Blackstone Private Equity Strategies Fund L.P. 8-K

What Happened

• Blackstone Private Equity Strategies Fund L.P. and its feeder (the “Funds”) filed an 8‑K disclosing the creation of two new series of Class I units — Class I‑Series II and Class I‑Series III — and the redesignation of existing Class I units as Class I‑Series I, effective January 1, 2026. The Funds will offer the new series in a continuous private offering to investors who are both accredited and qualified purchasers under Section 4(a)(2) and Rule 506(b).
• The Funds amended their Investment Management Agreement on January 1, 2026, to set new management fees tied to each series’ net asset value and announced a director change: Viral Patel was appointed to the Funds’ boards and will continue as CEO; David Blitzer gave notice of retirement effective January 1, 2026.

Key Details

• Minimum initial investments: $50 million for Class I‑Series II and $250 million for Class I‑Series III.
• Management fees (annual, accrued monthly, payable quarterly) for the Aggregator attributable to each series: 1.25% for Class I‑Series I, 1.05% for Class I‑Series II, 0.95% for Class I‑Series III.
• New series subject to additional restrictions including a minimum holding period, certain redemption limits, and the Funds’ existing quarterly redemption limitations.
• Board change effective January 1, 2026: Viral Patel (CEO since 2024/2025 across entities) appointed as director; David Blitzer retired from the boards and investment committee effective the same date.

Why It Matters

• For investors, the filing signals a targeted private offering aimed at very large, sophisticated investors (high minimums and qualified‑purchaser requirements) and creates fee tiers tied to the new unit series that reduce management fees for larger commitments. The changes could affect investor economics and liquidity profiles because of the added holding‑period and redemption limits. The board change formalizes internal leadership continuity by adding the Funds’ CEO to the boards following Mr. Blitzer’s retirement.