UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 3.02 | Unregistered Sales of Equity Securities. |
On December 1, 2024, Blackstone Private Equity Strategies Fund L.P. (the “Fund”) sold unregistered limited partnership units (the “Units”) for aggregate consideration of approximately $311.3 million.1 The following table details the Units sold by the Fund:
| Number of Units Sold(2) | Consideration | |||||||
| Class I |
7,332,576 | $ | 206,073,241 | |||||
| Class S |
3,764,718 | $ | 104,982,550 | |||||
| Class D |
8,916 | $ | 250,000 | |||||
| (1) | The Fund invests alongside other Blackstone-managed vehicles with substantially similar investment objectives and strategies that, together with the Fund, collectively form the BXPE Fund Program. On December 1, 2024, the BXPE Fund Program (inclusive of the Fund) issued interests for aggregate consideration of approximately $521.5 million. |
| (2) | The number of Units sold by the Fund was finalized on December 30, 2024, following the calculation of the Fund’s transactional net asset value (“Transactional NAV”) as of November 30, 2024. See Item 7.01 below for more information on the Fund’s Transactional NAV. |
The offer and sale of the Units were made as part of the Fund’s continuous private offering and were exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and Regulation D thereunder. Units were sold to third-party investors, including through Blackstone Private Equity Strategies Fund (TE) L.P., a Delaware limited partnership for certain investors with particular tax characteristics, such as tax-exempt investors and non-U.S. investors.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Chief Operating Officer
On December 30, 2024, Blackstone Private Equity Strategies Associates, L.P., the general partner of the Fund, appointed Matthew Bucci as the Chief Operating Officer of the Fund, effective January 1, 2025.
Mr. Bucci, 41, is the Chief Operating Officer of the Fund and a Senior Managing Director at Blackstone based in New York. In this role, he oversees strategy, operations and administration for the business. Previously, he served as Chief Operating Officer for Global Corporate Affairs, supporting Public Affairs, Marketing and Sustainability functions across Blackstone. Before joining Blackstone in 2022, Mr. Bucci served as senior advisor for the U.S. Department of Commerce, where he provided strategic guidance on significant initiatives. Previously, Mr. Bucci held several leadership roles on Capitol Hill as well as in state government. He also served as Vice President for Strategic Growth at AECOM, a leading global infrastructure consulting firm, driving key business development and operational efforts. Mr. Bucci graduated from Quinnipiac University.
There are no family relationships between Mr. Bucci and any director or executive officer of the Fund, and he is not a party to any transaction that is required to be reported pursuant to Item 404(a) of Regulation S-K.
Concurrent with Mr. Bucci’s appointment, Susanne Desch resigned as Chief Operating Officer of the Fund. Ms. Desch’s resignation was in light of her recent appointment as Chief Operating Officer of Blackstone Tactical Opportunities and not the result of any disagreement relating to Blackstone or the Fund’s operations, policies or practices.
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| Item 7.01 | Regulation FD Disclosure |
Transactional Net Asset Value
The Transactional NAV per Unit for each class of the Fund as of November 30, 2024, is as follows:
| Transactional NAV as of November 30, 2024 |
||||
| Class I |
$ | 28.10 | ||
| Class S |
$ | 27.89 | ||
| Class D |
$ | 28.04 | ||
As of November 30, 2024, the BXPE Fund Program’s aggregate Transactional NAV was approximately $6.7 billion.
The Fund calculates Transactional NAV for purposes of establishing the price at which transactions in the Fund’s Units are made. A description of the Fund’s valuation process was included under “Part I, Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities—Calculation of Net Asset Value” of the Fund’s Annual Report on Form 10-K filed on March 15, 2024. Transactional NAV is based on the month-end values of the Fund’s investments and other assets and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with the Fund’s valuation policy that has been approved by the Fund’s board of directors. Organization and offering expenses advanced on the Fund’s behalf by the Fund’s investment manager are recognized as a reduction to Transactional NAV ratably over 60 months beginning on January 1, 2025, and unitholder servicing fees, as applicable, are recognized as a reduction to Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may not be recognized as a reduction to Transactional NAV if the Fund’s general partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment. Transactional NAV per Unit may differ from the Fund’s net asset value as determined in accordance with accounting principles generally accepted in the United States of America.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. | ||||||
| Date: December 30, 2024 | By: | /s/ Christopher Striano | ||||
| Name: | Christopher Striano | |||||
| Title: | Chief Financial Officer | |||||
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