Blackstone Multi-Asset Advisors LLC

Item 5 – Fees and Compensation
Management Fees
With respect to the BTAS Funds, per the investment advisory agreements with each of the BTAS Funds,
BMAA is entitled to compensation for its services to the BTAS Funds in the form of a management fee
(“Management Fee”), in the amount and on the terms and conditions described in the relevant BTAS Fund
Constituent Documents. The Management Fee paid by BTAS Fund investors will be reduced by an amount
equal to the sum of (i) 100% of net break-up and topping fees borne by such BTAS Fund and allocated to
such investors, and net commitment fees and (ii) 100% (or, with respect to certain BTAS Funds, 70%) of
net monitoring, transaction, financing (solely associated with such BTAS Fund providing financing to a
Portfolio Entity), divestment, directors’ and organizational fees received by BMAA and its affiliates;
provided, that the amount of any such fees will be allocated between the relevant BTAS Fund(s) and any
Other Blackstone Client(s) on a pro rata basis. Additionally, to the extent any BTAS Fund incurs (a)
placement fees with respect to a BTAS Fund investor or (b) administrative servicing fees payable to an
administrator of any BTAS Fund investor that is a feeder fund investing in the BTAS Fund in respect of such
BTAS Fund investor, in each case, Management Fees will be reduced on a dollar-for-dollar basis. The
amount of such fees that are allocable to the Other Blackstone Client(s) generally do not offset the
Management Fees payable by investors in the relevant BTAS Fund(s), even if such Other Blackstone Clients
provide for lower or no management fees for the investors or participants therein (such as the vehicles
established in connection with Blackstone’s side-by-side co-investment rights, which generally do not
provide for a management fee or performance-based compensation payable by participants therein).
Such fees will be net of reasonable out-of-pocket expenses incurred by BMAA or its affiliates (and not
otherwise reimbursed) in connection with the transaction out of which such fees arose. BMAA may also
engage and retain on behalf of the BTAS Funds and/or their Portfolio Entities strategic advisors,
consultants and other similar professionals who are not employees or affiliates of BMAA and who would,
from time to time, receive payments from, or allocations with respect to, Portfolio Entities, and such
amounts will not offset the Management Fee paid by the BTAS Funds.
With respect to BXPM, per BXPM Lux Constituent Documents, no management fee will be charged at the
level of BXPM. However, BXPM will be required to indirectly bear its share of management fees (or other
similar compensation) and other expenses or liabilities charged or incurred in connection with its
investments in the Other Blackstone Clients.
The management fees charged by the Other Blackstone Clients which BXPM will target are generally
expected to equal to 1.25% of the net asset value of such Other Blackstone Client or such class of securities
that BXPM is invested in, as more fully described in such Other Blackstone Client’s documents. The
foregoing rates are based on the Other Blackstone Clients in which BXPM currently expects to invest and
are provided for illustrative purposes only. The actual management fees or fees of any Other Blackstone
Client could be lower or higher than such rates described herein (whether as a result of the access point
in which BXPM invests in an Other Blackstone Client, the terms of the shares or other interests held by
BXPM in an Other Blackstone Client, or as a result of new Other Blackstone Clients being launched with
different fee structures or otherwise) and may be calculated based on a different formulation, in each
case, as more fully described in such Other Blackstone Client’s documents. BMAA will also be entitled to
an AIFM and administration fee with respect to BXPM (as described below).
With respect to SBS Vehicles, BMAA will not be entitled to receive a Management Fee for its management
services and decisions regarding commitments to investments. However, BMAA will be entitled to an
administrative fee and reimbursement for expenses with respect to the SBS Vehicles (as described below).

Certain investors, including related persons, current or former senior advisors, officers, directors and
personnel of Blackstone and their family members and family related vehicles, Portfolio Entities of BMAA
Clients or Other Blackstone Clients, personnel of PJT Partners Inc. (“PJT”), charitable programs,
endowment funds and related entities established by or associated with any of the foregoing and other
persons related to Blackstone (“Blackstone Investors”), will not pay Management Fees and/or
performance based or carried interest allocations in connection with their investment in the BTAS Funds.
Notwithstanding the foregoing, such investors will either directly pay for their pro rata share of certain
BTAS Fund expenses (as described below), or the pro rata amount of such expenses will be allocated to
the general partner or its respective affiliates of the relevant BTAS Fund. Such pro rata allocation of BTAS
Fund expenses will, in certain circumstances, be calculated based on capital commitments, invested
capital, available capital or other metrics as determined by the general partner of the relevant BTAS Fund
in their sole discretion. Any such methodology (including the choice thereof) involves inherent conflicts
and will, in certain circumstances, not result in perfect attribution and allocation of expenses. In addition,
the investments in or alongside the BTAS Fund by such Blackstone Investors may account (in whole or in
part) for the general partner’s required commitment to the relevant BTAS Fund.
Additional Fees and Expenses:
BMAA’s Management Fees, the performance-based allocations and the expenses described herein are
not inclusive of all the fees which the BTAS Fund investors will bear. Pursuant to the BTAS Fund
...

Item 7 – Types of Clients
BMAA manages the BTAS Funds and BXPM Lux. The BTAS Funds’ investors can be expected to consist of
primarily high net worth individuals (including their related family planning vehicles and family offices).
The BTAS Funds’ investors can be expected to also consist of public and private retirement and pension
plans, state and municipal government agencies, insurance companies, and charitable organizations and
foundations. BXPM’s investors are expected to consist of some or all of the following: (i) eligible individuals
investors; (ii) banks and other financial institutions; (iii) insurance companies; (iv) investment companies;
(v) public and private retirement and pension plans; (vi) public and private profit-sharing plans; (vii) trusts
and estates; (viii) charitable organizations and foundations, including endowment funds thereof; (ix) state
and municipal government agencies; (x) sovereign wealth funds; (xi) private investment funds; (xii)
corporations; (xiii) business entities other than those listed above; and (xiv) family offices. Such investors
may also invest directly or through a private investment fund managed by a third party.
Investors in the BTAS Funds and BXPM Lux are not deemed to be clients of BMAA but are entitled to the
rights and benefits described in the applicable BTAS Fund Constituent Documents.
All BTAS Fund and BXPM Lux investors are subject to applicable suitability and securities law
requirements. BMAA and the general partners require that each investor in the BTAS Funds be an
“accredited investor” as defined in Regulation D under the U.S. Securities Act of 1933, as amended, and a
“qualified purchaser” as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as
amended (the “Investment Company Act”), and meet other suitability requirements (including, in some
circumstances, a person that is not a U.S. Person as defined in Regulation S under the Securities Act). Each
BTAS Fund has an investment minimum which may be waived by the applicable general partner. BMAA
and the general partners require that each investor in BXPM Lux be permitted to acquire the shares under
the laws applicable to them in their respective jurisdiction and the terms of the applicable Constituent
Documents, including that they qualify as (i) “professional clients” as defined by Directive 2014/65/EU of
the European Parliament and the Council of May 15, 2014 on markets in financial instruments and
amending Directives 2002/92/EC and 2011/61/EU (“MiFID II”), or (ii) non-professional investors (which
are “retail clients” under MiFID II) that are above the thresholds and/or have satisfied the conditions in
accordance with which they are permitted in their member state to invest in BXPM Lux.
BMAA Clients also include corporations and similar business entities, pooled investment vehicles that are
exempt from registration under the Investment Company Act, and SBS Vehicles (which may include one
or more “employee securities companies” within the meaning of the Investment Company Act and other
private investment vehicles as part of the Blackstone side-by-side investment program) each of which
generally provides for periodic withdrawal rights.
All potential BMAA Client investors are also subject to certain compliance procedures (including anti-
money laundering procedures) prior to acceptance of any subscription to any BMAA Client.