Fees and Compensation — Form ADV Part 2A (3/31/2021)
[Brochure]
Item 5 – Fees and Compensation
Investors are allocated their pro rata share of such additional fees and expenses for the time
period during which they are invested in the relevant BLS Fund.
No employee of BTSA accepts or otherwise receives any compensation for the sale of securities
or other investment products.
Blackstone Treasury Solutions Advisors L.L.C.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2021)
[Brochure]
Item 7 – Types of Clients
BTSA’s clients include corporations and other entities, individuals or entities affiliated or
associated with Blackstone or its personnel, and the BLS Funds, which are pooled investment
vehicles that are exempt from registration under the U.S. Investment Company Act of 1940, as
amended (the “Investment Company Act”), each of which generally provides for periodic
withdrawal rights. All BLS Fund Investors are subject to applicable suitability and securities law
requirements. BTSA requires that each Investor in a BLS Fund be (i) an “accredited investor” as
defined in Regulation D under the U.S. Securities Act of 1933, as amended, and (ii) a “qualified
purchaser” as defined in Section 2(a)(51) of the Investment Company Act. Other suitability
requirements may also apply.
Investors generally must commit a minimum of $50 million to invest in a personalized BLS Fund
or to become a direct client of BTSA or $5 million to invest in a pooled BLS Fund, which minimums
may be waived in accordance with the Constituent Documents of any such BLS Fund, including
with respect to investments by Blackstone Investors.
All potential BLS Fund Investors are also subject to certain compliance procedures (including anti-
money laundering procedures) prior to acceptance of any subscription to any BLS Fund.
Blackstone Treasury Solutions Advisors L.L.C.