Other Securities; allocations may vary due to capital inflows, opportunity set, or liquidity needs.
Core strategy components:
- Infrastructure Equity (Direct Investments and Secondary Investments)
- Infrastructure Credit (Debt and Other Securities)
- Secondary Investments (including investments in fund platforms and continuation vehicles)
Geography: Global.
Approach: prioritize long-duration, cash-yielding assets with potential for capital appreciation through value-oriented investments, operational improvements, and access to Blackstone’s ecosystem and follow-on opportunities.

The Investment Manager may delegate portfolio management of portions of BXINFRA’s investments to Sub-Investment Managers within Blackstone Credit & Insurance and potentially other Blackstone investment managers.
Sub-Investment Managers primarily focus on Debt and Other Securities, may assist with sourcing Infrastructure Credit, and typically do not have investment-level discretion for such investments.
Fees payable to Sub-Investment Managers are paid by the Investment Manager from its Management Fee.

Oversight resides with the General Partner, subject to Board oversight and policies.
The Board of Directors had eight members as of March 6, 2026, including five Independent Directors (per independence standards).
An Audit Committee, composed solely of Independent Directors, is responsible for selecting the auditor and related financial oversight.
The General Partner may appoint or replace Independent Directors; changes require Board approval, including a majority of Independent Directors.

Management Fee (Investment Manager):
- Base rate: 1.25% of Aggregator Transactional NAV per year, paid monthly.
- As of March 6, 2026, by class (per Aggregator NAV attributable to Series):
  - Class I – Series I Units: 1.25%
  - Class I – Series II Units: 1.05%
  - Class I – Series III Units: 0.95%
Administration Fee:
- 0.10% of Aggregator Transactional NAV per year, paid monthly.
Performance Participation Allocation (General Partner):
- 12.5% of total return, subject to a 5% annual hurdle, a high-water mark, and 100% catch-up.
- Measured on a calendar-year basis; paid quarterly (first year paid at year-end, then quarterly thereafter).
- Allocated pro rata to each Series; Feeder’s indirect investors bear a portion consistent with their interests.
Payment mechanics:
- Fees may be paid in cash, Units, or interests in intermediate entities; Management Fee and other fees are paid by BXINFRA U.S., the Feeder, and Parallels pro rata to their interests in the Aggregator.
- The General Partner and Investment Manager may receive payments in forms other than cash and may route fees to affiliates.
Listed fees are exclusive of other fund expenses and potential reimbursements for fund-related costs; some administrative duties may be outsourced and paid from the Administration Fee.

The Sponsor determines whether an investment is classified as Infrastructure Investments or Debt and Other Securities based on terms and characteristics.
Investments may include a variety of debt and equity instruments and leveraged structures, including preferred, convertible debt, PIK notes, warrants, PIPEs, and related instruments.
Investment management and private-equity-like strategies are conducted with support and control from Blackstone’s infrastructure platform and are subject to internal policies on conflicts of interest, valuation, and Redemption Plans.

BXINFRA U.S. formation: July 16, 2024
First closing: January 2, 2025
Board composition and Independent Director status: as of March 6, 2026
Blackstone platform data cited (AUM and employee figures): as of December 31, 2025