Net Asset Value as Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments

A summary of fair value by strategy type and ability to redeem such investments as of March 31, 2023 is presented below:

			Redemption
			Frequency		Redemption
Strategy (a)	Fair Value		(if currently eligible)		Notice Period
Equity	$	457,664		(b)		(b)
Real Estate		121,172		(c)		(c)
Credit Driven		26,845		(d)		(d)
Commodities		1,080		(e)		(e)
Diversified Instruments		17		(f)		(f)
	$	606,778

(a) As of March 31, 2023, Blackstone had no unfunded commitments.

(b) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 24% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 76% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing less than 1% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side-pocket less than 1% of Blackstone’s investments in the category.

(c) The Real Estate category includes investments in funds that primarily invest in real estate assets. Investments representing 100% of fair value of the investments in this category are redeemable as of the reporting date.

(d) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 81% of the fair value of the investments in this category are in liquidation. The remaining 19% of investments in this category may not be redeemed at, or within three months of, the reporting date.

(e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

(f) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.