9AT: BLACKSTONE REAL ESTATE ADVISORS L.P.

other names

BLACKSTONE REAL ESTATE ADVISORS L.P.
BLACKSTONE PROPERTY ADVISORS L.P. (RELYING ADVISER)
BLACKSTONE REAL ESTATE ADVISORS VI L.P.

Adviser Profile

As of Date	10/01/2025
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm
Number of Employees	621 -12%
of those in investment advisory functions	404 -10%
Registration	SEC, Approved, 01/24/2007

AUM^*	134,591,647,385 5%
of that, discretionary	134,591,647,385 5%
Private Fund GAV^*	134,591,647,385 4%
Avg Account Size	1,869,328,436 -1%
SMA’s	No
Private Funds	73 22
Contact Info	212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count1	GAV$
Fund TypeReal Estate Fund	Count72	GAV$134,591,647,385

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser BLACKROCK ASSET MANAGEMENT NORTH ASIA LIMITED	Hedge Fund25.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.4b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.4b	AUM118.5b	#Funds11
Adviser CBRE INVESTMENT MANAGEMENT INDIRECT LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund6.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.6b	AUM43.4b	#Funds4
Adviser EXETER PROPERTY GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund26.8b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV26.8b	AUM32.9b	#Funds25
Adviser BERKSHIRE PROPERTY ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund64.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund7.0b	Total Private Fund GAV7.1b	AUM15.5b	#Funds10
Adviser FRANKLIN TEMPLETON INSTITUTIONAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund387.3m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV387.3m	AUM28.9b	#Funds9
Adviser LGT CAPITAL PARTNERS (USA) INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund5.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.7m	AUM54.9b	#Funds4
Adviser STOCKBRIDGE CAPITAL GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund5.9b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.9b	AUM19.9b	#Funds16
Adviser INVESCO	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund569.7m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV569.7m	AUM18.3b	#Funds2
Adviser TISHMAN SPEYER PROPERTIES, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund9.3b	Securitized Asset Fund-	Venture Capital Fund190.8m	Other Fund-	Total Private Fund GAV9.6b	AUM14.3b	#Funds79
Adviser DIVCO WEST REAL ESTATE SERVICES, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund14.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV14.6b	AUM15.7b	#Funds28

Brochure Summary

Overview

11 Overview of the Firm The Adviser, directly or indirectly through its subsidiaries, provides investment advisory services to its Clients, and Affiliates of the Adviser generally serve as General Partner of each Client. The Adviser’s Clients primarily make control-oriented “opportunistic” Investments in real estate and real estate related assets and companies. The Adviser also serves as an investment sub-advisor to certain Investment Vehicles, pursuant to sub-advisory agreements with the applicable Investment Vehicle’s investment adviser. The ultimate parent of the Adviser is Blackstone. Please see the structure chart below. Blackstone is a global alternative investment manager with Investment Vehicles focused on real estate, private equity, hedge fund solutions, credit, infrastructure, secondary funds of funds and multi-asset class strategies. Please see Item 10 – Other Financial Industry Activities and Affiliations for more information. 12 As of December 31, 2023, the Adviser had regulatory assets under management of approximately $129.7 billion on a discretionary basis. Please note that this figure is an unaudited estimate.
Description of Advisory Services The Adviser

serves as investment adviser to its Clients pursuant to the Advisory Agreements. The Adviser performs the following services, among others, for its Clients: 1. Identifies and analyzes investment opportunities; 2. Makes investment recommendations to the General Partner of each Client, as applicable; 3. Participates in the monitoring and evaluation of Investments; and 4. Provides other related services in connection with the implementation of the investment program of each Client, including, without limitation, arranging for and coordinating the services of other professionals and consultants.
The Adviser tailors its advisory services to the particular needs of each Client. However, the specific needs of the individual Investors in a Client (i.e., limited partner investors) are not the basis for recommendations by the Adviser. Investment advice is provided directly to the Client, not individually to the respective Investors in the Client. The Adviser also provides specific portfolio management services to certain Investment Vehicles managed by an affiliated alternative investment fund manager for the purposes of AIFMD, through a series of delegation agreements.

BLACKSTONE REAL ESTATE ADVISORS L.P.

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Brochure Summary

Overview