Blackstone Private Equity Strategies Fund L.P. (BXPE U.S.) and Blackstone Private Equity Strategies Fund (TE) L.P. filed a Current Report on Form 8-K on October 1, 2026, announcing a restructuring of their partnership agreements. The filing details an amendment to the funds' governing documents to introduce new series of limited partnership units.
The registrants intend to offer and sell these new units to investors who are both accredited investors and qualified purchasers. This offering will be conducted as a continuous private placement exempt from registration under Section 4(a)(2) of the Securities Act.
Under the terms of the amendment, the funds have redesignated existing classes and created new series:
- Redesignated: Class S Units to Class S-Series I Units, Class D Units to Class D-Series I Units, and Class N Units to Class N-Series I Units.
- New Series: Two new Class I Series (Class I-Series IV and Class I-Series E), one new Class S Series (Class S-Series E), one new Class D Series (Class D-Series E), and one new Class N Series (Class N-Series E) for BXPE U.S.
The filing states that the new units will be subject to specific investment thresholds and additional restrictions, including early redemption deductions, minimum holding periods, and redemption limitations. The amendment also modifies the Amended and Restated Investment Management Agreement and the Third Amended and Restated Limited Partnership Agreement to reflect these changes in class structures and associated management fees and performance allocations.
