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This material makes reference to Blackstone Inc. (“Blackstone”), a premier global investment manager. The real estate group of Blackstone, Blackstone Real Estate, is our sponsor. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor. An investment in BEPIF is not an investment in our sponsor or Blackstone as BEPIF is a separate and distinct legal entity. Aggregated returns are hypothetical as they do not represent the performance of any single fund, account or portfolio and may not have been achieved by any individual limited partner.

Track Record: Annual Net IRR
Source: Blackstone. Represents annual net IRRs from September 1991 to December 31, 2022

Past performance is not necessarily indicative of future results. There can be no assurance that any Blackstone fund will achieve results comparable to those of any of Blackstone’s prior funds or that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Total returns shown are aggregated.

Important Disclosure Information

Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss.

Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Investors should consult their own tax and legal advisors. Each investor’s tax considerations are different and consulting a tax advisor is recommended. Any of the data provided herein should not be construed as investment, tax, accounting or legal advice.

Aggregated Returns. The calculation of combined or composite net IRR/net returns pertaining to Blackstone’s opportunistic real estate private equity funds takes the aggregate limited partner cash flows by actual date from inception of the strategy through the current quarter end and uses the terminal value (including unrealized investments) as of the current quarter end to comprise an overall return for the strategy. The actual realized returns on the unrealized investments used in this calculation may differ materially from the returns indicated herein. In addition, the actual returns of each Blackstone fund, account or investment vehicle included in such combined or composite returns may be higher or lower than the Aggregated Returns presented. Furthermore, no limited partner has necessarily achieved the combined or composite returns presented in such performance information, because a limited partner’s participation in the applicable funds, accounts and/or investment vehicles may have varied. See “Performance Calculation of Blackstone’s Opportunistic Real Estate Private Equity Funds” and “Important Disclosure About Other Blackstone Real Estate Funds”.

Important Disclosure About Other Blackstone Real Estate Funds. This material includes information related to prior investments Blackstone Real Estate has made, in which BEPIF will not have any interest. Prospective investors should note that the investment programs, objectives, leverage policies and strategies of Blackstone’s opportunistic real estate private equity funds (the “Opportunistic Real Estate Private Equity Funds”), the Blackstone real estate debt funds (the “Real Estate Debt Funds”), and core+ real estate private equity funds (the “Core+ Real Estate Private Equity Funds”) are substantially different from the investment program and objectives of BEPIF, despite each strategy focusing on making real estate-related investments. Specifically, the Opportunistic Real Estate Private Equity Funds invest in “opportunistic” real estate and real estate-related assets globally (which often are undermanaged assets and with higher potential for equity appreciation), the Real Estate Debt Funds invest in debt investments including mezzanine loans, liquid securities, mortgages and corporate credit, the Core+ Real Estate Private Equity Funds invest in substantially stabilized real estate across office, rental housing, industrial, retail and life science office sectors, with a focus on the major global markets and total return, whereas BEPIF is a perpetual life fund that generally targets substantially stabilized income-generating real estate investments across asset classes in Europe and, to a lesser extent real estate debt investments, with a focus on current return. The information provided herein regarding the Opportunistic Real Estate Private Equity Funds, the Real Estate Debt Funds, and the Core+ Private Equity Funds is, therefore, provided solely for background purposes.

Performance Calculation of Blackstone’s Opportunistic Real Estate Private Equity Funds

See “Important Disclosure About Other Blackstone Real Estate Funds” for more information about Blackstone’s opportunistic real estate private equity funds to which the below calculation pertains.

Net IRR is calculated at the Blackstone’s opportunistic real estate private equity fund (“Blackstone Fund”) level using amounts drawn or called from investors as outflows, amounts distributed to investors as inflows, and the fair value of the Blackstone Fund’s unrealized investments at the end of the indicated period (as determined by Blackstone) as inflows. Net IRR therefore reflects returns after taking into account, as applicable, management fees, fund fees, organizational expenses, partnership-level expenses, the general partner’s allocation of profit and servicing fees, but before certain taxes and withholdings. Net IRR of a Blackstone Fund does not include, if applicable, amounts associated with the general partner commitment or Blackstone employee side-by-side program, which do not bear fees or carried interest and therefore generate higher returns than the Fund to which they relate.

Any IRR is a function of the length of time from the initial outflow to the ultimate inflow (or hypothetical inflow), in each case, as described herein. For a given dollar amount invested and holding values constant, the IRR decreases as the investment holding period increases. Actual realized value of a Blackstone Fund’s unrealized investments may differ materially from the values used to calculate the IRRs reflected herein. In addition, IRR is calculated based on the due date and amount of capital contributions from limited partners, not the timing or amount of Blackstone Fund-level borrowings such as the subscription line of credit; as a result, use of Blackstone Fund-level borrowings will impact calculations of returns and will result in a higher or lower reported IRR than if the amounts borrowed had instead been funded through capital contributions made by the limited partners to the Blackstone Fund. Individual investors in the Blackstone Funds have not necessarily experienced the performance described herein. The management fees or fund fees (as applicable) paid by investors differ, in some cases materially, from those paid by other investors due to, among other factors, fee holidays and fee breaks for investors committing by certain dates or at or above specified amounts. In addition, certain investors may be admitted to the Fund at different times and, accordingly, contribute capital later than other investors (and pay carrying costs related thereto), and may pay investor servicing fees to the manager. Finally, different alternative investment vehicles, feeder funds and other vehicles through which investors make individual investments may bear different taxes and otherwise have different effective tax rates. For all of these reasons and others, performance for individual investors varies from the performance stated herein. Further information regarding performance calculations is available upon request.

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 the Fund. 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 is not necessarily indicative of future results.

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. BEPIF’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 the Fund’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 Fund’s investors.

Epidemics / Pandemics. Certain countries have been susceptible to epidemics which may be designated as pandemics by world health authorities, most recently COVID-19. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, has had and will continue to have a negative impact on the economy and business activity globally (including in the countries in which the Fund invests), and thereby is expected to adversely affect the performance of the Fund’s investments.

Exchange Currency Risk. The Fund 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.

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).

Russian Invasion of Ukraine. On February 24, 2022, Russian troops began a full-scale invasion of Ukraine and the countries remain in active armed conflict. Around the same time, the United States, the United Kingdom, the European Union, and several other nations announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, Russia-backed separatist regions in Ukraine, and certain banks, companies, government officials, and other individuals in Russia and Belarus. The ongoing conflict and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally (including in the countries in which BEPIF invests), and therefore could adversely affect the performance of BEPIF’s investments. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict, and as a result, could present material uncertainty and risk with respect to BEPIF and the performance of its investments and operations, and the ability of BEPIF to achieve its investment objectives. Similar risks will exist to the extent that any investments, service providers, vendors or certain other parties have material operations or assets in Russia, Ukraine, Belarus, or the immediate surrounding areas.

Sustainability Risks. The Fund 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 the Fund. Sustainability risks are assessed into investment decisions relating to the Fund.

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.

1. Largest global alternative asset manager reflects Preqin data as of December 31, 2022.
2. Largest owner based on estimated market value per Real Capital Analytics as of December 31, 2022. Largest buyer and seller represents transaction volume since January 1, 2010.
3. Net IRR includes Blackstone’s opportunistic real estate strategy and pre-opportunistic real estate strategy performance since inception in 1991 through December 31, 2022. Does not include Blackstone’s real estate debt funds or Core+ funds, with respect to the combined net IRR. See “Important Disclosure Information”, including “Aggregated Returns”. Figures have been rounded up.
4. Represents the total enterprise value of closed and committed investments globally as well as capital that Blackstone Real Estate is entitled to call from investors in its global funds and co-investments as of December 31, 2022.
5. Reflects Blackstone Real Estate employees as of December 31, 2022.
6. Represents Blackstone Real Estate’s global portfolio companies and employees as of December 31, 2022.
7. Not representative of all Blackstone Real Estate Europe holdings as of December 31, 2022. 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.