Overview
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Overview of the Firm
The Adviser, directly or indirectly through its subsidiaries, provides investment advisory services
to its Clients, and Affiliates of the Adviser generally serve as General Partner of each Client. The
Adviser’s Clients primarily make control-oriented “opportunistic” Investments in real estate and
real estate related assets and companies. The Adviser also serves as an investment sub-advisor to
certain Investment Vehicles, pursuant to sub-advisory agreements with the applicable Investment
Vehicle’s investment adviser.
The ultimate parent of the Adviser is Blackstone. Please see the structure chart below. Blackstone
is a global alternative investment manager with Investment Vehicles focused on real estate, private
equity, hedge fund solutions, credit, infrastructure, secondary funds of funds and multi-asset class
strategies. Please see Item 10 – Other Financial Industry Activities and Affiliations for more
information.
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As of December 31, 2023, the Adviser had regulatory assets under management of approximately
$129.7 billion on a discretionary basis. Please note that this figure is an unaudited estimate.
Description of Advisory Services
The Adviser
serves as investment adviser to its Clients pursuant to the Advisory Agreements. The
Adviser performs the following services, among others, for its Clients:
1. Identifies and analyzes investment opportunities;
2. Makes investment recommendations to the General Partner of each Client, as applicable;
3. Participates in the monitoring and evaluation of Investments; and
4. Provides other related services in connection with the implementation of the investment
program of each Client, including, without limitation, arranging for and coordinating the
services of other professionals and consultants.
The Adviser tailors its advisory services to the particular needs of each Client. However, the
specific needs of the individual Investors in a Client (i.e., limited partner investors) are not the
basis for recommendations by the Adviser. Investment advice is provided directly to the Client,
not individually to the respective Investors in the Client.
The Adviser also provides specific portfolio management services to certain Investment Vehicles
managed by an affiliated alternative investment fund manager for the purposes of AIFMD, through
a series of delegation agreements.