A summary of
fair value by strategy type alongside the remaining unfunded
commitments and ability to redeem such investments as of
September 30, 2014 is presented below:
|
|
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|
|
|
|
|
|
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|
|
Strategy
|
|
Fair
Value |
|
|
Unfunded
Commitments |
|
|
Redemption
Frequency
(if currently
eligible) |
|
|
Redemption
Notice
Period |
|
|
Diversified
Instruments
|
|
$ |
185,841 |
|
|
$ |
1,415 |
|
|
|
(a |
) |
|
|
(a |
) |
|
Credit Driven
|
|
|
336,773 |
|
|
|
— |
|
|
|
(b |
) |
|
|
(b |
) |
|
Event Driven
|
|
|
187,665 |
|
|
|
— |
|
|
|
(c |
) |
|
|
(c |
) |
|
Equity
|
|
|
360,613 |
|
|
|
— |
|
|
|
(d |
) |
|
|
(d |
) |
|
Commodities
|
|
|
55,909 |
|
|
|
— |
|
|
|
(e |
) |
|
|
(e |
) |
|
Private Equity
|
|
|
85,364 |
|
|
|
— |
|
|
|
(f |
) |
|
|
(f |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,212,165 |
|
|
$ |
1,415 |
|
|
|
|
|
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|
| (a) |
Diversified Instruments include investments in funds that
invest across multiple strategies. Investments representing 79% 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 16% 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 5% 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 10% 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 68%
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 30% of the fair value of the investments
in this category are redeemable as of the reporting date.
Investments representing 2% 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. Withdrawals are
generally not permitted for investments in this category.
Distributions will be received as the underlying investments are
liquidated. |
| (e) |
The Commodities category
includes investments in commodities-focused funds that primarily
invest in futures and physical-based commodity driven strategies.
Withdrawals are not permitted for investments representing 95% of
the fair value of investments in this category. Distributions will
be received as the underlying investments are liquidated. The
remaining 5% of the fair value of the investments in this category
may not be redeemed at, or within three months of, the reporting
date. |
| (f) |
The Private Equity
category includes investments in private equity funds that
primarily invest in private equity, revenue interests and other
private investments. Withdrawals are not permitted for investments
in this category. |
|