Blackstone Multi-Strategy Hedge Fund L.P. Announces Manager Update, $20M Credit Line & $145M Unit Sale

What Happened
Blackstone Multi-Strategy Hedge Fund L.P. announced updates to its investment management relationship and partnership terms, secured a short-term revolving credit facility, and issued unregistered limited partnership units. On July 29, 2026 the Fund entered into an updated Investment Management Agreement with Blackstone Alternative Asset Management L.P., adding new classes of units (including temporary “Founders Units”), modifying management-fee terms and capping certain Fund expenses for one year. On July 30, 2026 the Fund’s aggregator (BXHF Aggregator (CYM) L.P.) signed a revolving Credit Agreement providing up to $20 million in loans (LTV capped at 30%), maturing May 15, 2027 with automatic renewal through May 9, 2028 (borrowings at 3‑month Term SOFR + 1.50%, commitment fee 0.50%). On August 3, 2026 the Fund issued 5,795,000 Class IF units for aggregate consideration of $144,875,000 (about $145M), including 380,000 units bought by the general partner for ~$9.5M. As of August 4, 2026 the Fund’s portfolio totaled about $195.6M of investments, with roughly $85.6M remaining in a warehouse arrangement with an affiliate.

Key Details

• Investment Management Agreement updated July 29, 2026: adds new unit classes (including Founders Units), adjusts management fees, and caps specified Fund expenses for one year.
• Credit Agreement dated July 30, 2026: up to $20 million, loan-to-value limit 30%, interest = 3-month Term SOFR + 1.50% p.a., commitment fee 0.50% p.a., maturity May 15, 2027 (auto-renews to May 9, 2028).
• Unit issuance on August 3, 2026: 5,795,000 Class IF units sold for $144,875,000; GP purchased 380,000 units for ~$9.5M. BXHF (inclusive of a parallel Blackstone vehicle) issued interests totaling ~$203.4M.
• Portfolio and warehousing (as of Aug 4, 2026): ~ $195.6M invested across equities, credit, special situations and trading; ~$85.6M of investments remained in the warehouse with Finco.

Why It Matters
These filings show the Fund establishing its operating and financing structure as it funds and manages its strategy. The updated management agreement and Amended & Restated LPA introduce new unit classes and fee/allocation terms (including Founders Units) that affect investor economics and governance. The $20M credit facility provides near-term liquidity and potential leverage capacity but is secured by the Fund’s investments and subject to an LTV cap. The ~$145M unit sale (and ~$203.4M of BXHF issuances overall) supplies capital to acquire warehoused assets and deploy across the Fund’s strategies. Investors should note the changes to fees, unit classes and leverage policy disclosed in these agreements when evaluating the fund.