Overview
Blackstone Tactical Opportunities Advisors L.L.C. (“BTOA”) is a Delaware limited liability
company. BTOA provides investment advisory services to Blackstone Tactical Opportunities
Fund L.P. (“Tac Opps I”), Blackstone Tactical Opportunities Fund II L.P. (“Tac Opps II”),
Blackstone Tactical Opportunities Fund III L.P. (“Tac Opps III”), and Blackstone Tactical
Opportunities Fund IV L.P. (“Tac Opps IV”), and their related funds, parallel funds, managed
accounts, co-investment vehicles and other investment vehicles (the “Blackstone Tactical
Opportunities Program”), Blackstone UK Mortgage Opportunities Fund L.P. (“UK Mortgage”),
the funds and other vehicles within the Blackstone Tactical Opportunities Stable Income
Program (“Stable Income”), Blackstone PTI Fund L.P. (together with its feeder funds and any
other related vehicles, “PTI”) and one or more separately managed accounts which may seek to
invest capital across a range of platforms and products, investment ideas and asset classes in
Blackstone funds and anticipated related vehicles, direct investments and co-investments
consistent with the objectives described in their respective investment advisory agreements
(together with each other fund and vehicle described above, the “Funds”). The Funds (other
than UK Mortgage, PTI and Stable Income) are investment funds that seek to deliver attractive
risk-adjusted investment returns by applying a multi-disciplinary, multi-asset class approach to
investing, without limiting itself to a pre-defined strategy or set of strategies. UK Mortgage
invests in a range of investment opportunities relating to residential mortgages and/or loans
secured by properties located in the United Kingdom. Stable Income seeks to invest in
investments that reflect time sensitive or opportunistic ideas across asset classes and
geographies
with relatively lower risk/return profiles. PTI seeks to invest in communications
infrastructure, leasing sites to wireless carriers across high growth markets globally. Affiliates of
BTOA serve as general partners (collectively, the “General Partners” and each a “General
Partner”) of the Funds. BTOA has been in business since January 2012.
The ultimate parent of BTOA is Blackstone Inc. (together with its affiliates, “Blackstone”), which
is a publicly traded corporation listed on the New York Stock Exchange and which trades under
the ticker symbol “BX”. Blackstone is a leading global alternative investment manager with
investment vehicles focused on private equity, real estate, hedge fund solutions, credit,
secondary funds, tactical opportunities, infrastructure, insurance solutions and life sciences.
Please see Item 10 – Other Financial Industry Activities and Affiliations for more information.
BTOA’s regulatory assets under management (“RAUM”) were $38,379,098,050 as of December
31, 2023.
Description of Advisory Services
BTOA serves as investment adviser to the Funds pursuant to the terms of the investment
advisory agreements (the “Advisory Agreements”) with respect to each of the Funds, and
makes investment decisions for the Funds including by evaluating investments for the Funds.
The individual needs of the investors in the Funds are not the basis of investment decisions by
BTOA. Investment advice is provided directly to the Funds by BTOA and not individually to the
Funds’ investors.
Through a series of delegation agreements, BTOA also provides specific portfolio management
services to certain private investment funds managed by an affiliated alternative investment
fund manager for the purposes of the European Union Alternative Investment Fund Managers
Directive (“AIFMD”).