A summary of
fair value by strategy type alongside the remaining unfunded
commitments and ability to redeem such investments as of
September 30, 2013 is presented below:
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|
Strategy
|
|
Fair
Value |
|
|
Unfunded
Commitments |
|
|
Redemption
Frequency
(if
currently
eligible) |
|
|
Redemption
Notice
Period |
|
|
Diversified
Instruments
|
|
$ |
139,008 |
|
|
$ |
4,925 |
|
|
|
(a |
) |
|
|
(a |
) |
|
Credit Driven
|
|
|
195,787 |
|
|
|
1,980 |
|
|
|
(b |
) |
|
|
(b |
) |
|
Event Driven
|
|
|
110,442 |
|
|
|
— |
|
|
|
(c |
) |
|
|
(c |
) |
|
Equity
|
|
|
611,919 |
|
|
|
— |
|
|
|
(d |
) |
|
|
(d |
) |
|
Commodities
|
|
|
59,593 |
|
|
|
— |
|
|
|
(e |
) |
|
|
(e |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,116,749 |
|
|
$ |
6,905 |
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| (a) |
Diversified Instruments
include investments in funds that invest across multiple
strategies. Investments representing 59% of the fair value of the
investments in this category may not be redeemed at, or within
three months of, the reporting date. Investments representing 34%
of the fair value of the investments in this category represent
investments in hedge funds that are in the process of liquidating.
Distributions from these funds will be received as underlying
investments are liquidated. The time at which this redemption
restriction may lapse cannot be estimated. The remaining 7% of
investments in this category are redeemable as of the reporting
date. As of the reporting date, the investee fund manager had
elected to side-pocket 21% of Blackstone’s investments in
this category. |
| (b) |
The Credit Driven category
includes investments in hedge funds that invest primarily in
domestic and international bonds. Investments representing 94% of
the fair value of the investments in this category may not be
redeemed at, or within three months of, the reporting date.
Investments representing 6% of the total fair value in the credit
driven category are subject to redemption restrictions at the
discretion of the investee fund manager who may choose (but may not
have exercised such ability) to side-pocket such investments. As of
the reporting date, the investee fund manager had not elected to
side-pocket any of Blackstone’s investments in this
category. |
| (c) |
The Event Driven category
includes investments in hedge funds whose primary investing
strategy is to identify certain event-driven investments.
Withdrawals are not permitted in this category. Distributions will
be received as the underlying investments are
liquidated. |
| (d) |
The Equity category includes investments in hedge funds that
invest primarily in domestic and international equity securities.
Investments representing 76% of the total fair value of investments
in this category may not be redeemed at, or within three months of,
the reporting date. Investments representing 16% of the total fair
value of investments in this category are subject to lock-up
restrictions. Investments representing 7% of the total fair value
of investments in this category are subject to redemption
restrictions at the discretion of the investee fund manager who may
choose (but may not have elected such ability) to side-pocket such
investments or gate such investments, whereby limiting the amount
of withdrawals from the fund during a redemption period.
Investments representing 1% of the total fair value of investments
in this category are in hedge funds that are in the process of
liquidating. As of the reporting date, the investee fund manager
had elected to side-pocket 1% of Blackstone’s investments in
this category.
|
| (e) |
The Commodities category
includes investments in commodities-focused funds that primarily
invest in futures and physical-based commodity driven strategies.
Investments in this category may not be redeemed at, or within
three months of, the reporting date. |
|