Blackstone (NYSE:BX) today announced that the Blackstone Alternative
Alpha Fund and the Blackstone Alternative Alpha Fund II (each a “Fund”,
and collectively, the “Funds”) they expect to pay a year-end
distribution to their shareholders of record on or about December 30,
2015. The Funds estimate that the distribution will be in the range of
$30.00 to $55.00 per share.
Based on the most recent share price of Blackstone Alternative Alpha
Fund ($1,191.06 as of September 30, 2015), the estimated amount
represents a distribution in the range of approximately 2.5% to 4.6% of
the value of each share of that Fund.
Based on the most recent share price of Blackstone Alternative Alpha
Fund II, Advisor Class II Shares ($994.79 as of September 30, 2015), the
estimated amount represents a distribution in the range of approximately
3.0% to 5.5% of the value of each share of that Fund.
Based on the most recent share price of Blackstone Alternative Alpha
Fund II, Advisor Class III Shares ($1,107.07 as of September 30, 2015),
the estimated amount represents a distribution in the range of
approximately 2.7% to 5.0% of the value of each share of that Fund.
Note that the estimated distribution amount is being provided for
informational purposes only; the estimated distribution amount is subject
to change and should not be used for tax reporting purposes. Actual
distribution amounts are subject to approval by the Funds’ Board of
Trustees and will be posted on the Funds’ website (www.blackstone.com/blackstone-alternative-alpha-funds)
in December 2015 after the ex-dividend date.
When a Fund makes a distribution, there will be a corresponding decrease
in the net asset value of the Fund. However, investors will receive
either a cash payment or additional shares of the Fund corresponding to
the amount of the distribution depending on an investor’s dividend
reinvestment election. All taxable investors of record as of December
31, 2015 will have to include the distribution in 2015 taxable income.
Important Information
The information contained herein is based on a number of broad
assumptions; actual distribution amounts will be announced after the
record date and may vary substantially from the above estimate.
Variations between the estimated and actual distribution amounts may
arise as a result of portfolio, market, and shareholder activity or tax
adjustments. Moreover, since the Funds make investments in underlying
domestic and foreign hedge funds, the actual distribution will be based
in part on tax information provided by underlying hedge funds, which is
not available at this time.
Neither the Funds nor Blackstone Alternative Asset Management L.P., the
investment adviser of the Funds, provide tax, accounting or legal
advice. Any tax statements contained herein are not intended or written
to be used, and cannot be used, for the purpose of avoiding U.S.,
federal, state or local tax penalties. Investors should consult their
advisor as to any tax, accounting or legal statements made herein.
Specific questions regarding an investor’s personal income tax situation
should be referred to a tax advisor.
About Blackstone Alternative Alpha Funds
Each of the Funds is a non-diversified, closed-end management investment
company that is managed by Blackstone Alternative Asset Management L.P.,
a subsidiary of The Blackstone Group L.P. (NYSE:BX). Each Fund’s
investment objective is to seek to earn long-term risk-adjusted returns
that are attractive as compared to those of traditional public equity
and fixed income markets. The Funds pursue their investment objective by
investing, indirectly through a master fund, in domestic and foreign
hedge funds that employ primarily equity-based investment strategies.
There can be no assurance that either Fund will achieve its investment
objective. Additional information is available at www.blackstone.com/blackstone-alternative-alpha-funds.
This press release is not an offer to sell the Funds’ securities and
is not soliciting an offer to buy the Funds’ securities in any state
where the offer or sale is not permitted. All investors should
consider the investment objectives, risks, charges and expenses of the
Funds before investing. The prospectus contains this and other
information about the Funds. You can obtain a prospectus from
your financial professional or from the Funds’ website (www.blackstone.com/blackstone-alternative-alpha-funds).
All investors are urged to carefully read the prospectus in its
entirety before investing. Interests in the Funds are offered
through Blackstone Advisory Partners L.P., a member of FINRA and an
affiliate of Blackstone Alternative Asset Management L.P.
Performance data quoted above represents past performance and is no
guarantee of future results. Investment results will fluctuate so that
an investor’s shares, if repurchased in a tender offer, may be worth
more or less than their original cost. Current performance may be higher
or lower than performance data quoted. Performance does not include a
deduction of the maximum sales charge (up to 3.00%), which would lower
the performance shown. Information about BAAF, including current
month‐end performance, is available at www.blackstone.com/blackstone-alternative-alpha-funds/.
About BAAM and Blackstone
Blackstone Alternative Asset Management, Blackstone’s Hedge Fund
Solutions platform, is the world’s largest discretionary investor in
hedge funds, with $67 billion in assets under management. BAAM manages a
diversified set of businesses including a customized solutions business,
a special situations platform, a long-only solutions business, a hedge
fund seeding business, an open-ended mutual fund platform and a business
that purchases stakes in established hedge funds. In all of BAAM’s
business lines, it carefully selects and partners with fund managers
across a variety of asset classes and strategies to create solutions for
its investors. Through its sharp focus on clients’ goals, a rigorous
due-diligence process and access to Blackstone’s global insights, BAAM
strives to generate attractive risk-adjusted returns across market
cycles while preserving capital during stressed market environments.
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management business, with over $330
billion in assets under management, include investment vehicles focused
on private equity, real estate, public debt and equity, non-investment
grade credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com.
Follow us on Twitter @Blackstone.
Forward-Looking Statements
This release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 which reflect Blackstone’s or the Funds’
current views with respect to, among other things, the Funds’ operations
and financial performance. You can identify these forward-looking
statements by the use of words such as “outlook,” “indicator,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of these words or
other comparable words. Such forward-looking statements are subject to
various risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual outcomes or results to differ
materially from those indicated in these statements. Blackstone and each
Fund believe these factors include but are not limited to those
described under the section entitled “Risk Factors” in the Funds’
prospectuses dated July 31, 2015, as such factors may be updated from
time to time in its periodic filings with the Securities and Exchange
Commission which are accessible on the SEC’s website at www.sec.gov.
These factors should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in
this release and in the filings. Neither Blackstone nor the Funds assume
any obligation to update or supplement forward-looking statements that
become untrue because of subsequent events or circumstances.
Investors are asked to please direct any questions to their financial
professional or to Blackstone’s Private Wealth Sales Desk (212-583-5200).
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