BXPE U.S. Private Equity Strategies Fund L.P.

Overview

BXPE U.S. is a Delaware limited partnership formed on April 5, 2022 to provide eligible investors access to Blackstone’s private equity platform. It operates as a perpetual-life private equity strategy with monthly fully funded subscriptions and periodic redemptions. The fund offers a continuous private offering to accredited and qualified purchasers and targets medium- to long-term capital appreciation with modest current income. BXPE U.S., the Feeder, the Aggregator, any Parallel Funds, and BXPE Lux together form the BXPE Fund Program.

Structure and affiliated entities

• BXPE U.S. and the Feeder are private funds exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940.
• The Feeder is intended to provide certain investors (for example, tax-exempt and some non-U.S. investors) access to BXPE U.S. by investing all or substantially all of its assets in BXPE U.S.
• The Fund Program consists of BXPE U.S., the Feeder, the Aggregator, any Parallel Funds, and BXPE Lux.
• Governance is provided by a combined Board of Directors for BXPE U.S. and the Feeder (7 members as of March 13, 2026; 4 independent directors).

Investment strategy and allocations

• Primary focus: Private equity investments using Blackstone’s private equity platform to achieve diversified exposure across geographies and sectors.
• Target allocation: at least 80% of NAV in Private Equity Investments and up to 20% in Debt and Other Securities.
• Investment approaches:
  • Direct investments in companies and operating assets.
  • Secondary investments, including secondary purchases of LP interests and GP/sponsor-led secondaries.
  • Primary commitments to commingled funds managed by Blackstone affiliates or third parties.
• The fund may acquire majority or controlling interests and invest through SPVs, operating companies, platforms, joint ventures, listed companies, and similar structures.
• Permitted instruments include common and preferred equity, convertible debt, derivatives, warrants, PIK notes, mezzanine debt, and PIPEs.
• Investment classification may be adjusted among Direct Investments, Secondary Investments, and Primary Commitments according to the terms of each investment.
• Sub-investment management: portions of the portfolio may be managed by Sub-InvestmentManagers, including:
  • BCSS (Blackstone Credit Systematic Strategies LLC) — focused on corporate credit assets and derivatives.
  • BLCS (Blackstone Liquid Credit Strategies LLC) — focused on leveraged loans, high-yield, and other corporate credit.
  • Other Blackstone affiliates may also be engaged to manage portions of BXPE’s investments.

Management, fees, and economics

• Sponsor and delegated managers:
  • General Partner: Blackstone Private Equity Strategies Associates L.P.
  • Investment Manager: Blackstone Private Investments Advisors L.L.C. (an affiliate of Blackstone and an SEC-registered investment adviser).
• The Investment Manager delegates portfolio management responsibilities to Sub-InvestmentManagers and may further delegate to other Blackstone investment managers as needed.
• Fees (from the Aggregator perspective; paid by BXPE U.S., the Feeder, and any Parallel Funds pro rata):
  • Management Fee: 1.25% per year of the Aggregator’s Transactional NAV, accrued monthly and paid quarterly. Effective January 1, 2026:
    • Class I — Series I: 1.25%
    • Class I — Series II: 1.05%
    • Class I — Series III: 0.95%
  • Administration Fee: 0.10% per year of the Aggregator’s Transactional NAV, accrued monthly and paid quarterly.
  • Performance Participation Allocation to the 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 and accrued monthly.
• Fee payments may be made in cash, Units, or interests in Intermediate Entities. The Investment Manager may have affiliates receive all or part of the Management Fee.
• The Administration Fee is separate from the Management Fee and other fund expenses. The Sponsor may use the Administration Fee to reimburse third-party service providers.

Governance and oversight

• The BXPE U.S. Board and the Feeder Board share governance responsibilities. Each board includes independent directors and maintains an Audit Committee.
• An Affiliate Transaction Committee on the BXPE U.S. Board reviews material conflicts of interest involving the General Partner, the Investment Manager, or their affiliates.
• The General Partner retains day-to-day oversight and delegates investment authority to the Investment Manager, which has discretion to make investments on behalf of BXPE. Sub-InvestmentManagers handle designated portions of the portfolio, principally Debt and Other Securities.

Key dates

• BXPE U.S. formed: April 5, 2022.
• Feeder formed: May 25, 2022.
• First closings and unregistered Unit sales: January 2, 2024.
• The fund continues ongoing monthly closings as part of the continuous private offering.

Firmwide metrics (context)

• Blackstone firmwide: over $1.3 trillion in assets under management as of December 31, 2025.
• Blackstone private equity segment: $416.4 billion AUM as of December 31, 2025.
• Employees: approximately 5,285 employees at Blackstone headquarters and worldwide.

Summary

BXPE U.S. is a perpetual private-equity fund program structured to provide accredited and qualified purchasers access to Blackstone’s private equity capabilities. The fund emphasizes diversified private-equity exposure (with up to 20% in Debt and Other Securities), uses a combination of direct, secondary, and primary commitments, and employs Sub-InvestmentManagers for designated credit strategies. Governance is provided by combined boards with independent oversight, and economics include a Management Fee, an Administration Fee, and a Performance Participation Allocation.