| 5. |
NET ASSET VALUE AS FAIR
VALUE |
A summary of
fair value by strategy type alongside the remaining unfunded
commitments and ability to redeem such investments as of
March 31, 2015 is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategy
|
|
Fair
Value |
|
|
Unfunded
Commitments |
|
|
Redemption
Frequency
(if currently
eligible) |
|
Redemption
Notice
Period |
|
Diversified
Instruments
|
|
$ |
186,184 |
|
|
$ |
1,415 |
|
|
(a) |
|
(a) |
|
Credit Driven
|
|
|
345,381 |
|
|
|
— |
|
|
(b) |
|
(b) |
|
Event Driven
|
|
|
197,613 |
|
|
|
— |
|
|
(c) |
|
(c) |
|
Equity
|
|
|
369,338 |
|
|
|
— |
|
|
(d) |
|
(d) |
|
Commodities
|
|
|
64,911 |
|
|
|
— |
|
|
(e) |
|
(e) |
|
Private Equity
|
|
|
140,290 |
|
|
|
— |
|
|
(f) |
|
(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,303,717 |
|
|
$ |
1,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Diversified Instruments include investments in funds that
invest across multiple strategies. Investments representing 81% 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 13% 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 6% 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 7% 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 66% 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 3% of the total fair value in the credit
driven category are subject to redemption restrictions such as the
investee fund manager’s ability to limit the amount of
redemptions. The remaining 1% of the investments in this category
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. |
| (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 the 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 96% of
the fair value of investments in this category. Distributions will
be received as the underlying investments are liquidated. The
remaining 4% 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. |
|