Blackstone Private Equity Strategies Fund LP

05/13/2026 | Press release | Distributed by Public on 05/13/2026 14:48

Quarterly Report for Quarter Ending MARCH 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes of Blackstone Private Equity Strategies Fund (TE) L.P., the unaudited condensed financial statements and the related notes of Blackstone Private Equity Strategies Fund L.P. and the unaudited condensed consolidated financial statements and the related notes of BXPE US Aggregator (CYM) L.P., all included within this Quarterly Report on Form 10-Q.
In this report, we refer to Blackstone Private Equity Strategies Fund L.P. as "BXPE U.S." and Blackstone Private Equity Strategies Fund (TE) L.P. (together with its consolidated subsidiary, the "Feeder") (collectively, the "Registrants"). The terms "BXPE," the "Fund," "we," "us" or "our" collectively refer to BXPE U.S., the Feeder, BXPE US Aggregator (CYM) L.P., together with its consolidated subsidiaries, (the "Aggregator") and any Parallel Funds (as defined in Part I. Item 1. Financial Statements), as the context requires. BXPE and Blackstone Private Equity Strategies Fund SICAV ("BXPE Lux") are together referred to as the "BXPE Fund Program."
The investment activities of BXPE are carried out through the Aggregator, a non-consolidated affiliate of BXPE U.S. As such, in this discussion and analysis, we believe it is important to present information for the Feeder, BXPE U.S. and the Aggregator. The unaudited financial statements of each entity are presented in "Part I. Item 1. Financial Statements" of this document.
Overview
On January 2, 2024, Blackstone launched the BXPE Fund Program, Blackstone's perpetual private equity solution for eligible investors, to provide investors greater access to Blackstone's private equity platform. Our investment objectives are to deliver medium- to long-term capital appreciation and, to a lesser extent, generate modest current income. We seek to meet our investment objectives by investing primarily in privately negotiated investments ("Private Equity Investments") to deliver an attractive portfolio of alternative investments diversified across strategies, sectors and geographies.
BXPE is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions, which we believe enables investors to better manage exposure to the private equity asset class and achieve the potential benefits of compounding returns. Investors in BXPE gain direct exposure to the largest global private equity platform. BXPE is designed to invest across all of Blackstone private equity's major strategies: Corporate Private Equity, Secondaries, Hybrid Capital, Growth and Life Sciences. As of March 31, 2026, we have constructed a portfolio that includes strategic, sector and geographic diversification, focusing on businesses that align with our thematic approach to investing.
BXPE's differentiated access to the world's largest global private equity platform uniquely positions BXPE among competitors, allowing for a broader universe of investment and deployment opportunities. Identifying, closing and realizing attractive Private Equity Investments that fall within BXPE's investment mandate is highly competitive and involves a high degree of uncertainty. We believe the depth and breadth of our investment strategy and Blackstone's private equity platform, including the deep reservoir of proprietary data, represents a significant advantage as we compete for quality investment opportunities and help our portfolio companies compete in their respective markets.
We focus on transactions where Blackstone's scale, brand and/or operating intervention capabilities can create competitive advantages for the BXPE Fund Program. In the ordinary course, we will generally seek to invest at least 80% of our NAV in Private Equity Investments and up to 20% of our NAV in liquid debt and other securities, including but not limited to loans, debt securities, certain public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments, cash and cash equivalents ("Debt and Other Securities"). Our investments may vary materially from these indicative allocation ranges, including due to factors such as a large inflow to capital over a short period of time, the Sponsor's assessment of the relative attractiveness of opportunities, or an increase in anticipated cash requirements or redemption requests and subject to any limitations or requirements relating to applicable law.
Recent Developments
As of March 31, 2026, the BXPE Fund Program's portfolio consists of 140+ Private Equity Investments, including both closed and future signed commitments, with an aggregate value of $25.1 billion.
BXPE's portfolio companies broadly exhibited solid revenue growth and resilient margins, with particular strength across our technology and services, industrials, and consumer sectors. At the same time, the potential for artificial intelligence-driven disruption has weighed on equity valuations in certain sectors, including software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, with a number of companies well-positioned to be protected or benefit from such disruption. Nonetheless, valuations of select software companies have been, and may continue to be, negatively impacted.
More broadly, following a strengthening transaction environment in the latter part of 2025 and into early 2026, significant market volatility and broader uncertainty related to the ongoing conflict in the Middle East have slowed transaction activity in the near term. We believe a durable resolution to the conflict should contribute to improved transaction activity over time, including global initial public offerings, though no assurance can be given as to timing or outcome.
Performance Summary
Since inception in January 2024, we have delivered positive performance across all classes as follows:
March 31, 2026
Unit Class Year To Date Total Return Inception To Date Total Return (a)
Blackstone Private Equity Strategies Fund L.P.
Class I
Series I 5.8% 17.9%
Series II (b) (b) (b)
Series III (b) (b) (b)
Class S 5.6% 16.9%
Class D 5.7% 17.6%
Class N (c) 5.7% (c)
Blackstone Private Equity Strategies Fund (TE) L.P.
Class I
Series I 5.8% 17.3%
Series II (b) (b) (b)
Series III (b) (b) (b)
Class S 5.5% 16.3%
Class D 5.7% 20.2%
____________________
(a)Inception to date is an annualized return from when each class, or series of a class, of Unit was first sold. Returns shown reflect the percent change in the Transactional NAV per Unit from the beginning of the applicable period, plus the amount of any distribution per Unit declared in the period. Returns shown are reflective of each class, or series of a class, of Unit and not of an individual investor. BXPE believes total return is a useful measure of overall investment performance of our Units.
(b)No Class I-Series II Units or Class I-Series III Units have been issued by BXPE U.S. or the Feeder since inception.
(c)Class N Units were first sold on July 1, 2025. As a result, inception-to-date total return not presented because the reporting data is less than one year from when BXPE U.S. Class N Units were first sold.
Investment Portfolio
The following table represents BXPE's Top Private Equity Investments as of March 31, 2026, based on fair value:
Investments Description
7Brew Drive-thru beverage business
Adevinta Online classifieds company
AIR Commercial Heating, Ventilation and Air Conditioning
("HVAC") representation
AirTrunk Data center developer and operator
Anthropic AI model developer and research company
Enverus Data analytics platform for the energy and power sectors
Jersey Mike's Fast-casual submarine sandwich franchisor
____________________
•Investments listed in alphabetical order.
•"Top Private Equity Investments" means (a) each investment that comprises the top 25% of the Aggregator's Net Asset Value and (b) any individual investment that represents more than 5% of the Aggregator's Net Asset Value.
The charts below present the diversification of BXPE's portfolio companies by strategy, sector and geography based on the fair value of our Investments as of March 31, 2026:
____________________
•% of fair value may not add due to rounding.
•% of fair value represents the Aggregator's sum of Investments at Fair Value, Affiliated Investee Funds and Debt and Other Securities, with exclusions specified below.
•"Regional Breakdown" excludes investments in certain Investments in Affiliated Investee Funds that have underlying investments with diverse region classifications. Region is generally based on where each investment is headquartered.
•"Sector Breakdown" excludes investments in certain Investments in Affiliated Investee Funds that have underlying investments with diverse sector classifications. All determinations are made by BXPE in its sole discretion.
Key Components of Our Results of Operations and Financial Metrics
Our key financial measures and the results of operations are discussed below.
The Feeder's Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S.
The Feeder generates income primarily from its investment in BXPE U.S. and has the same investment objectives as BXPE U.S. The Feeder was established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors, to participate in BXPE U.S. in a more tax-efficient manner. The Feeder had an interest of 32.0% in BXPE U.S. as of March 31, 2026, an increase of 1.3%, compared to 30.7% as of March 31, 2025 primarily driven by relative capital activity between the Feeder and other investors in BXPE U.S.
For the three months ended March 31, 2026, BXPE U.S. generated a Net Increase in Net Assets Resulting from Operations of $537.2 million, an increase of $315.6 million, compared to $221.7 million for the three months ended March 31, 2025. This resulted in the Feeder recognizing a Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. of $170.0 million for the three months ended March 31, 2026, an increase of $103.3 million, compared to $66.7 million for the three months ended March 31, 2025. There were no net realized gains or losses from the investment in BXPE U.S. for the three months ended March 31, 2026 and 2025. Key drivers of the results of operations of BXPE U.S. are discussed below.
BXPE U.S.'s Net Change in Unrealized Gain (Loss) on Investment in the Aggregator
BXPE U.S. generates income primarily from its investment in the Aggregator and has the same investment objective as the Aggregator. BXPE U.S. had an interest of 82.6% in the Aggregator as of March 31, 2026, an increase of 3.7%, compared to 78.9% as of March 31, 2025, primarily due to relative capital activity between BXPE U.S. and the Parallel Fund.
For the three months ended March 31, 2026, the Aggregator generated a Net Increase in Net Assets Resulting from Operations of $654.3 million, an increase of $369.7 million, compared to $284.6 million for the three months ended March 31, 2025. This resulted in BXPE U.S. recognizing a Net Change in Unrealized Gain (Loss) on Investment in the Aggregator of $538.1 million for the three months ended March 31, 2026, an increase of $315.8 million, compared to $222.3 million for the three months ended March 31, 2025. There were no net realized gains or losses from the investment in the Aggregator for the three months ended March 31, 2026 and 2025. Key drivers of the results of operations of the Aggregator are discussed below.
Aggregator Income, Expenses and Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies
The Aggregator generates income, gains and losses primarily from investments in Private Equity Investments and in Debt and Other Securities. Realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized gains or losses previously recognized. Net change in unrealized gains or losses reflects the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses, when gains or losses are realized. Net realized and unrealized gains and losses can also arise due to the translation of assets and liabilities denominated in foreign currencies.
The Aggregator generates income in the form of dividends and interest on its Private Equity Investments. To a lesser extent, the Aggregator's liquid debt investments generate interest income.
For the three months ended March 31, 2026, the increase in the Aggregator's Net Increase in Net Assets Resulting from Operations of $369.7 million compared to the three months ended March 31, 2025 was attributable to an increase of $541.3 million in Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, partially offset by an increase of $171.5 million in Net Investment Loss.
Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies
For the three months ended March 31, 2026, the Aggregator had $882.1 million of Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, an increase of $541.3 million, compared to $340.8 million for the three months ended March 31, 2025. The primary drivers contributing to the increase for the three months ended March 31, 2026 are:
•$895.9 million of Net Change in Unrealized Gain (Loss) on Investments, an increase of $587.3 million, compared to $308.6 million for the three months ended March 31, 2025, primarily due to unrealized appreciation on Growth and Corporate Private Equity investments.
•$44.2 million of Net Realized Gain (Loss) on Investments and Derivative Instruments, an increase of $4.1 million, compared to $40.1 million for the three months ended March 31, 2025, primarily attributable to realized gains in Corporate Private Equity investments, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
•$9.5 million of Net Change in Unrealized Gain (Loss) on Derivative Instruments, an increase of $73.7 million, compared to $(64.3) million for the three months ended March 31, 2025, primarily due to unrealized gains on a derivative instrument.
•$(67.5) million of Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies, a decrease of $123.8 million, compared to $56.4 million for the three months ended March 31, 2025, primarily due to the fluctuation of foreign exchange rates.
Net Investment Income (Loss)
For the three months ended March 31, 2026, the Aggregator's Net Investment Income (Loss) was $(227.8) million, a decrease of $171.5 million, compared to $(56.3) million for the three months ended March 31, 2025. The increase in Net Investment Loss was attributable to increases of $91.6 million in Provision (Benefit) for Taxes and $90.8 million in Net Expenses, partially offset by an increase of $10.9 million in Total Income.
Aggregator Income
For the three months ended March 31, 2026, the Aggregator generated $62.8 million in Total Income, an increase of $10.9 million, compared to $51.9 million for the three months ended March 31, 2025. The increase was primarily driven by an increase of $27.9 million in Interest Income, principally due to an increase in interest income from Hybrid investments and investments in Debt and Other Securities.
Aggregator Expenses
Except as specifically provided below, all investment professionals and staff of the Investment Manager, when and to the extent engaged in providing investment management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Investment Manager. The Aggregator bears other expenses of its operations, including, but not limited to (a) investment management and administration fees paid to the Investment Manager pursuant to BXPE U.S.'s Investment Management Agreement (as defined in Part I. Item 1. Financial Statements), (b) Performance Participation Allocation (as defined in Part I. Item 1. Financial Statements) paid to the General Partner, (c) other expenses incurred, charged or specifically attributed or allocated by the General Partner, the Investment Manager and/or their affiliates in performing administrative and/or accounting services for BXPE or any Portfolio Entity and (d) all other expenses of BXPE's operations, administrations and transactions, excluding expenses specific to BXPE U.S. and the Feeder (described below).
For the three months ended March 31, 2026, the Aggregator incurred $172.5 million in gross Total Expenses, an increase of $91.0 million, compared to $81.5 million for the three months ended March 31, 2025. The increase was primarily composed of increases in gross Management Fees and Performance Participation Allocation. For the three months ended March 31, 2026, the Aggregator had $44.2 million of gross Management Fees, an increase of $22.2 million, compared to $22.0 million for the three months ended March 31, 2025, primarily due to an increase in Transactional Net Asset Value. For the three months ended March 31, 2026, the Aggregator had $110.2 million of Performance Participation Allocation, an increase of $66.0 million, compared to $44.3 million for the three months ended March 31, 2025, primarily due to an increase in Net Change in Unrealized Gain (Loss) on Investments.
Provision (Benefit) for Taxes
For the three months ended March 31, 2026, the Aggregator incurred $118.3 million in Provision (Benefit) for Taxes, an increase of $91.6 million, compared to $26.7 million for the three months ended March 31, 2025. The increase was primarily driven by the increase in Net Change in Unrealized Gain (Loss) on Investments from Investments held by the underlying partnership and allocated to the Aggregator.
BXPE U.S. Expenses
For the three months ended March 31, 2026, BXPE U.S. incurred $0.8 million in Total Expenses, an increase of $0.2 million, compared to $0.6 million for the three months ended March 31, 2025.
Feeder Expenses
For the three months ended March 31, 2026, the Feeder incurred $0.2 million in Total Expenses, a decrease compared to $0.2 million for the three months ended March 31, 2025.
Financial Condition, Liquidity and Capital Resources
We generate cash primarily from BXPE U.S. and the Feeder's net proceeds of its continuous offering of Units, which are then invested into the Aggregator. The Aggregator further generates cash from realizations and other income earned from Private Equity Investments and proceeds from net borrowings on our credit facilities. The primary uses of our Cash and Cash Equivalents include purchasing investments in companies via intermediaries and other equity and debt instruments, funding the costs of our operations, funding redemptions under our unit redemption plan (the "Unit Redemption Plan"), debt service and repayment and other financing costs of our borrowings. While BXPE does not currently intend to declare distributions, it may determine to do so in the future at the discretion of the General Partner, considering factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law. Accordingly, in the future, we may use Cash and Cash Equivalents to fund cash distributions, if any, to the holders of our Units.
As of March 31, 2026, debt financing available to the Registrants and the Aggregator consisted of a revolving credit facility, an asset-backed revolving credit facility and the Second A&R Line of Credit (as defined in Note 4. "Line of Credit Agreement" in the "Notes to Condensed Financial Statements" of BXPE U.S. in "Part I. Item 1. Financial Statements"). The Registrants and the Aggregator had $650.0 million of aggregate principal amount of outstanding debt as of March 31, 2026. The Registrants and the Aggregator had no debt outstanding as of December 31, 2025. We have and may continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. We also receive and deploy proceeds from our continuous private offerings of Units on a monthly basis.
As described below, as of March 31, 2026, the Registrants' and the Aggregator's Cash and Cash Equivalents, taken together with the unused capacity under the Aggregator's credit facilities and the unused capacity under BXPE U.S.'s Second A&R Line of Credit, proceeds from new or amended financing arrangements and the continuous offering of Units is expected to be sufficient for investing activities and to conduct operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Units and the use of existing and future financing arrangements.
The Aggregator
As of March 31, 2026, the Aggregator had $911.5 million in Cash and Cash Equivalents which, in combination with $2.1 billion of unused capacity under the Aggregator's credit facilities, and net proceeds from Units, we expect to be sufficient for investing activities and to conduct operations in the near term. Additionally, as of March 31, 2026, the Aggregator held $1.1 billion of liquid debt investments, which could provide additional liquidity if necessary. As of March 31, 2026, the BXPE Fund Program had conditional commitments of $3.5 billion to new investments. Generally, conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions. The Aggregator's allocation of the conditional commitments will be determined at closing, which is generally expected to occur within twenty-four months of signing, although there can be no assurance that such transactions will close as expected or
at all. As of March 31, 2026, the Aggregator had unfunded commitments of $1.5 billion to existing investments, which are generally due upon demand, of which $925.8 million is committed to Other Blackstone Accounts, which while due upon demand are generally called over an investment period of up to five years. These amounts remain unfunded as they relate to reserves for future capital deployments on existing investments and capital commitments to investment funds that have not yet been called. Commitments are expected to be funded by available cash, cash generated from net proceeds from Units issued and investment sale realizations. BXPE expects to continue making fund commitments in the future and, at times, reevaluate the commitments to existing vehicles.
As of March 31, 2026, the Aggregator had Total Assets of $15.8 billion, an increase of $3.0 billion, compared to $12.9 billion as of December 31, 2025. The increase in Total Assets was principally due to an increase of $2.1 billion in Investments at Fair Value. As of March 31, 2026, the Aggregator had Total Liabilities of $1.3 billion, an increase of $776.8 million, compared to $564.0 million as of December 31, 2025. The increase in Total Liabilities was primarily driven by an increase of $650.0 million in Credit Facilities, due to borrowings made during the quarter and an increase of $117.4 million of Deferred Tax Liabilities, due to the increase in Net Change in Unrealized Gain (Loss) on Investments from Investments held by the underlying partnership and allocated to the Aggregator.
BXPE U.S.
As of March 31, 2026, BXPE U.S. had $1.8 million in Cash and Cash Equivalents and $100.0 million of unused capacity under BXPE U.S.'s Second A&R Line of Credit which, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term. As of March 31, 2026, BXPE U.S. had Total Assets of $12.0 billion, an increase of $1.9 billion, compared to $10.1 billion as of December 31, 2025. The increase in Total Assets was principally due to an increase of $1.9 billion in Investment in the Aggregator at Fair Value. As of March 31, 2026, BXPE U.S. had Total Liabilities of $242.4 million, an increase of $41.0 million, compared to $201.4 million as of December 31, 2025. The increase in Total Liabilities was principally driven by an increase of $29.0 million in Servicing Fees Payable, which was primarily driven by an increase in subscriptions in BXPE U.S. and an increase in Transactional Net Asset Value.
The Feeder
As of March 31, 2026, the Feeder had $1.7 million in Cash and Cash Equivalents which, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term. As of March 31, 2026, the Feeder had Total Assets of $3.8 billion, an increase of $560.6 million, compared to $3.2 billion as of December 31, 2025. The increase in Total Assets was principally due to an increase of $555.2 million in Investment in BXPE U.S. at Fair Value. As of March 31, 2026, the Feeder had Total Liabilities of $126.1 million, an increase of $17.1 million, compared to $109.0 million as of December 31, 2025. The increase in Total Liabilities was principally driven by an increase of $14.6 million in Servicing Fees Payable which was primarily driven by an increase in subscriptions in the Feeder and an increase in Transactional Net Asset Value.
Transactional Net Asset Value
The Registrants calculate their Transactional NAV per Unit in accordance with valuation policies and procedures that have been approved by the BXPE U.S. Board of Directors. Transactional NAV is the price at which the Registrants sell and redeem their Units and serves as a basis for certain fees incurred by BXPE. The Sponsor also evaluates changes to the Registrants' Transactional NAV to monitor fund performance. The Registrants' Transactional NAV is based on the month-end values of their respective investments and other assets and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with the valuation policies and procedures that have been approved by the BXPE U.S. Board of Directors. Organizational and offering expenses advanced on BXPE's behalf by the Investment Manager are recognized as a reduction to the Registrants' Transactional NAV ratably over 60 months beginning on January 1, 2025, and unitholder servicing fees, as applicable, are recognized as a reduction to the Registrants' Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may not be recognized as a reduction to the Registrants' Transactional NAV if the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment. The Registrants believe that the presentation of Transactional NAV is useful to investors because it is the basis for subscriptions, redemptions and certain key fees and expenses incurred by BXPE and it enables investors to evaluate the change in value of their investment.
March 31, 2026
(Dollars in Thousands)
Components of BXPE U.S.'s Transactional Net Asset Value
Investment in the Aggregator (a) $ 12,193,944
Cash and Cash Equivalents 1,846
Other Assets 22,088
Accrued Unitholder Servicing Fees (b) (6,143)
Other Liabilities (c) (23,637)
BXPE U.S.'s Transactional Net Asset Value $ 12,188,098
March 31, 2026
(Dollars in Thousands)
Components of the Feeder's Transactional Net Asset Value
Investment in BXPE U.S. (d) $ 3,827,328
Cash and Cash Equivalents 1,736
Other Assets 6,592
Accrued Unitholder Servicing Fees (b) (3,019)
Tax Liabilities (10,167)
Other Liabilities (c) (6,824)
Feeder's Transactional Net Asset Value $ 3,815,646
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(a)For BXPE U.S.'s Transactional NAV, Investment in the Aggregator includes Performance Participation Allocation accrual, Management Fee accrual, organizational and offering expenses advanced on BXPE's behalf by the Investment Manager that are recognized as a reduction to Transactional NAV ratably over 60 months beginning on January 1, 2025, and unitholder servicing fees, as applicable, that are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may not be recognized as a reduction to Transactional NAV if the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment.
(b)Accrued unitholder servicing fees only apply to Class S, Class D and Class N Units, as applicable. The fees are recognized as a reduction of Transactional NAV on a monthly basis.
(c)Includes redemption payables. For purposes of computing Transactional NAV per Unit, such redemption payables are excluded.
(d)For the Feeder's Transactional NAV, Investment in BXPE U.S. includes organizational and offering expenses advanced on the Feeder's behalf by the Investment Manager. Investment in BXPE U.S. is driven by BXPE U.S.'s investment in the Aggregator.
The Transactional NAV per Unit for each class, or series of a class, of the Registrants was as follows:
March 31, 2026
Transactional NAV per Unit Number of Units
Blackstone Private Equity Strategies Fund L.P.
Class I
Series I $ 36.14 211,279,864
Series II (a) $ - -
Series III (a) $ - -
Class S $ 35.46 123,704,198
Class D $ 35.94 3,943,988
Class N $ 28.55 861,230
339,789,280
Blackstone Private Equity Strategies Fund (TE) L.P.
Class I
Series I $ 35.78 45,362,166
Series II (a) $ - -
Series III (a) $ - -
Class S $ 35.10 62,157,660
Class D $ 31.91 333,922
107,853,748
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(a)The initial Transactional NAV per Unit for Class I-Series II Units and Class I-Series III Units will be equal to the Transactional NAV per Unit for Class I-Series I Units at the time of initial sale.
The following table reconciles GAAP Net Asset Value to BXPE U.S.'s Transactional Net Asset Value.
March 31, 2026
(Dollars in Thousands)
GAAP Net Asset Value $ 11,746,031
Adjustments
Organizational and Offering Expenses (a) 4,885
Servicing Fee (b) 212,572
Tax Liabilities (c) 224,610
Transactional Net Asset Value $ 12,188,098
The following table reconciles GAAP Net Asset Value to the Feeder's Transactional Net Asset Value.
March 31, 2026
(Dollars in Thousands)
GAAP Net Asset Value $ 3,638,169
Adjustments
Organizational and Offering Expenses (a) 1,403
Servicing Fee (b) 106,070
Tax Liabilities (c) 70,004
Transactional Net Asset Value $ 3,815,646
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(a)Represents an adjustment to the Investment in the Aggregator or BXPE U.S., as applicable, to reflect the recognition of organizational and offering expenses ratably over 60 months beginning January 1, 2025.
(b)Represents an adjustment to reflect unitholder servicing fees on Class S, Class D and Class N Units, as applicable, as they are accrued on a monthly basis.
(c)Represents an adjustment to remove certain contingent tax liabilities which the General Partner reasonably expects will not be recognized upon divestment of the underlying investment.
The following table presents BXPE's Transactional Net Asset Value, without duplication.
March 31, 2026
(Dollars in Thousands)
Components of BXPE's Transactional Net Asset Value
Feeder's Transactional Net Asset Value $ 3,815,646
BXPE U.S.'s Transactional Net Asset Value 12,188,098
Aggregate Parallel Funds' Transactional Net Asset Value 2,565,779
Feeder's Investment in BXPE U.S. (a) (3,827,328)
BXPE Transactional Net Asset Value $ 14,742,195
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(a)Represents an adjustment to remove the portion of BXPE U.S.'s Transactional NAV attributable to the Feeder's Investment in BXPE U.S.
Critical Accounting Estimates
Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. There have been no material changes to our Critical Accounting Estimates, including significant accounting policies, that we believe are the most affected by our judgments, estimates, and assumptions, which are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Recent Accounting Developments
Information regarding recent accounting developments and their impact on the Feeder, BXPE U.S. and the Aggregator, if any, can be found in Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Consolidated Financial Statements" of the Feeder, Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Financial Statements" of BXPE U.S. and Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Consolidated Financial Statements" of the Aggregator in "Part I. Item 1. Financial Statements" in this Quarterly Report on Form 10-Q.
Blackstone Private Equity Strategies Fund LP published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 13, 2026 at 20:49 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]