Expertise from one of the world’s leading alternative asset managers.
Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions and individuals. Our mission is to create long-term value for our investors through the careful stewardship of their capital. We invest across the alternative asset classes in private equity, real estate, credit and hedge funds as well as in infrastructure, life sciences, insurance, and growth equity. Our efforts and capital grow hundreds of companies and support local economies.
Our Approach to ESG
We are confident that the more we weave ESG factors into our corporate purpose and performance, the more value we will be able to deliver — for our investors, our portfolio companies and the communities we serve.
Fostering Diverse Talent
Our Diversity, Equity & Inclusion (DEI) policy centers around our most important asset — our people. Approximately 1/3 of our firm’s leadership team is diverse. We achieved 41% female representation globally and 49% racially diverse representation in the US among our incoming 2021 analyst class.
Practicing Good Governance
At Blackstone, we have added considerable domain expertise, become a member of leading organizations such as Principles for Responsible Investment (PRI) to advance several priority ESG initiatives across our industry and started reporting on ESG progress to our board quarterly.
Reducing Our Corporate Carbon Footprint
We created a GHG inventory of our corporate emissions for 2019 and 2020. We proactively renovate our spaces to provide additional employee amenities and comfort while implementing the most up-to-date efficient lighting and HVAC systems. Our replacement of existing lighting with LED lighting in our New York offices has resulted in a roughly 31% reduction in lighting energy usage. Our London office at 40 Berkeley Square purchases 100% of its power from renewable energy suppliers.
Creating Economic Opportunity
The Blackstone Charitable Foundation is committed to creating economic opportunity for under-resourced communities. The Foundation’s programs aim to increase access to entrepreneurship skills. This includes, among other initiatives, its signature Blackstone LaunchPad network, which helps college and university students build successful companies and careers. The Foundation drives community engagement, provides disaster relief and guides employees in board service placement.
Why Blackstone Real Estate
BEPIF is sponsored by the world’s largest commercial real estate owner globally1
Blackstone Real Estate has over 30 years of proven investment experience
value of global real estate portfolio2
Blackstone Real Estate’s Leading €118B European Presence Across the Key Property Types3
Logistics Square Feet
Office Square Feet
Retail Square Feet
Access, Scale, and Execution Deliver a
Real Investment Edge
Pursue in Scale
While Blackstone believes ESG factors can enhance long-term value, the Fund does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria. Such considerations do not qualify Blackstone’s objectives to seek to maximize risk adjusted returns. These ESG initiatives may not apply to the Fund’s investments and none are binding aspects of the management of the assets of the Fund. There can be no assurance that these ESG initiatives will continue or be successful.
The Fund does not promote environmental or social characteristics, nor does it have sustainable investments as its objective. A decision to invest should take into account the objectives and characteristics of the Fund as set out in more detail in the Offering Documents, which can be accessed elsewhere on this website. Further information can be found at www.blackstone.com/european-overview.
Summary of Key Risk Factors
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions could impact our capacity to pay you. There is no specific recommended holding period for the product. The actual risk can vary significantly. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts how much you get back. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
The attention of potential investors is drawn to the risks to which any investor is exposed by investing in BEPIF. Potential investors should pay particular attention to the risks described in the dedicated section of the Prospectus and Key Information Document (KID). In making an investment decision, investors must rely on their own examination of BEPIF Feeder SICAV and the terms of the offering, including the merits and risks involved. Potential investors should not construe the contents of this website and/or the Prospectus as legal, tax, investment or accounting advice.
The following is a summary description of the principal risks of investing in BEPIF. The order of the below risk factors does not indicate the significance of any particular risk factor. Complete information on the risks of investing in BEPIF is set out in the Prospectus.
Risk of Capital Loss and No Assurance of Investment Return. BEPIF offers no capital protection guarantee. This investment involves a significant risk of capital loss and should only be made if an investor can afford the loss of its entire investment. There are no guarantees or assurances regarding the achievement of investment objectives or performance. This product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose some or all of your investment. A fund’s performance may be volatile. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment. A fund’s fees and expenses may offset or exceed its profits. In considering any investment performance information contained in this website and the documents linked to it (“the Materials”), recipients should bear in mind that past performance does not predict future returns.
Lack of Liquidity. There is no current public trading market for the shares, and Blackstone does not expect that such a market will ever develop. Therefore, redemption of shares by BEPIF will likely be the only way for you to dispose of your shares. BEPIF expects to redeem shares at a price equal to the applicable net asset value as of the redemption date and not based on the price at which you initially purchased your shares. Shares redeemed within one year of the date of issuance will be redeemed at 95% of the applicable net asset value as of the redemption date, unless such deduction is waived by the Fund in its discretion, including without limitation in case of redemptions resulting from death, qualifying disability or divorce. As a result, you may receive less than the price you paid for your shares when you sell them to BEPIF pursuant to BEPIF’s redemption program.
The vast majority of BEPIF’s assets are expected to consist of real estate properties and other investments that cannot generally be readily liquidated without impacting BEPIF’s ability to realize full value upon their disposition. Therefore, BEPIF may not always have a sufficient amount of cash to immediately satisfy redemption requests. As a result, your ability to have your shares redeemed by BEPIF may be limited and at times you may not be able to liquidate your investment.
Concentration. The Fund’s investment strategy is substantially concentrated in the real estate sector and its performance will therefore be closely tied to the performance of this sector which has historically experienced substantial price volatility. The Fund’s concentration in the real estate sector may present more risks than if it were broadly diversified over numerous industries and sectors of the economy.
Conflicts of Interest. There may be occasions when the fund manager and its affiliates will encounter potential conflicts of interest in connection with BEPIF’s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of the BEPIF’s investors.
Exchange Currency Risk. BEPIF is denominated in Euro (EUR). Shareholders holding shares with a functional currency other than Euro acknowledge that they are exposed to fluctuations of the Euro foreign exchange rate and/or hedging costs, which may lead to variations on the amount to be distributed. This risk is not considered in the indicator shown above. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations.
Highly Competitive Market for Investment Opportunities. The activity of identifying, completing and realizing attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance that the Fund will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that the Fund will be able to fully invest its available capital. There is no guarantee that investment opportunities will be allocated to the Fund and/or that the activities of Blackstone’s other funds will not adversely affect the interests of the Fund.
Real Estate Investments. The Fund’s investments do and will consist primarily of real estate investments and real estate-related investments. All real estate investments are subject to some degree of risk. For example, real estate investments are relatively illiquid and, therefore, will tend to limit Blackstone’s ability to vary the Fund’s portfolio promptly in response to changes in economic or other conditions. No assurances can be given that the fair market value of any real estate investments held by the Fund will not decrease in the future or that the Fund will recognize full value for any investment that the Fund is required to sell for liquidity reasons. Deterioration of real estate fundamentals generally may negatively impact the performance of the Fund. In addition, the Fund may be subject to more specific risks relating to inter alia the residential, commercial or the industrial real estate sectors.
Recent Market Events Risk. Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on BEPIF and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in BEPIF may be increased.
Reliance on Key Management Personnel. The success of the Fund will depend, in large part, upon the skill and expertise of certain Blackstone professionals. In the event of the death, disability or departure of any key Blackstone professionals, the business and the performance of the Fund may be therefore adversely affected. Some Blackstone professionals may have other responsibilities, including senior management responsibilities, throughout Blackstone and, therefore, conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance-based compensation).
Sustainability Risks. BEPIF may be exposed to an environmental, social or governance event or condition that, if it occurs, could have a material adverse effect, actual or potential, on the value of the investments made by BEPIF. Sustainability risks are assessed into investment decisions relating to BEPIF.
Target Allocations. There can be no assurance that the Fund will achieve its objectives or avoid substantial losses. Allocation strategies and targets depend on a variety of factors, including prevailing market conditions and investment availability. There is no guarantee that such strategies and targets will be achieved and any particular investment may not meet the target criteria.
Use of Leverage. The Fund may borrow money. If returns on such investment exceed the costs of borrowing, investor returns will be enhanced. However, if returns do not exceed the costs of borrowing, Fund performance will be depressed. This includes the potential for the Fund to suffer greater losses than it otherwise would have. The effect of leverage is that any losses will be magnified. The use of leverage also exposes the Fund to the risk of an increase in interest rates.
Opinions expressed reflect Blackstone’s view of the current market environment as of the date appearing in the relevant sections of this website only.
- World’s largest owner based on Blackstone’s standing as the largest owner of commercial real estate globally by estimated market value and excludes governmental entities and religious organizations per Real Capital Analytics, as of September 30, 2022.
- Represents the total real estate value of all drawn, closed and committed investments in Blackstone’s opportunistic real estate private equity funds, core+ real estate private equity funds, and the Blackstone real estate debt funds plus available capital. There can be no assurance that committed but not yet closed transactions will close as expected or at all.
- All figures reflect Blackstone Real Estate European holdings as of June 30, 2022. Not representative of all Blackstone Real Estate Europe holdings. In addition to wholly owned assets, figures include leased assets, collateral, assets managed through stakes in publicly traded companies and assets owned through joint-ventures (reflected at 100%), as applicable. Excludes other assets and a portion of leisure investments.