Blackstone Alternative Investment Funds
09/08/2026 | Press release | Distributed by Public on 09/08/2026 14:57
Prospectus by Investment Company (Form 497)
Filed pursuant to Rule 497(e)
File Nos. 333-185238 and 811-22743
File Nos. 333-185238 and 811-22743
BLACKSTONE ALTERNATIVE INVESTMENT FUNDS
Supplement dated September 8, 2026 to the
Blackstone Alternative Multi-Strategy Fund (the "Fund")
Prospectus, dated July 30, 2026
Addition of Sub-Adviser
Pursuant to action taken by the Board of Trustees of the Fund, Dardanelles Capital, LP will serve as a discretionary sub-adviser to the Fund.
Effective immediately, the Fund's Prospectus is revised as follows:
The list of sub-advisers to the Fund in the "Fund Summary-Principal Investment Strategies" section of the Prospectus is deleted in its entirety and replaced with the following:
|
Discretionary Sub-Advisers
|
Principal Strategy
|
|
| Bayview Asset Management, LLC | Relative Value Strategies | |
| Blackstone Liquid Credit Strategies LLC | Relative Value Strategies | |
| Blackstone Real Estate Special Situations Advisors L.L.C. | Relative Value Strategies | |
| Callodine Capital Management, LP | Equity Hedge Strategies | |
| Capital Fund Management, S.A. | Multi-Strategy Strategies | |
| Caspian Capital LP | Relative Value Strategies | |
| Catalio Capital Management, LP | Equity Hedge Strategies | |
| Dardanelles Capital, LP | Equity Hedge Strategies | |
| D. E. Shaw Investment Management, L.L.C. | Multi-Strategy Strategies | |
| Fort Baker Capital Management LP | Event-Driven Strategies | |
| Harvest Fund Advisors LLC | Equity Hedge Strategies | |
| Maren Capital LLC | Equity Hedge Strategies | |
| Mariner Investment Group, LLC | Relative Value Strategies | |
| Merritt Point Partners LLC | Macro Strategies | |
| Mesarete Capital LLP and Mesarete Capital (US) LLC | Relative Value Strategies | |
| Nephila Capital Ltd. | Event-Driven Strategies | |
| North Reef Capital Management LP | Equity Hedge Strategies | |
| Oak Hill Advisors, L.P. | Relative Value Strategies | |
| OT Research | Equity Hedge Strategies | |
| Seiga Asset Management Limited | Equity Hedge Strategies | |
| Seven Grand Managers, LLC | Event-Driven Strategies | |
| Two Sigma Investments, LP | Equity Hedge Strategies | |
| Varick Capital Partners LP | Macro Strategies |
The list of sub-advisers to the Fund in the "Fund Summary-Management of the Fund" section of the Prospectus is deleted in its entirety and replaced with the following:
Discretionary Sub-Advisers:
Bayview Asset Management, LLC
Blackstone Liquid Credit Strategies LLC
Blackstone Real Estate Special Situations Advisors L.L.C.
Callodine Capital Management, LP
Capital Fund Management, S.A.
Caspian Capital LP
Catalio Capital Management, LP
Dardanelles Capital, LP
D. E. Shaw Investment Management, L.L.C.
Fort Baker Capital Management LP
Harvest Fund Advisors LLC
Maren Capital LLC
Mariner Investment Group, LLC
Merritt Point Partners LLC
Mesarete Capital LLP and Mesarete Capital (US) LLC
Nephila Capital Ltd.
North Reef Capital Management LP
Oak Hill Advisors, L.P.
OT Research
Seiga Asset Management Limited
Seven Grand Managers, LLC
Two Sigma Investments, LP
Varick Capital Partners LP
The list of sub-advisers to the Fund in the "More on the Fund's Investment Strategies, Investments, and Risks-Investment Strategy" section of the Prospectus is deleted in its entirety and replaced with the following:
| Discretionary Sub-Advisers |
Principal Strategy
|
Principal Sub-Strategy
|
||
| Bayview Asset Management, LLC | Relative Value Strategies | Fixed Income - Asset Backed | ||
| Blackstone Liquid Credit Strategies LLC | Relative Value Strategies | Fixed Income - Asset Backed | ||
| Blackstone Real Estate Special Situations Advisors L.L.C. | Relative Value Strategies | Fixed Income - Asset Backed | ||
| Callodine Capital Management, LP | Equity Hedge Strategies | Equity Long/Short | ||
| Capital Fund Management, S.A. | Multi-Strategy Strategies | N/A | ||
| Caspian Capital LP | Relative Value Strategies | Fixed Income - Corporate | ||
| Catalio Capital Management, LP | Equity Hedge Strategies | Equity Long/Short | ||
| Dardanelles Capital, LP | Equity Hedge Strategies | Equity Long/Short | ||
| D. E. Shaw Investment Management, L.L.C. | Multi-Strategy Strategies | N/A | ||
| Fort Baker Capital Management LP | Event-Driven Strategies | Event Driven Multi-Strategy | ||
| Harvest Fund Advisors LLC | Equity Hedge Strategies | Equity Long/Short | ||
| Maren Capital LLC | Equity Hedge Strategies | Fundamental Value | ||
| Mariner Investment Group, LLC | Relative Value Strategies | Fixed Income - Asset Backed | ||
| Merritt Point Partners LLC | Macro Strategies |
Commodity - Multi /
Commodity - Energy
|
||
| Mesarete Capital LLP and Mesarete Capital (US) LLC | Relative Value Strategies | Fixed Income - Sovereign | ||
| Nephila Capital Ltd. | Event-Driven Strategies | Reinsurance | ||
| North Reef Capital Management LP | Equity Hedge Strategies | Equity Long/Short | ||
| Oak Hill Advisors, L.P. | Relative Value Strategies | Fixed Income - Asset Backed | ||
| OT Research | Equity Hedge Strategies | Equity Market Neutral | ||
| Seiga Asset Management Limited | Equity Hedge Strategies | Equity Long/Short | ||
| Seven Grand Managers, LLC | Event-Driven Strategies | Event-Driven Multi-Strategy | ||
| Two Sigma Investments, LP | Equity Hedge Strategies | Equity Market Neutral | ||
| Varick Capital Partners LP | Macro Strategies | Systematic Diversified |
The following disclosure is added to the "More on Fund Management-Adviser and Sub-Advisers-Sub-Advisers" section of the Prospectus:
| • |
Dardanelles Capital, LP ("Dardanelles"), located at 33 Broad Street, Suite 300, Boston, MA 02109, is an investment adviser registered with the SEC. Dardanelles may manage a portion of the Fund's assets using Equity Hedge Strategies. Founded in 2022, Dardanelles had approximately $84.2 million in assets under management as of August 31, 2026.
|
Shareholders should retain this Supplement for future reference.
Filed pursuant to Rule 497(e)
File Nos. 333-185238 and 811-22743
BLACKSTONE ALTERNATIVE INVESTMENT FUNDS
Supplement dated September 8, 2026 to the
Blackstone Alternative Multi-Strategy Fund (the "Fund")
Statement of Additional Information, dated July 30, 2026
Addition of Sub-Adviser
Pursuant to action taken by the Board of Trustees of the Fund (the "Board"), Dardanelles Capital, LP will serve as a discretionary sub-adviser to the Fund.
Effective immediately, the following disclosure is added to the section "Investment Management and Other Services-The Sub-Advisers" in the Statement of Additional Information:
| • |
Dardanelles Capital, LP ("Dardanelles"). The principal owner of Dardanelles is Derek Brown. |
Committees of the Board
Pursuant to action taken by the Board, Geoffrey D. Stein was appointed as a member of the Audit Committee and the Nominating and Governance Committee of the Board, effective August 12, 2026. Accordingly, the sub-sections of the "Management-Standing Committees" section of the Fund's Statement of Additional Information are deleted in their entirety and replaced with the following:
Audit Committee
The Audit Committee of the Fund, which consists of Ms. Leopold and Messrs. Lawler and Stein, provides oversight with respect to the accounting and financial reporting policies and practices of the Fund and, among other things, considers the selection of an independent registered public accounting firm for the Fund and the scope of the audit, and approves all services proposed to be performed by the independent registered public accounting firm on behalf of the Fund and, under certain circumstances, BAIA and certain affiliates. The Audit Committee met three times during the most recent fiscal year.
Nominating and Governance Committee
The Nominating and Governance Committee of the Fund, which consists of Ms. Leopold and Messrs. Coates, Lawler and Stein, assists the Board in managing nominations and recommendations for service as a trustee and/or in various Board committee roles. It is the policy of the Nominating and Governance Committee to consider trustee nominees properly submitted by shareholders. In accordance with the terms of the Nominating and Governance Committee Charter, shareholders who wish to recommend a nominee should send a nomination to the Secretary of the Trust, which includes biographical information and sets forth the qualifications of a proposed nominee. The recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Nominating and Governance Committee and to serve if elected by shareholders. The Nominating and Governance Committee met three times during the most recent fiscal year.
Trustees and Officers
Effective immediately, the "Trustees" and "Officers" tables in the "Management" section of the Fund's Statement of Additional Information are deleted in their entirety and replaced with the following:
Independent Trustees:
|
Name and Year of Birth |
Position(s) |
Term of
Office1 and Time Served |
Principal Occupation(s) During Past 5 |
Number of Portfolios in Fund Complex2 Overseen by Trustees |
Other Directorships/Trusteeships |
|||||
|
Frank J. Coates (1964) |
Trustee (Chair) |
March 2013 - Present |
Financial Industry Consultant, including as Executive in Residence (independent consultant), Dynasty Financial Partners (November 2024 - Present);
Chief Technology Officer, Dynasty Financial Partners (July 2021 - September 2023) |
1 | None | |||||
|
Paul J. Lawler (1948) |
Trustee |
March 2013 - Present |
Retired (2011 - Present) |
1 |
Trustee, First Eagle Investment Management, LLC (32 portfolios); |
|||||
|
Kristen M. Leopold (1967) |
Trustee |
March 2013 - Present |
Chief Financial Officer, BK Realty Services LLC (April 2021-Present); Chief Financial Officer, WFL Real Estate Services LLC (2006 - April 2021) |
2 |
Trustee, Macquarie Asset Management (10 portfolios); Trustee, Constitution Capital Access Fund, LLC; Trustee, SEG Partners Long/Short Equity Fund; Trustee, Blackstone Private Real Estate Credit and Income Fund |
|||||
|
Geoffrey D. Stein (1962) |
Trustee |
July 2026 - Present |
Chief Investment Officer for Global Asset Allocation, Fidelity Investments (February 2023 - July 2025); Portfolio Manager, Fidelity Investments (April 2009 - September 2023) |
1 | None | |||||
Interested Trustees:
|
Name and Year of Birth of Interested Trustees |
Position(s) Held with Fund |
Term of Office1 and Length of Time Served |
Principal Occupation(s) |
Number in Fund
Complex2 by Trustees |
Other |
|||||
|
John M. Brown3 (1959) |
Trustee | March 2013 - Present |
Retired (2004 - Present) |
1 | None | |||||
|
Peter Koffler4 (1956) |
Trustee | August 2012 - Present |
Senior Advisory Director, Blackstone Inc. ("Blackstone") (2026 - Present); Senior Managing Director,5 Blackstone (2012 - 2026); General Counsel, Blackstone Multi-Asset Investing ("BXMA") (2010 - December 2021); Chief Compliance Officer, BAIA (2018 - December 2020; July 2021 - January 2023)6 |
1 |
Director, Blackstone Multi-Strategy Hedge Fund L.P. |
|||||
| 1 |
Term of office of each Trustee is indefinite until his or her resignation, removal, or death. Any Trustee of the Fund may be removed from office in accordance with the provisions of the Trust's Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") and Bylaws. |
| 2 |
As of the date of this SAI, the "Fund Complex" consists of BAMSF, the Blackstone Credit Closed-End Funds (Blackstone Senior Floating Rate 2027 Term Fund, Blackstone Long-Short Credit Income Fund, and Blackstone Strategic Credit 2027 Term Fund), Blackstone Private Credit Fund, Blackstone Private Multi-Asset Credit and Income Fund, Blackstone Private Real Estate Credit and Income Fund, and Blackstone Secured Lending Fund. |
| 3 |
Mr. Brown is being treated as an "interested person" of the Fund, as defined in the 1940 Act, due to a family member's relationship with a Sub-Adviser to the Fund. Mr. Brown was treated as an Independent Trustee from February 26, 2025 through August 3, 2025. |
| 4 |
Mr. Koffler is an "interested person" of the Fund, as defined in the 1940 Act, due to his position with the Adviser and its affiliates. |
| 5 |
Executive title, not a board directorship. |
| 6 |
From time to time over approximately the past 15 years, Mr. Koffler served as Chief Compliance Officer of the registered investment advisers that are part of the BXMA division within Blackstone. |
Officers:
|
Name and Year of Birth of Officers |
Position(s) Held with |
Term of Office1 and |
Principal Occupation(s) During Past |
|||
|
Brian F. Gavin (1969) |
Co-President (Co-Principal
President (Principal |
July 2023 - Present August 2012 - July 2023 |
Chief Operating Officer (2007 - Present) |
|||
|
Peter Koffler (1956) |
Co-President (Co-Principal Executive Officer) | July 2023 - Present |
Senior Advisory Director,2 Blackstone (2026 - Present); Senior Managing Director,2 Blackstone (2012 - 2026); General Counsel, BXMA (2010 - December 2021); Chief Compliance Officer, BAIA (2018 - December 2020; July 2021 - January 2023)3 |
|||
|
Stephen Adams (1984) |
Chief Legal Officer | June 2023 - Present |
Managing Director,2 Blackstone (2026 - Present) Senior Vice President, Blackstone (2023 - 2025); Vice President, Blackstone (2021 - 2022); Associate, Ropes & Gray LLP (2014 - 2021) |
|||
|
Sarah Kassman (1991) |
Secretary | February 2022 - Present |
Assistant Vice President, Blackstone (2024 - Present); Associate, Blackstone (2022 - 2023); Analyst, Blackstone (2018 - 2021) |
|||
|
Kathryn Maki (1988) |
Treasurer and Principal Financial and Accounting Officer |
Treasurer (September 2026 - Present);
Principal Financial and Accounting Officer |
Principal, Blackstone (2025 - Present); Vice President, Blackstone (2023 - 2024); Director,2 Blackstone (2022); Assistant Vice President, Blackstone (2018 - 2021) |
|||
|
Name and Year of Birth of Officers |
Position(s) Held with |
Term of Office1 and |
Principal Occupation(s) During Past |
|||
|
William Renahan (1969) |
Chief Compliance Officer | August 2022 - Present |
Managing Director,2 Blackstone
Senior Managing Director,2 Duff & Phelps Investment Management |
|||
|
Sherilene Sibadan (1976) |
Anti-Money Laundering Officer | July 2019 - Present |
Managing Director,2 Blackstone (2022 - Present); Senior Vice President, Blackstone (2016 - 2021) |
| 1 |
Term of office of each Officer is indefinite until his or her death, resignation, removal, or disqualification. |
| 2 |
Executive title, not a board directorship. |
| 3 |
From time to time over approximately the past 15 years, Mr. Koffler has served as Chief Compliance Officer of the registered investment advisers that are part of the BXMA division within Blackstone. |
Shareholders should retain this Supplement for future reference.
Blackstone Alternative Investment Funds published this content on September 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 08, 2026 at 20:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]