Blackstone’s BXPE Program Raises $974.8 Million as Aggregate NAV Reaches $28.5 Billion

The two U.S. registrants priced their October subscriptions off September 30 values, with Class I-Series I units of the main fund at $39.91.

October 27, 2026

Blackstone's BXPE private equity program took in approximately $974.8 million of new capital on October 1, 2026. The figure covers the full BXPE Fund Program, which combines the BXPE vehicles with a separately structured Luxembourg fund, Blackstone Private Equity Strategies Fund SICAV.

As of September 30, the program's aggregate transactional net asset value was approximately $28.5 billion. BXPE alone, excluding the Luxembourg SICAV, accounted for approximately $19.9 billion.

Unit Sales

Blackstone Private Equity Strategies Fund L.P. (BXPE U.S.) sold units for aggregate consideration of approximately $408.4 million:

• Class I-Series I: 6,789,602 units for about $271.0 million
• Class S-Series I: 3,438,725 units for about $134.1 million
• Class D-Series I: 84,721 units for $3.35 million

No Class N units, and no units of any other series, were sold in the round.

Blackstone Private Equity Strategies Fund (TE) L.P., a feeder built for tax-exempt, non-U.S. and other investors with particular tax characteristics, sold units for approximately $137.0 million. That total comprised about $61.7 million of Class I units, $73.0 million of Class S units and $2.4 million of Class D units.

The feeder invests all or substantially all of its assets in BXPE U.S. On October 1 it bought 3,371,609 Class I-Series I units of BXPE U.S. for approximately $134.6 million, so part of the BXPE U.S. total reflects the feeder's own subscriptions and the two registrants' figures overlap.

Both funds sell units through continuous private offerings limited to investors who are both accredited investors and qualified purchasers. Unit counts were finalized on October 22, after each fund calculated its September 30 transactional NAV.

Unit Values

Transactional NAV sets the price at which units are bought and sold. As of September 30, BXPE U.S. reported per-unit values of $39.91 for Class I-Series I, $39.95 for Class I-Series III, $38.99 for Class S, $39.54 for Class D and $31.46 for Class N. The feeder reported $39.48 for Class I-Series I, $38.57 for Class S and $35.17 for Class D.

Neither fund has yet sold Class I-Series II units, and the feeder has not sold Class I-Series III units. Those series will start at the Class I-Series I value on the date of first sale.

The calculation uses month-end values of each fund's investments, less liabilities, fees and expenses, under a valuation policy approved by the BXPE U.S. board. Organizational and offering expenses advanced by the investment manager are being deducted from NAV over 60 months starting January 1, 2025. Certain contingent tax liabilities may be left out of NAV if the general partner reasonably expects they will not be recognized when the underlying investment is sold. Transactional NAV per unit may differ from NAV calculated under U.S. generally accepted accounting principles.

The October round follows a July 1 raise of approximately $1.1 billion across the program. In May, the fund's borrowing affiliate expanded its credit facility to $2.65 billion.