9AT: BLACKSTONE REAL ESTATE ADVISORS L.P.

other names

BLACKSTONE REAL ESTATE ADVISORS L.P.
BLACKSTONE PROPERTY ADVISORS L.P. (RELYING ADVISER)
BLACKSTONE REAL ESTATE ADVISORS VI L.P.

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 01/24/2007
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	130,739,014,562 1%
of that, discretionary	130,739,014,562 1%
Private Fund GAV^*	130,739,014,562 -3%
Avg Account Size	1,815,819,647 -1%
SMA’s	No
Private Funds	73 1

Adviser Type

- Large advisory firm

Number of Employees 547 -18%

of those in investment advisory functions 363 -18%

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count1	GAV$
Fund TypeReal Estate Fund	Count72	GAV$130,739,014,562

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser INVESCO REAL ESTATE MANAGEMENT S.� R.L.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM13.5b	#Funds-
Adviser FRANKLIN TEMPLETON INSTITUTIONAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund340.2m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV340.2m	AUM29.6b	#Funds8
Adviser INVESCO	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund624.5m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV624.5m	AUM19.9b	#Funds2
Adviser WALTON STREET CAPITAL, L.L.C.	Hedge Fund-	Liquidity Fund21.3m	Private Equity Fund-	Real Estate Fund9.7b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV9.8b	AUM9.8b	#Funds57
Adviser STOCKBRIDGE CAPITAL GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund6.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.3b	AUM21.5b	#Funds10
Adviser TISHMAN SPEYER PROPERTIES, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund9.1b	Securitized Asset Fund-	Venture Capital Fund230.4m	Other Fund-	Total Private Fund GAV9.6b	AUM15.4b	#Funds80
Adviser PCCP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund101.6m	Real Estate Fund13.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.6b	AUM20.1b	#Funds51
Adviser BGO US REAL ESTATE LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund16.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV16.5b	AUM24.1b	#Funds118
Adviser ROCKWOOD CAPITAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund10.1b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV10.1b	AUM10.6b	#Funds38
Adviser AFFINIUS CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM11.0b	#Funds-

Brochure Summary

Overview

11 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. 12 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.

BLACKSTONE REAL ESTATE ADVISORS L.P.

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Overview