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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 9, 2026
Blackstone Private Equity Strategies Fund (BXPE) Class I-A USD generated a net return of 0.9% in Q3 2026, bringing its year-to-date net return to 13.3% and inception-to-date annualized net return to 17.4%. Performance in the quarter reflected a 240 basis point contribution from the private portfolio, which countered a 150 basis point drag from public market equity positions that comprise 6% of fair market value. Strategy allocations stand at 53% in Corporate Private Equity, 21% in Growth, 11% in Hybrid Capital, 5% in Secondaries, and 10% in Debt and Other Securities, supported by modest portfolio company leverage averaging a 34% loan-to-value ratio. The investment environment remains defined by elevated interest rates and market volatility stemming from energy prices. BXPE has positioned its capital around secular themes characterized by structural demand and insulation from artificial intelligence disruption. The firm emphasizes the Physical Economy, allocating capital to essential home services and live entertainment experiences, alongside expanding allocations to Aerospace and Defense driven by synchronized global increases in technology-focused defense spending. Portfolio activity reached record levels during the quarter, with $860 million in program realizations and more than $4 billion committed across 13 new investments. Notable realizations included the sale of music publishing company Recognition to Sony, fully leased data center dispositions, and the agreed sale of theater operator ATG at a $6 billion valuation. The fund also partially liquidated shares of SpaceX following its initial public offering while navigating near-term headwinds in public holding Jersey Mike's.
BXPE generates durable compounded returns across economic cycles by pairing majority corporate buyouts and yield-bearing hybrid capital with high-growth private equity, utilizing active operational improvements and strategic exits to recycle capital into structural themes.
Management remains confident in navigating elevated financing costs by relying on operating earnings growth, disciplined underwriting, and steady monetization of private holdings as they approach public markets.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
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Forward Guidance
Language Signal
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Top Conviction Themes
Key Catalysts
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