# EDGAR Filing Document

**Accession Number:** 0001930054
**File Stem:** 0001193125-25-153516
**Filing Date:** 2025-7
**Character Count:** 166869
**Document Hash:** 2e83e7526d2cc829e70bc08dfb6e35ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153516.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153516

**CONFORMED SUBMISSION TYPE**: SC TO-I

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Equity Strategies Fund L.P.
- **CENTRAL INDEX KEY:** 0001930054

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94484
- **FILM NUMBER:** 251094244

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 2125835000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Equity Strategies Fund L.P.
- **CENTRAL INDEX KEY:** 0001930054

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 2125835000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE TO** 

**(Rule 13e-4)** 

**TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1) OR 13(E)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

## Blackstone Private Equity Strategies Fund L.P.
**(Name of Issuer)** 

**Blackstone Private Equity Strategies Fund L.P.** 

**(Name of Person(s) Filing Statement)** 

**Class I, Class D and Class S Limited Partnership Units** 

**(Title of Class of Securities)** 

**09262A 309, 09262A 200 and 09262A 101** 

**(CUSIP Number of class of securities)** 

**Kate O'Neil** 

**345 Park Avenue, 40<sup>th</sup> Floor** 

**New York, New York 10154** 

**(212) 583-5000** 

**(Name, Address and Telephone No. of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)** 

***With a copy to:***

**Benjamin C. Wells** 

**Simpson Thacher & Bartlett LLP** 

**425 Lexington Avenue** 

**New York, NY 10017** 

**July 1, 2025** 

**(Date Tender Offer First Published, Sent or Given to Security Holders)** 

☐ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form of Schedule and the date of its filing.

---

| | |
|:---|:---|
| Amount Previously Paid: | Filing Parties: |
| Form or Registration No.: | Date Filed: |

---

☐ Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

------

This Schedule TO is being filed in satisfaction of the reporting requirements of Rule 13e-4(c)(2) promulgated under the Securities Exchange Act of 1934, as amended. All information set forth in the Offer to Purchase (as defined below) is incorporated herein by reference in answer to all items in this Schedule TO and is supplemented by the information specifically provided herein, except as otherwise set forth below.

**Item 1.** **Summary Term Sheet.** <br>

Reference is made to the Summary Term Sheet of the Offer to Purchase (as defined below) that is attached hereto as Exhibit (a)(1)(ii) and is hereby incorporated by reference.

**Item 2.** **Subject Company Information.** <br>

(a) The name of the issuer is Blackstone Private Equity Strategies Fund L.P. (the "Fund"). The Fund is a
private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is organized as a Delaware limited partnership. Certain investors with particular tax
characteristics, such as tax-exempt investors and non-U.S. investors, invest in the Fund through Blackstone Private Equity Strategies Fund (TE) L.P., a Delaware limited
partnership (the "Feeder"). The Feeder indirectly invests all or substantially all of its assets in Class I Units (as defined below) of the Fund, and is participating directly, on behalf of its investors, in the Fund's Offer to
Purchase through its interest in the Fund, subject to any terms and conditions of the Fund's repurchase program. The principal executive office of the Fund is located at 345 Park Avenue, 40<sup>th</sup>
Floor, New York, New York 10154 and the telephone number is (212) 583-5000.

(b) The title of the securities that are the subject of the offer to purchase and the related Letter of Transmittal
("Offer to Purchase" and the tender offer made thereby, the "Offer") are Class I limited partnership units (the "Class I Units"), Class D limited partnership units (the "Class D Units") and
Class S limited partnership units (the "Class S Units" and together with Class I Units and Class D Units, the "Units") or portions thereof. As of the close of business on June 30, 2025 there were
229,782,415 Units outstanding, comprised of 139,896,830 Class I Units, 2,901,080 Class D Units and 86,984,506 Class S Units outstanding, respectively. Subject to the conditions set forth in the Offer to Purchase, the Fund will
purchase up to 6,893,472 Units that are tendered by its unitholders (the "Unitholders"), including, for the avoidance of doubt, indirectly by unitholders of the Feeder (the "Feeder Unitholders"), and not withdrawn as described in
the Offer to Purchase (the "Offer Amount"). Unless otherwise specified, references to Unitholders herein shall include Feeder Unitholders. For the avoidance of doubt, Feeder Unitholders shall have a right to participate in the Offer on the
same terms as direct Unitholders of the Fund and will be entitled to receive the applicable net asset value per unit of the Feeder as of the Valuation Date (as defined below), which is in turn based on the net asset value of the Fund's Class I
Units (as adjusted for any Feeder expenses or liabilities incurred by the Feeder and any assets of, or income received by, the Feeder). The Units subject to the Offer represent approximately 3% of the Fund's outstanding Units as of
June 30, 2025.

(c) Units are not traded in any market.

**Item 3.** **Identity and Background of Filing Person.** <br>

(a) The Fund is tendering for its own Units. The information required by this Item is set forth in Item 2(a) above.
Blackstone Private Investments Advisors L.L.C. (the "Investment Manager") serves as the investment manager for the Fund, Blackstone Private Equity Strategies Associates L.P. (the "General Partner" and, together with the
Investment Manager, as applicable, the "Sponsor") serves as the general partner for the Fund. The Sponsor is located at 345 Park Avenue, 40<sup>th</sup> Floor, New York, New York 10154 and its
telephone number is (212) 583-5000. The Fund's executive officers and the directors serving on the Fund's board of directors (each, a "Director" and collectively the "Board") are
set forth below as of June 30, 2025:

---

| | |
|:---|:---|
| **Name** | **Position** |
| Christopher J. James | Chairperson, Chairperson of the Board |
| Viral Patel | Chief Executive Officer |
| Thomas M. Morrison | President |
| Matthew J. Bucci | Chief Operating Officer |
| Eric Liaw | Chief Investment Officer |
| Christopher Striano | Chief Financial Officer |
| David S. Blitzer | Director |
| Joan Solotar | Director |
| Raymond J. Beier | Independent Director |
| Grace Vandecruze | Independent Director |
| John D. Hershey | Independent Director |
| Susan Roth Katzke | Independent Director |

---

------

(b)-(c) Not applicable.

**Item 4.** **Terms of the Transaction.** <br>

(a)(1) (i) Subject to the conditions set forth in the Offer to Purchase, the Fund will purchase up to 6,893,472 Units that are tendered by Unitholders by 11:59 p.m., Eastern Time, on July 31, 2025, and not withdrawn as described in Item 4(a)(1)(vi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The purchase price of a Unit (or portion thereof) tendered will be its net asset value as of September 30,
2025, or a later date determined by the Fund if the Offer is extended (in each case, the "Valuation Date"), upon the terms and subject to the conditions set forth in the Offer to Purchase. For the avoidance of doubt, Feeder Unitholders
shall have a right to participate in the Offer on the same terms as direct Unitholders of the Fund and will be entitled to receive the applicable net asset value per unit of the Feeder as of the Valuation Date, which is in turn based on the net
asset value of the Fund's Class I Units (as adjusted for any Feeder expenses or liabilities incurred by the Feeder and any assets of, or income received by, the Feeder). Reference is made to the Cover Page, Section 2 "Offer to
Purchase and Price" and Section 6 "Purchases and Payment" of the Offer to Purchase, which are incorporated herein by reference.

Each Unitholder that tenders Units that are accepted for purchase will be sent a letter (the "Acceptance Letter") notifying the Unitholder that the Fund has received and accepted their tender. Such Unitholder will be issued a non-interest bearing, non-transferable promissory note (the "Note") entitling the tendering Unitholder to receive an amount equal to the value of the Unitholder's Units accepted for purchase by the Fund determined as of the Valuation Date. The Note will be held for the Unitholder by SS&C GIDS, Inc., the Fund's transfer agent (the "Transfer Agent"). Forms of the Acceptance Letter and the Note are attached hereto as Exhibits (a)(1)(iv) and (a)(1)(v), respectively, and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Offer is scheduled to expire on July 31, 2025, unless extended. Reference is made to the Cover Page,
Summary Term Sheet, Section 2 "Offer to Purchase and Price" and Section 5 "Withdrawal Rights" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Reference is made to the Cover Page, Summary Term Sheet and Section 7 "Certain Conditions of the
Offer" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Reference is made to Section 5 "Withdrawal Rights" of the Offer to Purchase, which is
incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Reference is made to the Cover Page, Section 4 "Procedure for Tenders" and Section 5
"Withdrawal Rights" of the Offer to Purchase, which are incorporated herein by reference. **Note that certain Unitholders may be required to deliver their Letter of Transmittal to their Financial Intermediary, as defined in the Summary Term Sheet (instead of directly to SS&C GIDS, Inc.). All Unitholders tendering Units should carefully review their Letter of Transmittal and follow the delivery instructions therein.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Reference is made to Section 4 "Procedure for Tenders" and Section 6 "Purchases and
Payment" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Reference is made to the Cover Page, Section 3 "Amount of Tender," and Section 6
"Purchases and Payment" of the Offer to Purchase, which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Reference is made to Section 2 "Offer to Purchase and Price," which is incorporated herein by
reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Reference is made to Section 10 "Certain Federal Income Tax Consequences" of the Offer to
Purchase, which is incorporated herein by reference.

(a)(2) Not applicable.

(b) Any Units to be purchased from any executive officer, Director or affiliate of the Fund will be on the same
terms and conditions as any other purchase of Units. To the Fund's knowledge, none of the executive officers, Directors, or affiliates of the Fund intend to tender Units in the Offer.

**Item 5.** **Past Contracts, Transactions, Negotiations and Agreements With Respect to the Issuer's Securities.** <br>

(a)-(d) Not applicable.

------

(e) The Fund's Private Placement Memorandum, as amended and/or supplemented from time to time (the
"Memorandum"), provides that the Sponsor has the discretion to determine whether the Fund will purchase Units from Unitholders from time to time pursuant to written tenders. The Sponsor expects that the Fund will purchase Units from
Unitholders quarterly. However, the Fund is not required to conduct tender offers. The Fund does not know of any other contract, agreement, arrangement, or understanding, whether contingent or otherwise or whether or not legally enforceable, between
the (i) Fund, any of the Fund's executive officers or Directors, any person controlling the Fund, or any executive officer or director of any corporation ultimately in control of the Fund and (ii) any other person with respect to any
securities of the Fund (including any contract, agreement, arrangement, or understanding concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees
against loss, or the giving or withholding of proxies, consents or authorizations).

**Item 6.** **Purposes of This Tender Offer and Plans or Proposals.** <br>

(a)-(b) Reference is made to Section 1 "Background and Purpose of the Offer" of the Offer to Purchase, which is incorporated herein by reference.

(c) Reference is made to Section 8 "Certain Information About the Fund" of the Offer to Purchase,
which is incorporated herein by reference. Because Units are not traded in any market, subsections (6), (7), and (8) of Regulation M-A Item 1006(c) are not applicable to the Fund.

**Item 7.** **Source and Amount of Funds or Other Consideration.** <br>

(a)-(b) Reference is made to Section 6 "Purchases and Payment" of the Offer to Purchase, which is incorporated herein by reference.

(c) Not applicable.

(d) None of the Fund, the Sponsor, the Board or any person controlling the Fund, the Sponsor or the Board has
determined at this time to borrow funds to purchase Units tendered in connection with the Offer. Depending on the dollar amount of Units tendered and prevailing general economic and market conditions, the Fund, in its sole discretion, may decide to
seek to borrow money to fund all or a portion of the purchase amount for Units, subject to compliance with the Fund's governing documents. The Fund expects that the repayment of any amounts borrowed will be financed from additional funds
contributed to the Fund by existing or new Unitholders.

**Item 8.** **Interest in Securities of the Issuer.** <br>

(a) Based on the number of Units outstanding as of June 30, 2025, the following persons own the number of
Units indicated in the below table. The following persons only hold Class I Units. None of our Units have voting power.

---

| | |
|:---|:---|
| Person | Units |
|  General Partner | 500000 \* |
|  Christopher J. James | 10000 \* |
|  Viral Patel | 72205 \* |
|  Thomas M. Morrison | 39180 \* |
|  Matthew J. Bucci | — \* |
|  Eric Liaw | 8000 \* |
|  Christopher Striano | 2000 \* |
|  Joan Solotar | 200000 \* |
|  David S. Blitzer  | — \* |
|  Raymond J. Beier | 6830 \* |
|  Grace Vandecruze | 6218 \* |
|  John D. Hershey | 2718 \* |
|  Susan Roth Katzke | 10870 \* |

---

\* Less than 1%. 

None of the persons listed above intends to tender any of his or her Units in the Offer. Addresses for each of the persons listed above are provided in Item 3.

------

(b) Reference is made to Section 8 "Certain Information About the Fund" of the Offer to Purchase,
which is incorporated herein by reference. During the past sixty (60) days, as previously reported in a Form 4 filing, the Fund has issued an aggregate of approximately 33,299 Units of the Fund to an executive officer of the Fund as part of its
continuous offering of Units (with an aggregate value of approximately $1 million, based on a NAV per Unit of $30.0312 as of April 30, 2025) and no Units to the Sponsor, or Directors of the Fund, or any person controlling the Fund or the
Sponsor. Other than as set forth in the preceding sentence and the transactions conducted pursuant to the Fund's continuous offering of Units, as disclosed on current reports on Form 8-K, filed with the
Securities and Exchange Commission ("SEC") on May 29, 2025 and June 30, 2025, respectively, which are incorporated by reference herein (in each case, to the extent that the material contained therein is deemed "Filed"
rather than "furnished"), there have been no other transactions in Units effected during the past sixty (60) days prior to June 30, 2025 by the Fund, the Sponsor, or any Director or executive officer of the Fund, or any person
controlling the Fund or the Sponsor.

**Item 9.** **Persons/Assets Retained, Employed, Compensated or Used.** <br>

(a) No persons have been employed, retained, or are to be compensated by the Fund to make solicitations or
recommendations in connection with the Offer to Purchase.

**Item 10.** **Financial Statements.** <br>

(a) The audited annual financial statements of the Fund dated December 31, 2024, as filed with the SEC on
EDGAR on March 14, 2025, are incorporated by reference. The Fund will prepare and make available to Unitholders the audited annual financial statements of the Fund within 120 days after the close of the period for which the report is being
made, or as otherwise required by applicable law.

(b) Not applicable.

**Item 11.** **Additional Information.** <br>

(a) (1) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) None.

(c) The Offer to Purchase, attached hereto as Exhibit (a)(1)(ii), is incorporated herein by reference in its
entirety.

**Item 12.** **Exhibits.** <br>

(a)(1) (i) Cover Letter to Offer to Purchase and Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Offer to Purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Forms of Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Form of Letter from the Fund to Unitholders in Connection with the Fund's Acceptance of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Form of Promissory Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Forms of Notice of Withdrawal of Tender.

(a)(2)-(4) Not applicable.

(b) None.

(d) Not applicable.

(g) Not applicable.

(h) Not applicable.

107 Filing Fee Table

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. | BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Kate O'Neil |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Kate O'Neil |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Senior Vice President and Secretary |

---

Dated: July 1, 2025

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** |  |
| (a)(1)(i) | [Cover Letter to Offer to Purchase and Letter of Transmittal.](d946449dex99a1i.htm) |
| (a)(1)(ii) | [Offer to Purchase.](d946449dex99a1ii.htm) |
| (a)(1)(iii) | [Forms of Letter of Transmittal.](d946449dex99a1iii.htm) |
| (a)(1)(iv) | [Form of Letter from the Fund to Unitholders in Connection with the Fund's Acceptance of Units.](d946449dex99a1iv.htm) |
| (a)(1)(v) | [Form of Promissory Note.](d946449dex99a1v.htm) |
| (a)(1)(vi) | [Forms of Notice of Withdrawal of Tender.](d946449dex99a1vi.htm) |
| EX-FILING FEES | [Calculation of Filing Fee Table](d946449dexfilingfees.htm) |

---

## Ex-99.(A)(1)(I)

**Exhibit (a)(1)(i)** 

BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.

345 Park Avenue, 40<sup>th</sup> Floor

New York, New York 10154

*If you do not want to sell your limited partnership* 

*units at this time, please disregard this notice.* 

*This is simply a notification of the Fund's repurchase offer.* 

July 1, 2025

Dear Unitholder:

This letter serves to inform you of important dates relating to a repurchase offer by Blackstone Private Equity Strategies Fund L.P. (the "Fund"). If you are not interested in tendering your limited partnership units in the Fund ("Units"), including if held indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), for repurchase at this time, please disregard this notice and take no action.

Please note that because none of the currently outstanding Units have been outstanding for more than 24 months, all Units will be subject to an "early repurchase deduction" of 5% by the Fund, except as noted below. For the avoidance of doubt, in the case of death, divorce or qualified disability of a unitholder of the Fund ("Unitholder"), including, for the avoidance of doubt, indirect unitholders of the Feeder (the "Feeder Unitholders"), certain discretionary model portfolio management programs, trade or operational errors and in certain other circumstances, Units will not be subject to such "early repurchase deduction". Unless otherwise specified, references to Unitholders herein shall include Feeder Unitholders and Feeder Unitholders shall have a right to participate in the Offer under the same terms as direct Unitholders of the Fund. In addition, the sale of Units may also be subject to income and transfer taxes.

The tender offer period will begin on July 1, 2025 and end at 11:59 p.m., Eastern Time, on July 31, 2025. The purpose of the tender offer is to provide liquidity to Unitholders. Units may be presented to the Fund for repurchase only by tendering them during one of the Fund's announced tender offers.

If you do not wish to sell your Units for any reason, simply disregard this notice. **No action is required if you do not wish to sell any portion of your Units at this time.**

Should you wish to tender all or some of your Units during this tender offer period, please complete the enclosed Letter of Transmittal and return it **by mail, email or fax** to the Fund's Transfer Agent, SS&C GIDS, Inc., Attention: Blackstone Private Equity Strategies Fund L.P., using one of the below options or to your financial advisor as instructed in the Letter of Transmittal:

Regular Mail: SS&C GIDS, Inc. PO Box 219338, Kansas City, MO 64121-9338

Overnight Mail: SS&C GIDS, Inc. 430 W 7th St. Suite 219338, Kansas City, MO 64105-1407

Email\*: BlackstonePrivateEquity_ai@sscinc.com

\* The above email address is a no-reply inbox, and will not accept secure messages or password protected attachments. Please submit one order at a time if sending by email.

Fax: (833) 623-2407

**All Unitholders tendering Units should carefully review their Letter of Transmittal and follow the delivery instructions therein.** 

All tenders of Units must be received in good order by the Fund's Transfer Agent by 11:59 p.m., Eastern Time, on July 31, 2025.

If you have any questions, please refer to the attached Offer to Purchase document, which contains additional important information about the repurchase offer, or call (844) 702-1299.

---

| |
|:---|
| Sincerely, |
| Blackstone Private Equity Strategies Fund L.P. |

---

## Ex-99.(A)(1)(Ii)

##### [**Table of Contents**](#toc)
**Exhibit (a)(1)(ii)** 

**BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.** 

**345 Park Avenue, 40<sup>th</sup> Floor** 

**New York, New York 10154** 

**Offer to Purchase Up to 6,893,472** 

**Limited Partnership Units** 

**Dated July 1, 2025** 

**The Offer and Withdrawal Rights Will Expire at** 

**11:59 p.m., Eastern Time, on July 31, 2025, Unless** 

**the Offer is Extended** 

To the Unitholders of Blackstone Private Equity Strategies Fund L.P.:

Subject to the terms and conditions set forth in this offer to purchase ("Offer to Purchase") and the related Letter of Transmittal (which together with the Offer to Purchase constitutes the "Offer"), Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), is offering to purchase up to 6,893,472 of its outstanding limited partnership units (including Class I limited partnership units of the Fund (the "Class I Units"), Class D limited partnership units of the Fund (the "Class D Units") and Class S limited partnership units of the Fund (the "Class S Units" and, together with Class I Units and Class D Units, the "Units")) pursuant to tenders by its unitholders (the "Unitholders"), including, for the avoidance of doubt, indirectly by unitholders of Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), at a price equal to the net asset value per Unit as of September 30, 2025 or a later date determined by the Fund if the Offer is extended (the "Valuation Date"). Unless otherwise specified, references to Unitholders herein shall include any unitholders of the Feeder (the "Feeder Unitholders"). For the avoidance of doubt, Feeder Unitholders shall have a right to participate in the Offer on the same terms as direct Unitholders of the Fund and will be entitled to receive the applicable net asset value per unit of the Feeder as of the Valuation Date, which is in turn based on the net asset value of the Fund's Class I Units (as adjusted for any Feeder expenses or liabilities incurred by the Feeder and any assets of, or income received by, the Feeder). This Offer is currently scheduled to expire at 11:59 p.m., Eastern Time, on July 31, 2025 (the "Expiration Date"), but the Fund may extend this date; if it does, the Valuation Date may be changed. This Offer is being made to all Unitholders and is not conditioned on any minimum amount of Units being tendered, but is subject to certain conditions described below. Units are not traded on any established trading market.

Unitholders should realize that the value of the Units tendered in this Offer will likely change between the most recent time net asset value was calculated and communicated to them and the Valuation Date (the relevant date for determining the value of the Units tendered to the Fund for purposes of calculating the purchase price of such Units) and such change could be material. The Fund generally determines the net asset value per Unit for each class of Units around the 20th Business Day of the following month. The most recently calculated net asset value for each class of the Units can be found by going to *www.bxpe.com*. Unitholders should keep in mind that if they tender Units in a tender offer with a Valuation Date that is within the 24-month period following the initial issue date of the Units being tendered, such Units will be subject to an "early repurchase deduction" (described further below) of 5% of the aggregate net asset value of the Units repurchased by the Fund, without duplication by the Feeder. The early repurchase deduction will reduce the repurchase proceeds. For illustrative purposes, a Unitholder that acquires Units on January 1 would not incur an early repurchase deduction for participating in a repurchase offer that has a valuation date of December 31 of the following year (or anytime thereafter).

Unitholders desiring to tender all or any portion of their Units in accordance with the terms of the Offer should complete and sign the attached Letter of Transmittal and mail, email or fax it to the Fund's transfer agent, SS&C GIDS, Inc. (the "Transfer Agent"), or the Unitholder's financial intermediary, as applicable, in the manner provided for in the Letter of Transmittal and set forth in Section 4 "Procedure for Tenders" below.

**IMPORTANT** 

*The Fund makes no recommendation to any Unitholder as to whether to tender or refrain from tendering Units. Unitholders must make their own decisions whether to tender Units and, if so, the portion of their Units to tender.* 

*Because each Unitholder's investment decision is a personal one, based on its financial circumstances, no person has been authorized to make any recommendation on behalf of the Fund as to whether Unitholders should tender Units pursuant to the Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein or in the Letter of Transmittal. If given or made, such recommendation and such information and representations must not be relied on as having been authorized by the Fund.* 

*This transaction has not been approved or disapproved by the Securities and Exchange Commission or the Commodity Futures Trading Commission nor has the Securities and Exchange Commission, the Commodity Futures Trading Commission, or any state securities commission passed on the fairness or merits of such transaction or on the accuracy or adequacy of the information contained in this document. Any representation to the contrary is unlawful.* 

Questions and requests for assistance and requests for additional copies of the Offer may be directed to the Transfer Agent:

SS&C GIDS, Inc.

Attention: Blackstone Private Equity Strategies Fund L.P.

P.O. Box 219338

Kansas City, MO 64121-9338

Tel: (844) 702-1299 Fax: (833) 623-2407

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  [Summary Term Sheet](#toc946449_1) | [Summary Term Sheet](#toc946449_1) | 1 |
| 1. | [Background and Purpose of the Offer](#toc946449_2) | 2 |
| 2. | [Offer to Purchase and Price](#toc946449_3) | 2 |
| 3. | [Amount of Tender](#toc946449_4) | 2 |
| 4. | [Procedure for Tenders](#toc946449_5) | 3 |
| 5. | [Withdrawal Rights](#toc946449_6) | 3 |
| 6. | [Purchases and Payment](#toc946449_7) | 3 |
| 7. | [Certain Conditions of the Offer](#toc946449_8) | 4 |
| 8. | [Certain Information About the Fund](#toc946449_9) | 4 |
| 9. | [Tender by DRIP Participants](#toc946449_10) | 5 |
| 10. | [Certain Federal Income Tax Consequences](#toc946449_11) | 6 |
| 11. | [Miscellaneous](#toc946449_12) | 10 |
|  [Financial Statements](#toc946449_13) | [Financial Statements](#toc946449_13) | 10 |

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##### [**Table of Contents**](#toc)
**SUMMARY TERM SHEET** 

This is a summary of the features of the Offer. To understand the Offer fully and for a more complete discussion of the terms and conditions of the Offer, you should read carefully this entire Offer to Purchase and the related Letter of Transmittal.

• As disclosed in the Fund's Private Placement Memorandum, as may be further amended and/or supplemented from
time to time ("Memorandum"), the Fund may from time to time offer to repurchase a portion of its outstanding Units pursuant to written tenders by Unitholders. Accordingly, the Fund is offering to purchase up to 6,893,472 Units at a price
equal to their net asset value determined as of September 30, 2025 or such later date as may be determined by the Fund if the Offer is extended (the "Valuation Date"). For the avoidance of doubt, Feeder Unitholders shall have a right
to participate in the Offer on the same terms as direct Unitholders of the Fund and will be entitled to receive the applicable net asset value per unit of the Feeder as of the Valuation Date, which is in turn based on the net asset value of the
Fund's Class I Units (as adjusted for any Feeder expenses or liabilities incurred by the Feeder and any assets of, or income received by, the Feeder). The Units subject to the Offer represent approximately 3% of the outstanding Units as of
June 30, 2025. The Offer, which begins on July 1, 2025, will remain open until 11:59 p.m., Eastern Time, on July 31, 2025 (the "Expiration Date"). The Fund reserves the right to adjust the Valuation Date to correspond to any
extension of the Offer.

• **Since none of the currently outstanding Units have been outstanding for more than 24 months, all Units that are tendered and purchased in this Offer will be subject to a 5% "early repurchase deduction."** See Section 6 "Purchases and Payment."

• Unitholders may tender all or a portion of their Units.

• If you tender Units and the Fund purchases those Units, upon the terms and subject to the conditions of the
Offer, the Fund will effect payment for those Units by issuing a non-interest-bearing, non-transferable promissory note (held for you by the Transfer Agent) entitling
tendering Unitholders to the payment(s) described herein promptly after the determination of the relevant NAV per unit is finalized.

• Other than the early repurchase deduction described below (if applicable), the Fund does not expect to impose any
charges on repurchases of Units in the Fund.

• If you tender only a portion of your Units, you must maintain a minimum account balance of at least $500 as of
the Valuation Date. The Fund reserves the right to purchase all your Units in the Fund if you tender less than all of your Units and the number of Units you tender would cause your account in the Fund to have a value lower than the required minimum
balance. The Offer is being made to all Unitholders and is not conditioned on any minimum amount of Units being tendered.

• If you are a participant in the Fund's distribution reinvestment plan ("DRIP") and elect to tender
your Units in full, any Units issued to you under the DRIP subsequent to the expiration of the tender offer will be considered part of your request to tender your Units in full, and your participation in the DRIP will be terminated as of the
Valuation Date of the applicable tender offer. Any distributions to be paid to you on or after the Valuation Date will be paid in cash on the scheduled distribution payment date.

• If you are a participant in the DRIP that elects to tender a portion of your Units, you will remain a participant
in the DRIP with respect to your Units that are not repurchased (even if they are Units you requested for repurchase). To the extent there is any inconsistency between the terms described in this Offer to Purchase and the DRIP, the terms of the DRIP
shall control.

• If the Fund accepts the tender of any of your Units, your proceeds will be funded from one or more of the
following sources: cash on hand (including cash received from subscriptions in the Fund), borrowings and/or proceeds from the sale of portfolio holdings.

• Additional repurchases will be made at such times and on such terms as may be determined by Blackstone Private
Equity Strategies Associates L.P., the Fund's general partner (the "General Partner," and together with Blackstone Private Investments Advisors L.L.C., the Fund's investment manager (the "Investment Manager"), as
applicable, the "Sponsor"). The Sponsor expects that the Fund will generally offer to repurchase a portion of its outstanding Units four times each year, effective on or about March 31, June 30, September 30 and
December 31, but the Fund is not required to make any such offer.

• Following this summary is a formal notice of the Offer, which remains open until the Expiration Date, unless
extended. If you elect to tender your Units, you have the right to change your mind and withdraw your tendered Units at any time until the Expiration Date or, if such tendered Units have not been accepted by the Fund, at any time on or after
August 26, 2025. If you would like to tender your Units, you must complete the Letter of Transmittal enclosed with the Offer to Purchase, and return it as instructed in the Letter of Transmittal either (i) to the Transfer Agent, Attention:
Blackstone Private Equity Strategies Fund L.P., by (a) mail at PO Box 219338, Kansas City, MO 64121-9338 (regular mail), or 430 W 7th St. Suite 219338, Kansas City, MO 64105-1407 (overnight mail), (b) email to
BlackstonePrivateEquity_ai@sscinc.com or (c) fax to (833) 623-2407, Attention: Blackstone Private Equity Strategies Fund L.P.; or (ii) if your Units are held through a financial intermediary,
such as a financial adviser, custodian, broker/dealer, or other nominee (each, a "Financial Intermediary"), then to your Financial Intermediary, as directed. If you choose to return the Letter of Transmittal via email, please note that the
email address is a no-reply inbox and will not accept secure messages or password protected attachments. If you choose to fax the Letter of Transmittal, please mail

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##### [**Table of Contents**](#toc)
the original promptly after you fax it. Your properly completed mailed, emailed or faxed Letter of Transmittal must be received prior to the Expiration Date. If you decide to tender, it is your responsibility to, and the Fund strongly recommends that you do, confirm receipt of your Letter of Transmittal with the Transfer Agent by (844) 702-1299, Monday through Friday, except holidays, during normal business hours of 9:00 a.m. to 5:00 p.m. (Eastern Time). **All Unitholders tendering Units should carefully review their Letter of Transmittal and follow the delivery instructions therein.** <br>

• The value of your Units will likely change between the most recent time the net asset value was calculated and
communicated to you and the Valuation Date (the date when the value of your investment will be determined for purposes of calculating the purchase price of your Units). If you would like to obtain the estimated net asset value of your Units, visit
the Fund's website at *www.bxpe.com*.

• Please note that just as you have the right to withdraw your tender of Units, the Fund has the right to cancel,
amend or postpone this offer at any time on or before the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Background and Purpose of the Offer.** The purpose of the Offer is to provide liquidity to Unitholders. Because there is no secondary trading market for Units, the Sponsor has determined, after consideration of various matters, that the Offer is in the best interests of Unitholders in order to provide liquidity for Units as contemplated in the Memorandum. The Sponsor intends to consider the continued desirability of the Fund making an offer to purchase Units four times each year, but the Fund is not required to make any such offer.

The purchase of Units pursuant to the Offer will have the effect of increasing the proportionate interest in the Fund of Unitholders who do not tender Units. Unitholders who retain their Units may be subject to increased risks that may possibly result from the reduction in the Fund's aggregate assets resulting from payment for the Units tendered. A reduction in the aggregate assets of the Fund may result in Unitholders who do not tender Units bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline. These effects may be reduced or eliminated to the extent that additional purchases of Units are made by new and existing unitholders from time to time, although there can be no assurances that such new or additional purchases will occur.

Units that are tendered to the Fund in connection with the Offer, if accepted for repurchase, will have the effect of increasing the proportionate interest in the Fund of Unitholders that do not tender Units. Unitholders that retain their Units may be subject to increased risks due to the reduction in the Fund's aggregate assets resulting from payment for the Units tendered. A reduction in the aggregate assets of the Fund may result in Unitholders that do not tender Units bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline. These effects may be reduced or eliminated to the extent that additional subscriptions for Units are made by new and existing Unitholders from time to time. Payment for Units repurchased pursuant to the Offer may also require the Fund to raise cash to accommodate the tender by liquidating portfolio holdings earlier than the Investment Manager would otherwise have caused these holdings to be liquidated, potentially resulting in losses or increased investment related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Offer to Purchase and Price.** The Fund will purchase, upon the terms and subject to the conditions of the Offer, up to 6,893,472 of those outstanding Units that are properly tendered by, and not withdrawn (in accordance with Section 5 "Withdrawal Rights" below) before, the Expiration Date.

The Fund reserves the right to extend, amend or cancel the Offer as described in Sections 3 and 7 below. The purchase price of a Unit tendered will be its net asset value as of the Valuation Date, payable as set forth in Section 6. For the avoidance of doubt, Feeder Unitholders shall have a right to participate in the Offer on the same terms as direct Unitholders of the Fund and will be entitled to receive the applicable net asset value per unit of the Feeder as of the Valuation Date, which is in turn based on the net asset value of the Fund's Class I Units (as adjusted for any Feeder expenses or liabilities incurred by the Feeder and any assets of, or income received by, the Feeder). The Fund reserves the right to adjust the Valuation Date to correspond with any extension of the Offer.

As of the close of business on June 30, 2025, there were approximately 139,896,830 Class I Units, approximately 2,901,080 Class D Units and approximately 86,984,506 Class S Units issued and outstanding. Unitholders may obtain monthly estimated net asset value information until the Expiration Date of the Offer at *www.bxpe.com*. The value of the Units tendered by Unitholders likely will change between the most recent time net asset value was calculated and communicated to you and the Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Amount of Tender.** Subject to the limitations set forth below, Unitholders may tender all or a portion of their Units. If you tender only a portion of your Units, you must maintain a minimum account balance of at least $500 as of the Valuation Date. The Fund reserves the right to purchase all your Units in the Fund if you tender less than all of your Units and the number of Units you tender would cause your account in the Fund to have a value lower than the required minimum balance. The Offer is being made to all Unitholders and is not conditioned on any minimum amount of Units being tendered.

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If less than 6,893,472 Units are properly tendered pursuant to the Offer and not withdrawn, the Fund will, on the terms and subject to the conditions of the Offer, purchase all of the Units so tendered unless the Fund elects to cancel or amend the Offer, or postpone acceptance of tenders made pursuant to the Offer, as provided in Section 7 "Certain Conditions of the Offer" below. If more than 6,893,472 Units are duly tendered to the Fund before the expiration of the Offer and not withdrawn, pursuant to Section 5 "Withdrawal Rights" below, the Fund will accept Units tendered on or before the Expiration Date for payment on a pro rata basis based on the number of tendered Units with priority for repurchase requests in the case of the death or disability of a Unitholder; provided that Fund reserves the right in its sole discretion to purchase additional outstanding Units representing up to 2.0% of the Fund's outstanding Units without amending or extending the Offer as permitted by Rule 13e-4(f)(1) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The unaccepted portion of any tender of Units made by a Unitholder pursuant to this Offer shall not be automatically carried forward or given priority in connection with any future tender offer made by the Fund, but any Unitholder that wishes to have the Fund repurchase Units that were not accepted for repurchase in connection with this Offer may again tender those Units in connection with, and subject to the terms and conditions of, any future tender offer made by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Procedure for Tenders.** Unitholders wishing to tender Units pursuant to the Offer must complete and execute the Letter of Transmittal in accordance with the instructions on the first page of such Unitholder's Letter of Transmittal. The completed and executed Letter of Transmittal must be received by the specified agent by 11:59 p.m., Eastern Time, on the Expiration Date.

With respect to Unitholders that are required to submit their Letter of Transmittal to the Transfer Agent, Attention: Blackstone Private Equity Strategies Fund L.P., submissions may be made either by (i) mail at PO Box 219338, Kansas City, MO 64121-9338 (regular mail), or 430 W 7th St. Suite 219338, Kansas City, MO 64105-1407 (overnight mail), (ii) email to BlackstonePrivateEquity_ai@sscinc.com or (iii) fax to (833) 623-2407. Unitholders returning the Letter of Transmittal via email should note that the email address is a no-reply inbox and will not accept secure messages or password protected attachments. The Fund recommends that all documents be submitted by certified mail, return receipt requested, or by email. A Unitholder choosing to fax a Letter of Transmittal must also mail the original completed and executed Letter of Transmittal promptly thereafter.

Unitholders wishing to confirm receipt of a Letter of Transmittal may contact the agent specified in the instructions therein. ***The method of delivery of any documents is at the election and complete risk of the Unitholder tendering Units, including, but not limited to, the failure to receive any Letter of Transmittal or other document submitted by facsimile transmission.*** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of tenders will be determined by the General Partner, in its sole discretion and subject to the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement"), and its determination shall be final and binding. The Fund reserves the absolute right to reject any or all tenders (i) determined by it not to be in appropriate form or (ii) for which the acceptance of, or payment for, would, in the opinion of counsel for the Fund, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect in any tender with respect to any particular Units or any particular Unitholder (including, without limitation, the conditions relating to the dates on which Units must be tendered or withdrawn), and the Fund's interpretation of the terms and conditions of the Offer will be final and binding. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tenders will not be deemed to have been made until the defects or irregularities have been cured or waived. None of the Fund, the Directors, the Sponsor, or any of their agents is obligated to give notice of any defects or irregularities in tenders, nor shall any of them incur any liability for failure to give such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Withdrawal Rights.** Any Unitholder tendering Units pursuant to this Offer may withdraw tendered Units at any time before the Expiration Date or, if the Fund has not accepted such tendered Units, on or after August 26, 2025. A form to use to give notice of withdrawal is enclosed with the Offer to Purchase. To be effective, any notice of withdrawal must be timely received by the agent specified in the instructions to the Notice of Withdrawal. All questions as to the form and validity (including time of receipt) of notices of withdrawal will be determined by the General Partner, in its sole discretion and subject to the Limited Partnership Agreement, and such determination shall be final and binding. Units properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Units may be re-tendered prior to the Expiration Date by following the procedures for tenders described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Purchases and Payment.** For purposes of the Offer, the Fund will be deemed to have accepted Units that are tendered if and when it gives written notice to the tendering Unitholder of its election to purchase such Units.

If a Unitholder tenders Units and the Fund purchases those Units, upon the terms and subject to the conditions of the Offer, the Fund will effect payment for those Units by issuing a non-interest-bearing, non-transferable promissory note (held for you by the Transfer Agent) entitling tendering Unitholders to the payment(s) described herein promptly after the determination of the relevant NAV per unit is finalized.

Other than the early repurchase deduction described below (if applicable), the Fund does not expect to impose any charges on repurchases of Units in the Fund.

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Each Unitholder whose Units (or portion thereof) have been accepted for repurchase will continue to be a Unitholder of the Fund until the Valuation Date (and thereafter if not all of its Units are repurchased) and may exercise his or her voting rights (as applicable) with respect to the repurchased Units (or portion thereof) until the Valuation Date.

As described in the Memorandum, the amount to which any Unitholder that has Units repurchased by the Fund in a repurchase offer that has a tender valuation date within the 24-month period following the original issue date of the Units is entitled to be paid for the tendered Units will be reduced by 5% of the aggregate net asset value of the Units repurchased by the Fund (except in the case of death, divorce or qualified disability of a Unitholder, certain discretionary model portfolio management programs, trade or operational errors and in certain other circumstances); this reduction is referred to herein as an "early repurchase deduction" and will be applied by the Fund, without duplication by the Feeder. Payment of the early repurchase deduction will be made by reducing the repurchase proceeds. The early repurchase deduction will be retained by the Fund for the benefit of remaining Unitholders. Units repurchased will be treated as having been repurchased on a "first in—first out" basis. Therefore, the portion of Units repurchased will be deemed to have been taken from the earliest Units purchased by such Unitholder.

A Unitholder who tenders some but not all of such Unitholder's Units for repurchase will be required to maintain a minimum account balance of $500 in the Fund. Such minimum account balance requirement may be waived by the Fund, in its sole discretion. The Fund reserves the right to reduce the number of Units to be repurchased from a Unitholder so that the required account balance is maintained.

The Fund expects that the purchase price for Units acquired pursuant to the Offer to Purchase will be derived from cash on hand (including cash received from subscriptions in the Fund), borrowings and/or proceeds from the sale of portfolio holdings. For the avoidance of doubt, Feeder Unitholders shall have a right to participate in the Offer on the same terms as direct Unitholders of the Fund and will be entitled to receive the applicable net asset value per unit of the Feeder as of the Valuation Date, which is in turn based on the net asset value of the Fund's Class I Units (as adjusted for any Feeder expenses or liabilities incurred by the Feeder and any assets of, or income received by, the Feeder). Payment for repurchased units may require the Fund to liquidate portfolio holdings earlier than our Investment Manager would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates. The Fund intends to take measures to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Certain Conditions of the Offer.** The Fund reserves the right, at any time and from time to time, to extend the period of time during which the Offer is pending by notifying Unitholders of such extension. If the Fund elects to extend the tender period, the Valuation Date may occur after September 30, 2025 and in that case, for purposes of determining the purchase price for tendered Units, the net asset value of such Units will be determined approximately one month after the actual Valuation Date. During any such extension, all Units previously tendered and not withdrawn will remain subject to the Offer. The Fund also reserves the right, at any time and from time to time, up to and including acceptance of tenders pursuant to the Offer, to: (a) cancel the Offer and in the event of such cancellation, not to purchase or pay for any Units tendered pursuant to the Offer; (b) amend the Offer; or (c) postpone the acceptance of Units tendered. If the Fund determines to amend the Offer or to postpone the acceptance of Units tendered, it will, to the extent necessary, extend the period of time during which the Offer is open as provided above and will promptly notify Unitholders.

Please note that just as you have the opportunity to withdraw units that you have tendered under certain circumstances, the Fund has the right to cancel, amend or postpone the Offer at any time before accepting tendered Units. The Fund may cancel the Offer, amend the Offer or postpone the acceptance of tenders made pursuant to the Offer if: (a) the Fund would not be able to liquidate portfolio holdings in a manner that is orderly and consistent with the Fund's investment objectives and policies in order to purchase Units tendered pursuant to the Offer; (b) there is, in the Sponsor's judgment, any (i) legal action or proceeding instituted or threatened challenging the Offer or that otherwise would have a material adverse effect on the Fund, (ii) declaration of a banking moratorium by Federal or state authorities or any suspension of payment by banks in the United States or New York State that is material to the Fund, (iii) limitation imposed by Federal or state authorities on the extension of credit by lending institutions, (iv) suspension of trading on any organized exchange or over-the-counter market where the Fund has a material investment, (v) commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States that is material to the Fund, (vi) material decrease in the estimated net asset value of the Fund from the estimated net asset value of the Fund as of the commencement of the Offer, or (vii) other event or condition that would have a material adverse effect on the Fund or its Unitholders if Units tendered pursuant to the Offer were purchased; or (c) the Sponsor and a majority of the Independent Directors determine that it is not in the best interest of the Fund to purchase Units pursuant to the Offer. However, there can be no assurance that the Fund will exercise its right to extend, amend or cancel the Offer or to postpone acceptance of tenders pursuant to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Certain Information About the Fund.** The Fund is a private fund that is exempt from registration under Section 3(c)(7) of the 1940 Act and is organized as a Delaware limited partnership. The principal executive office of the Fund is located at 345 Park Avenue, 40<sup>th</sup> Floor, New York, New York 10154 and the telephone number is (212) 583-5000. Units are not traded on any established trading market.

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The Fund does not have any plans or proposals that relate to or would result in: (a) the acquisition by any person of additional Units (other than the Fund's intention to accept purchases for Units from time to time, the distribution reinvestment plan ("DRIP") or otherwise in the discretion of the Fund) or the disposition of Units (except for periodic discretionary solicitations of tender offers); (b) an extraordinary transaction, such as a merger, reorganization or liquidation, involving the Fund; (c) any material change in the present distribution policy or indebtedness or capitalization of the Fund; (d) any change in the identity of the General Partner, Investment Manager or Directors of the Fund, or in the management of the Fund including, but not limited to, any plans or proposals to change the number or the term of the Directors, other than changes made in the ordinary course of business, or to change any material term of the Investment Management Agreement dated as of January 2, 2024, as amended from time to time (the "Investment Management Agreement"); (e) a sale or transfer of a material amount of assets of the Fund (other than as the Sponsor determines may be necessary or appropriate to fund any portion of the purchase price for Units acquired pursuant to this Offer to Purchase or in connection with the ordinary portfolio transactions of the Fund); (f) any other material change in the Fund's structure or business; or (g) any changes in the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement") or Memorandum or other actions that may impede the acquisition of control of the Fund by any person, other than as currently contemplated under the Fund's Limited Partnership Agreement and governing documents.

Based on the number of Units outstanding as of June 30, 2025, the following persons own the number of Units indicated in the below table:

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| | | |
|:---|:---|:---|
| **Person** | **Units** | **Percentage of the Fund's<br>Outstanding Units** |
|  General Partner | 500000 | \* |
|  Christopher J. James | 10000 | \* |
|  Viral Patel | 72205 | \* |
|  Thomas M. Morrison | 39180 | \* |
|  Matthew J. Bucci |  | \* |
|  Eric Liaw | 8000 | \* |
|  Christopher Striano | 2000 | \* |
|  Joan Solotar | 200000 | \* |
|  David S. Blitzer |  | \* |
|  Raymond J. Beier | 6830 | \* |
|  Grace Vandecruze | 6218 | \* |
|  John D. Hershey | 2718 | \* |
|  Susan Roth Katzke | 10870 | \* |

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**\*** Less than 1%. 

For the avoidance of doubt, the above persons only hold Class I Units. None of our Units have voting power. Based on information available to the Fund, none of the persons listed above intends to tender any of his or her Units in the Offer.

During the past sixty (60) days, as previously reported in a Form 4 filing, the Fund has issued an aggregate of approximately 33,299 Units of the Fund to an executive officer of the Fund as part of its continuous offering of Units (with an aggregate value of approximately $1 million, based on a NAV per Unit of $30.0312 as of April 30, 2025) and no Units to the Sponsor, or Directors of the Fund, or any person controlling the Fund or the Sponsor. Other than as set forth in the preceding sentence and the transactions conducted pursuant to the Fund's continuous offering of Units, as disclosed on current reports on Form 8-K, filed with the SEC on May 29, 2025 and June 30, 2025, respectively, which are incorporated by reference herein (in each case, to the extent that the material contained therein is deemed "Filed" rather than "furnished"), there have been no other transactions in Units effected during the past sixty (60) days prior to June 30, 2025 by the Fund, the Sponsor, or any Director or executive officer of the Fund, or any person controlling the Fund or the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Tender by DRIP Participants**. If you are a participant in the Fund's distribution reinvestment plan ("DRIP") and elect to tender your Units in full, any Units issued to you under the DRIP subsequent to the expiration of the tender offer will be considered part of your request to tender your Units in full, and your participation in the DRIP will be terminated as of the Valuation Date of the applicable tender offer. Any distributions to be paid to you on or after the Valuation Date will be paid in cash on the scheduled distribution payment date.

If you are a participant in the DRIP that elects to tender a portion of your Units, you will remain a participant in the DRIP with respect to your Units that are not repurchased (even if they are Units you requested for repurchase). To the extent there is any inconsistency between the terms described in this Offer to Purchase and the DRIP, the terms of the DRIP shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Certain United States Federal Income Tax Considerations.** *The tax consequences to you of participating in the Offer will depend in part on your own tax circumstances. You are urged to consult your own tax adviser regarding the federal, state, local and non-U.S. tax consequences particular to your circumstances.*

<u>10(a). United States Federal Income Tax Considerations for Direct Investors in the Fund:</u> 

The following summary discusses certain material U.S. federal income tax considerations generally applicable to Unitholders whose Units are properly tendered and purchased by the Fund pursuant to the Offer.

This summary is based on provisions of the U.S. Internal Revenue Code of 1986, as amended ("U.S. Internal Revenue Code"), on the regulations promulgated thereunder (the "U.S. Treasury Regulations"), and on published administrative rulings, judicial decisions, and other applicable authorities, all as in effect on the Offer Date and all of which are subject to change at any time, possibly with retroactive effect. We have not sought, nor will we seek, any ruling from the IRS or any other tax authority regarding the statements made and the conclusions reached in this summary. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below.

This summary is necessarily general and may not apply to all categories of Unitholders, some of whom may be subject to special rules, including, without limitation, dealers in securities or currencies, financial institutions or financial services entities, mutual funds, insurance companies, persons that hold our Units as part of a straddle, hedge, constructive sale or conversion transaction with other investments, persons whose Units are loaned to a short seller to cover a short sale of Units, persons whose functional currency is not the U.S. dollar, persons who have elected mark-to-market accounting, persons who hold our Units through a partnership or other entity treated as a pass-through entity for U.S. federal income tax purposes, persons for whom our Units are not a capital asset, persons that received their Units through the exercise of employee options or otherwise as compensation, persons who are liable for the alternative minimum tax, and certain U.S. expatriates or former long-term residents of the United States. This summary does not address any tax consequences to persons who are treated for U.S. federal income tax purposes as having contributed property to the Fund in exchange for Units, and such persons should consult their own tax advisers regarding the U.S. federal income tax considerations relating to the Offer, including, without limitation, under Section 707(a) of the U.S. Internal Revenue Code. This summary also does not address the state, local or non-U.S. tax consequences of participating in the Offer. This summary assumes that the Fund is and will remain a partnership for U.S. federal income tax purposes for the taxable year that includes each purchase of Units pursuant to the Offer. The actual tax consequences of the ownership and disposition of our Units will vary according to your individual circumstances.

This summary applies only to "U.S. Holders" of Units. For purposes of this discussion, a "U.S. Holder" is a beneficial owner of one or more of our Units that is for U.S. federal tax purposes: (i) an individual citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (a) that is subject to the primary supervision of a court within the United States and all substantial decisions of which one or more U.S. persons have the authority to control or (b) that has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person. If a partnership holds our Units, the tax treatment of a partner of such partnership generally will depend upon the status of the partner and the activities of the partnership. Partners of partnerships that hold our Units should consult their own tax advisers.

**This discussion does not constitute tax advice and is not intended to be a substitute for tax planning. You should consult your own tax adviser concerning the U.S. federal, state, local, and non-U.S. tax consequences to you of participating or not participating in the Offer in light of your particular circumstances.** 

*Consequences to U.S. Holders* 

Subject to the discussion below under "—Other Special Rules", the following discussion describes the U.S. federal income tax consequences generally applicable to U.S. Holders who tender their Units pursuant to the Offer.

*Treatment as a Distribution*. Unless payment received in the Offer is treated as received pursuant to a disguised sale of Units (as described below under "—Treatment as a Disguised Sale"), such payment will generally be treated as a distribution on the remaining Units, if any, held by a tendering U.S. Holder. If the Fund purchases less than all of a U.S. Holder's Units pursuant to the Offer, then the amount of such distribution will reduce, but not below zero, such holder's adjusted tax basis in its remaining Units (see "— Adjusted Tax Basis" below). If the amount of such distribution to a U.S. Holder exceeds such holder's adjusted tax basis in its Units, the excess generally will be taxable to the U.S. Holder as though it were a gain from a sale or exchange of the U.S. Holder's Units. Such gain generally will be treated as capital gain and will be long-term capital gain if the U.S. Holder's holding period for our Units exceeds one year. No loss will be recognized by a U.S. Holder that tenders less than all of its Units pursuant to the Offer. In general,

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any reduction in a U.S. Holder's allocable share of the Fund's liabilities (as determined for U.S. federal income tax purposes), if any, as a result of the U.S. Holder's sale of Units in the Offer would be treated as a cash payment to the U.S. Holder, which could increase the U.S. Holder's gain under the foregoing rules.

*Treatment as a Disguised Sale*. Under Section 707(a) of the U.S. Internal Revenue Code, a portion of the cash received by a tendering U.S. Holder may be treated as received pursuant to a disguised sale of a portion of such U.S. Holder's partnership interest in the Fund to the extent the offer is funded by capital contributions. Pursuant to such disguised sale, a U.S. Holder would recognize gain or loss equal to the difference, if any, between the amount realized on the payment for the portion of such holder's tendered Units deemed sold and the holder's adjusted tax basis in such Units (see "Adjusted Tax Basis" below). The amount realized would be measured by the portion of the cash treated as received pursuant to such disguised sale, plus the amount of the reduction in such holder's share of the Fund's liabilities, if any, attributable to the tendered Units deemed sold. Notwithstanding the foregoing, the application of Section 707(a) of the U.S. Internal Revenue Code and related rules to the purchase of Units properly tendered in the Offer is complex and subject to significant uncertainty. There is no authority directly on point regarding the application of Section 707(a) of the U.S. Internal Revenue Code and related rules to the manner in which the Fund will purchase Units from tendering Unitholders. Accordingly, no assurance can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of the positions described herein. Unitholders should consult their own tax advisers regarding the consequences of participating in the Offer under Section 707(a) of the U.S. Internal Revenue Code and related rules.

Gain or loss recognized by a U.S. Holder upon the disguised sale of Units would generally be taxable as capital gain or loss and would be long-term capital gain or loss if the Units were held for more than one year as of the date of the sale. Long-term capital gains recognized by individuals and certain other non-corporate taxpayers generally are subject to U.S. federal income tax at reduced tax rates. Short-term capital gains recognized by non-corporate taxpayers, and all capital gains recognized by corporate taxpayers, generally are taxed at ordinary income rates. Capital losses are subject to a number of limitations under the U.S. Internal Revenue Code. Each U.S. Holder who acquired our Units at different times and intends to tender in the Offer all or a portion of our Units within a year of the most recent purchase should consult its own tax adviser regarding the application of certain "split holding period" rules to such sale and the treatment of any gain or loss as long-term or short-term capital gain or loss.

*Complete Liquidation of a Unitholder's Interest in the Fund*. Notwithstanding the discussion above under "Treatment as a Disguised Sale" and "Treatment as a Distribution", a U.S. Holder who, pursuant to the Offer, sells all of its Units will recognize gain or loss equal to the difference between the amount realized on the payment for such Units and the U.S. Holder's adjusted tax basis in its Units immediately prior to such sale (see "— Adjusted Tax Basis" below). The amount realized will include the U.S. Holder's allocable share of the Fund's liabilities (as determined for U.S. federal income tax purposes), if any, as well as the cash paid to the U.S. Holder pursuant to the Offer. Gain or loss recognized upon the sale or exchange of our Units generally will subject to the rules described above under ("Treatment as a Disguised Sale").

The application of the foregoing rules to U.S. Holders participating in the Offer is complex and subject to uncertainty. Tendering U.S. Holders should consult their own tax advisers regarding the application of the foregoing rules to them in light of their particular circumstances.

*Adjusted Tax Basis*. In general, a U.S. Holder's adjusted tax basis in its Units for purposes of determining gain or loss pursuant to the Offer will be equal to the sum of (i) the amount of cash paid by the U.S. Holder for its Units and (ii) such U.S. Holder's share of the Fund's liabilities (as determined for U.S. federal income tax purposes), if any. That basis will be increased by the U.S. Holder's share of the Fund's income and by increases in the U.S. Holder's share of the Fund's liabilities. That basis will be decreased, but not below zero, by distributions from the Fund to the U.S. Holder, by the U.S. Holder's share of the Fund's losses, and by any decrease in the U.S. Holder's share of the Fund's liabilities. Each U.S. Holder is urged to consult its tax adviser regarding the calculation of its basis for purposes of determining gain or loss upon the receipt of any cash payment pursuant to the Offer (or any deemed cash payment in respect of liabilities) in light of such U.S. Holder's particular circumstances.

*Other Special Rules*. Special U.S. federal income tax rules could affect the consequences to a U.S. Holder of participating in the Offer. For example, certain gain attributable to "unrealized receivables" or "inventory items", if any, or to the Fund's indirect investment in a "controlled foreign corporation" ("CFC") could be characterized as ordinary income rather than capital gain. For example, if the Fund were to hold debt acquired at a market discount, accrued market discount on such debt would be treated as "unrealized receivables." We note, however, that the Fund does not expect a material amount of such income. In addition, assuming a U.S. Holder has not elected to treat its share of the Fund's investment in any "passive foreign investment company" ("PFIC") as a "qualified electing fund", gain attributable to such investment in a PFIC may be treated as ordinary income earned ratably over the shorter of the period during which the U.S. Holder held its Units or the period during which we held our interests in such PFIC and subject to an additional tax equivalent to an interest charge on the deferral of income inclusions from the PFIC. U.S. Holders are urged to consult their own tax advisers regarding these and any other special rules that could affect the consequences of participating in the Offer.

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*Medicare Tax*. U.S. Holders that are individuals, estates, or trusts may be required to pay a 3.8% Medicare tax on the lesser of (i) the excess of such U.S. Holders' "modified adjusted gross income" (or "adjusted gross income" in the case of estates and trusts) over certain thresholds and (ii) such U.S. Holders' "net investment income" (or "undistributed net investment income" in the case of estates and trusts). Net investment income may include all or a portion of any gain realized from a sale of our Units pursuant to the Offer. U.S. Holders should consult their own tax advisers regarding the applicability and calculation of the 3.8% Medicare tax to any gain recognized by them pursuant to the Offer.

*Backup Withholding*. Under the backup withholding rules, a tendering U.S. Holder may be subject to backup withholding tax with respect to the gross proceeds payable pursuant to the Offer unless: (i) such U.S. Holder is an exempt recipient and demonstrates this fact when required; or (ii) provides the Depositary with a taxpayer identification number, certifies as to no loss of exemption from backup withholding tax, and otherwise complies with the applicable requirements of the backup withholding tax rules. A U.S. Holder that is exempt from backup withholding tax should certify such status on a properly completed IRS Form W-9. Failure to provide such form may result in withholding under Section 1446(f).

**Unitholders are urged to consult their tax advisers to determine the particular tax consequences to them of participating in the Offer, including the applicability and effect of state, local, non-U.S. and other tax laws and the possible effects of changes in U.S. federal or other tax laws.**

<u>10(b). United States Federal Income Tax Considerations for Feeder Investors:</u> 

The following summary discusses certain material U.S. federal income tax considerations generally applicable to Feeder Unitholders whose Units are properly tendered and purchased by the Feeder pursuant to the Offer. This summary is based on provisions of the U.S. Internal Revenue Code, on the regulations promulgated thereunder (the "U.S. Treasury Regulations"), and on published administrative rulings, judicial decisions, and other applicable authorities, all as in effect on the Offer Date and all of which are subject to change at any time, possibly with retroactive effect. We have not sought, nor will we seek, any ruling from the IRS or any other tax authority regarding the statements made and the conclusions reached in this summary. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below.

This summary is necessarily general and may not apply to all categories of Feeder Unitholders, some of whom may be subject to special rules, including, without limitation, dealers in securities or currencies, financial institutions or financial services entities, mutual feeders, insurance companies, persons that hold our Units as part of a straddle, hedge, constructive sale or conversion transaction with other investments, persons whose Units are loaned to a short seller to cover a short sale of Units, persons whose functional currency is not the U.S. dollar, persons who have elected mark-to-market accounting, persons who hold our Units through a partnership or other entity treated as a pass-through entity for U.S. federal income tax purposes, persons for whom our Units are not a capital asset, persons that received their Units through the exercise of employee options or otherwise as compensation, persons who are liable for the alternative minimum tax, and certain U.S. expatriates or former long-term residents of the United States. This summary does not address any tax consequences to persons who are treated for U.S. federal income tax purposes as having contributed property to the Feeder in exchange for Units, and such persons should consult their own tax advisers regarding the U.S. federal income tax considerations relating to the Offer, including, without limitation, under Section 707(a) of the U.S. Internal Revenue Code. This summary also does not address the state, local or non-U.S. tax consequences of participating in the Offer. This summary assumes that the Feeder is and will remain a partnership for U.S. federal income tax purposes for the taxable year that includes each purchase of Units pursuant to the Offer. The actual tax consequences of the ownership and disposition of our Units will vary according to your individual circumstances.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of one or more of our Units that is for U.S. federal tax purposes: (i) an individual citizen or resident of the United States; (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (a) that is subject to the primary supervision of a court within the United States and all substantial decisions of which one or more U.S. persons have the authority to control or (b) that has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person. A "Non-U.S. Holder" is a beneficial owner of one or more of our Units, other than a U.S. Holder. If a partnership holds our Units, the tax treatment of a partner of such partnership generally will depend upon the status of the partner and the activities of the partnership. Partners of partnerships that hold our Units should consult their own tax advisers.

**This discussion does not constitute tax advice and is not intended to be a substitute for tax planning. You should consult your own tax adviser concerning the U.S. federal, state, local, and non-U.S. tax consequences to you of participating or not participating in the Offer in light of your particular circumstances.**

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*Consequences to Non-U.S. Holders* 

Subject to the discussion below, a Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on any gain realized pursuant to the sale of its Units in the Offer, unless such gain is effectively connected with the conduct of a U.S. trade or business of such Non-U.S. Holder (and, if an income tax treaty applies, is attributable to a U.S. permanent establishment). Based on our organizational structure our General Partner currently believes that the Feeder is unlikely to earn income treated as effectively connected with a U.S. trade or business, including effectively connected income attributable to the sale of a "United States real property interest", as defined in the U.S. Internal Revenue Code. Accordingly, any gain realized by a Non-U.S. Holder pursuant to its sale of Units in the Offer generally is not expected to be subject to U.S. federal income or withholding tax.

If, contrary to expectation, the Feeder were engaged in a U.S. trade or business, then any gain realized from the sale of our Units by a Non-U.S. Holder generally would be treated as effectively connected with such trade or business to the extent that such Non-U.S. Holder would have had effectively connected gain had the Feeder sold all of its assets at their fair market value as of the date of such sale. In determining the amount of gain realized, the rules governing the treatment of U.S. Holders (as described above under "Consequences to U.S. Holders") would also apply. The amount of gain treated as effectively connected with a U.S. trade or business generally would be taxable at the regular graduated U.S. federal income tax rates, and the amount realized from such sale generally would be subject to a 10% U.S. federal withholding tax. A corporate Non-U.S. Holder might also be subject to branch profits tax at a rate of 30%, or at a lower treaty rate, if applicable. The application of the foregoing rules to tendering Non-U.S. Holders, in the event the Feeder is treated as engaged in a U.S. trade or business, is complex and subject to uncertainty. Tendering Non-U.S. Holders should consult their own tax advisers regarding the application of the foregoing rules to them in light of their particular circumstances.

If you are subject to withholding on your allocable share of any income recognized by the Feeder (including income for the taxable year of the Offer) and the required amount has not been previously withheld from other distributions to you, the Feeder may withhold such amount from the amount otherwise payable to you pursuant to the Offer.

Special rules may apply to any Non-U.S. Holder (i) that has an office or fixed place of business in the United States; (ii) that is present in the United States for 183 days or more in a taxable year; or (iii) that is (a) a former citizen or long-term resident of the United States, (b) a foreign insurance company that is treated as holding a partnership interest in the Feeder in connection with its U.S. business, (c) a PFIC, (d) a CFC, or (e) a corporation that accumulates earnings to avoid U.S. federal income tax.

Non-U.S. Holders are urged to consult their own tax advisers regarding the application of the foregoing rules and any other U.S. federal income tax consequences of participating in the Offer in light of their particular circumstances.

*Backup Withholding* 

Under the backup withholding rules, a tendering Feeder Unitholder may be subject to backup withholding tax with respect to the gross proceeds payable pursuant to the Offer unless such Feeder Unitholder is an exempt recipient. A Non-U.S. Holder may qualify as an exempt recipient by submitting a properly completed IRS Form W-8 (which may be obtained on the IRS website (www.irs.gov)). Backup withholding is not an additional tax. The amount of any backup withholding from a payment to you will be allowed as a credit against your U.S. federal income tax liability and may entitle you to a refund from the IRS, provided you supply the required information to the IRS in a timely manner Feeder Unitholders should consult their own tax advisers regarding information reporting and exemption from U.S. federal backup withholding tax.

*Tax-Exempt Investors* 

Qualified pension, profit-sharing and stock bonus plans, educational institutions and other tax-exempt entities (including private foundations) are generally subject to U.S. federal income taxation on their "unrelated business taxable income" ("UBTI"). In general, UBTI is defined as the gross income derived by such a tax-exempt entity from an unrelated trade or business (including a trade or business conducted by a partnership of which the tax-exempt entity is a partner), less the deductions directly connected with that trade or business. UBTI can also include acquisition of a partnership interest that is debt-financed or income that is attributable to "acquisition indebtedness" (as that term is defined in Section 514(c)). UBTI generally does not include dividends, interest, certain types of rents from real property and gain or loss derived from the sale of property (other than gain or loss derived from the sale of inventory and property sold to customers in the ordinary course of a trade or business).

A tax-exempt investor should not incur UBTI upon the sale of Units in the Feeder, unless such tax-exempt investor's acquisition of the Units was debt-financed, or the Feeder incurred debt that was allocated to the acquisition of a portfolio investment. Based on our organizational structure, the General Partner currently believes that the Feeder does not expect to allocate "acquisition indebtedness" to any tax-exempt investor participating in the Feeder. If a tax-exempt Unitholder has actual or deemed acquisition indebtedness with respect to a Unit, then a percentage of the gain (equal to the highest amount of indebtedness outstanding for the

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12-month period prior to the sale with respect to the property over the average adjusted basis for such year for the property) on the disposition of such Unit will generally be treated as UBTI, regardless of whether such gain would otherwise be excluded from UBTI.

**Feeder Unitholders are urged to consult their tax advisers to determine the particular tax consequences to them of participating in the Offer, including the applicability and effect of state, local, non-U.S. and other tax laws and the possible effects of changes in U.S. federal or other tax laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Miscellaneous.** The Offer is not being made to, nor will tenders be accepted from, Unitholders in any jurisdiction in which the Offer or its acceptance would not comply with the securities or Blue Sky laws of such jurisdiction. The Fund is not aware of any jurisdiction in which the Offer or tenders pursuant thereto would not be in compliance with the laws of such jurisdiction. However, the Fund reserves the right to exclude Unitholders from the Offer in any jurisdiction in which it is asserted that the Offer cannot lawfully be made. The Fund believes such exclusion is permissible under applicable laws and regulations, provided the Fund makes a good faith effort to comply with any state law deemed applicable to the Offer.

The Securities and Exchange Commission (the "SEC") allows the Fund to "incorporate by reference" into this Offer to Purchase information that the Fund has filed with the SEC, which means important information may be disclosed by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this Offer to Purchase. The Fund incorporates by reference into this Offer to Purchase its annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 14, 2025 ("Form 10-K"), and any future filings the Fund makes with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act until the termination of the Offer (in each case, to the extent that the material contained therein is deemed "filed" rather than "furnished"). In deciding whether to participate in the Offer, each Unitholder should consider carefully, in addition to the other information contained in or incorporated by reference in this Offer to Purchase, the risks described under the caption "Risk Factors" in the Fund's Form 10-K, as may be updated by the Fund from time to time in quarterly reports on Form 10-Q and other public filings.

The Fund has filed an Issuer Tender Offer Statement on Schedule TO with the SEC, which includes certain information relating to the Offer summarized herein. A free copy of such statement may be obtained from the Fund at *www.bxpe.com*, by contacting the Transfer Agent at (844) 702-1299, or from the SEC's internet web site, http://www.sec.gov.

**Financial Statements** 

The audited annual financial statements of the Fund dated December 31, 2024, as filed with the SEC on EDGAR on March 14, 2025, are incorporated by reference. The Fund will prepare and make available to Unitholders the audited annual financial statements of the Fund within 120 days after the close of the period for which the report is being made, or as otherwise required by applicable law.

## Ex-99.(A)(1)(Iii)

**Exhibit (a)(1)(iii)** 

***Letter of Transmittal***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of UBS Financial Services Inc.***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025 and* 

*this Letter of Transmittal must be received by* 

*the Fund's Transfer Agent, either by mail, email or by fax, by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Letter of Transmittal and follow the Transmittal* 

*Instructions included herein* 

Dear Unitholders:

The undersigned hereby tenders to Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), the limited partnership units in the Fund, either held directly or indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated July 1, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the General Partner to reject any and all tenders determined by it, in its sole discretion and subject to the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement"), not to be in the appropriate form.*

The undersigned hereby sells to the Fund the limited partnership units in the Fund or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the limited partnership units in the Fund or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the beneficial units of interest in the Fund or portions thereof tendered hereby.

A non-transferable, non-interest bearing promissory note for the purchase price will be issued to the undersigned if the Fund accepts for purchase the units tendered hereby. The undersigned acknowledges that SS&C GIDS, Inc., the Fund's transfer agent, will hold the promissory note on behalf of the undersigned. The cash payment(s) of the purchase price for the limited partnership units in the Fund or portion thereof of the undersigned, as described in Section 6 "Purchases and Payment" of the Offer to Purchase, shall be wired to the account at your financial intermediary from which your subscription funds were debited.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

(PAGE 1 of 3)

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**<u>VALUATION DATE</u>: September 30, 2025** 

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), July 31, 2025** 

**PARTS 1, 2, 3, 4, AND 5 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST** 

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By The Fund's Transfer Agent No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.** 

**PLEASE EMAIL, FAX OR MAIL TO THE FUND'S TRANSFER AGENT AT:** 

*Regular Mail:* 

SS&C GIDS, Inc.

PO Box 219338,

Kansas City, MO 64121-9338

*Overnight Mail:* 

SS&C GIDS, Inc.

430 W 7th St. Suite 219338, Kansas City, MO 64105-1407

*Email\*:* BlackstonePrivateEquity_ai@sscinc.com

\* The above email address is a no-reply inbox, and will not accept secure messages or password protected attachments.

Please submit one order at a time if sending by email.

*Fax:* (833) 623-2407

**PART 1 – NAME (AS IT APPEARS ON YOUR BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. STATEMENT) AND CONTACT INFORMATION** 

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|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

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**PART 2 – REQUESTED TENDER AMOUNT** 

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Units.** 

☐ Full Repurchase

☐ Partial Repurchase of<u> </u>**#** Class I Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

(PAGE 2 of 3)

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☐ Partial Repurchase of<u> </u>**#** Class D Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u>**#** Class S Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

**PART 3 – REPURCHASE TYPE *(Check one, required)*** 

☐ Normal ☐ Death ☐ Disability ☐ Divorce

**OTHER TENDER OFFER CONSIDERATIONS** 

(*select only one*)

Our Unit repurchase plan contains limitations on the number of units that can be repurchased under the plan during any quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer units than have been requested in any particular quarter, or none at all. If the number of units subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each unitholder's request will be reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must submit a new repurchase request, in the next repurchase period, for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**

☐ Process my repurchase request on a pro-rata basis.

☐ Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. 

**PART 4 – PAYMENT** 

Payments will be directed back to the account from which your subscription funds were debited. Contact your financial intermediary or account manager if you have any questions.

**PART 5 – SIGNATURE(S)** 

The undersigned subscriber acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Memorandum and the Offer to Purchase and all capitalized terms used herein have the meaning as defined in the Fund's Memorandum. This request is irrevocable except as described in the Offer to Purchase. The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering unitholder. In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 3 of 3)

------

***Letter of Transmittal***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Unadvised Clients***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025 and* 

*this Letter of Transmittal must be received by* 

*the Fund's Transfer Agent, either by mail, email or by fax, by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Letter of Transmittal and follow the Transmittal* 

*Instructions included herein* 

Dear Unitholders:

The undersigned hereby tenders to Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), the limited partnership units in the Fund, either held directly or indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated July 1, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the General Partner to reject any and all tenders determined by it, in its sole discretion and subject to the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement"), not to be in the appropriate form.*

The undersigned hereby sells to the Fund the limited partnership units in the Fund or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the limited partnership units in the Fund or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the beneficial units of interest in the Fund or portions thereof tendered hereby.

A non-transferable, non-interest bearing promissory note for the purchase price will be issued to the undersigned if the Fund accepts for purchase the units tendered hereby. The undersigned acknowledges that SS&C GIDS, Inc., the Fund's transfer agent, will hold the promissory note on behalf of the undersigned. The cash payment(s) of the purchase price for the limited partnership units in the Fund or portion thereof of the undersigned, as described in Section 6 "Purchases and Payment" of the Offer to Purchase, shall be wired to the account at your financial intermediary from which your subscription funds were debited.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

(PAGE 1 of 4)

------

**<u>VALUATION DATE</u>: September 30, 2025** 

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), July 31, 2025** 

**PARTS 1, 2, 3, 4, and 5 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST** 

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By The Fund's Transfer Agent No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.** 

**PLEASE EMAIL, FAX OR MAIL TO THE FUND'S TRANSFER AGENT AT:** 

*Regular Mail:* 

SS&C GIDS, Inc. PO Box 219338, Kansas City, MO 64121-9338

*Overnight Mail:* 

SS&C GIDS, Inc. 430 W 7th St. Suite 219338, Kansas City, MO 64105-1407

*Email\*:* 

BXPE@blackstone.com

*Fax:* (833) 623-2407 

**PART 1 – NAME (AS IT APPEARS ON YOUR BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. STATEMENT) AND CONTACT INFORMATION** 

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

**PART 2 – REQUESTED TENDER AMOUNT** 

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Units.** 

☐ Full Repurchase

☐ Partial Repurchase of<u> </u>**#** Class I Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u>**#** Class D Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u>**#** Class S Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

(PAGE 2 of 4)

------

**PART 3 – REPURCHASE TYPE *(Check one, required)*** 

☐ Normal ☐ Death ☐ Disability ☐ Divorce

**OTHER TENDER OFFER CONSIDERATIONS** 

(*select only one*)

Our Unit repurchase plan contains limitations on the number of units that can be repurchased under the plan during any quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer units than have been requested in any particular quarter, or none at all. If the number of units subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each unitholder's request will be reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must submit a new repurchase request, in the next repurchase period, for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**

☐ Process my repurchase request on a pro-rata basis.

☐ Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. 

**PART 4 – PAYMENT** 

Indicate how you wish to receive your repurchase payment below. If an option is not selected, payments will be sent to the payment instruction method elected at the time of subscription.

☐ Check Mailed to Address of Record

☐ Check Mailed to Third Party/Custodian

Entity Name/Financial Institution Account Number (Required)

Mailing Address City State Zip Code

☐ Direct Deposit. Attach a pre-printed voided check (non-custodial investors only).

You authorize the Fund or its agent to deposit your distribution into your checking or savings account. This authority will remain in force until you notify the Fund in writing to cancel it. In the event that the Fund deposits funds erroneously into your account, they are authorized to debit your account for an amount not to exceed the amount of the erroneous deposit.

 Financial Institution Name<br>

---

| | | | |
|:---|:---|:---|:---|
|  Mailing Address | City | State | Zip Code |
|  Your Bank's ABA Routing Number | Your Bank's ABA Routing Number |  | Your Bank Account Number  |

---

**PART 5 – SIGNATURE(S)** 

The undersigned subscriber acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Memorandum and the Offer to Purchase and all capitalized terms used herein have the meaning as defined in the Fund's Memorandum. This request is irrevocable except as described in the Offer to Purchase. The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering unitholder.

In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

(PAGE 3 of 4)

------

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 4 of 4)

------

***Letter of Transmittal***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Merrill Lynch, Pierce, Fenner & Smith Incorporated***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*Your Merrill Lynch Financial Advisor/Portfolio Manager must submit* 

*this Letter of Transmittal for processing by* 

*11:59 p.m., Eastern Time, on July 31, 2025, unless the Offer is extended* 

Should you wish to participate in the Offer, please contact your Merrill Lynch Financial Advisor/Portfolio Manager who will enter the order and provide you with a customized Letter of Transmittal for your account. The Letter of Transmittal generated for your account will need to be signed and returned or delivered to your Merrill Lynch Financial Advisor/Portfolio Manager.

For additional information call your Merrill Lynch Financial Advisor/Portfolio Manager.

Dear Unitholder:

The undersigned hereby tenders to Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), the limited partnership units in the Fund, either held directly or indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated July 1, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the General Partner to reject any and all tenders determined by it, in its sole discretion and subject to the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement"), not to be in the appropriate form.*

The undersigned hereby sells to the Fund the limited partnership units in the Fund or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the limited partnership units in the Fund or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the beneficial units of interest in the Fund or portions thereof tendered hereby.

A non-transferable, non-interest bearing promissory note for the purchase price will be issued to the undersigned if the Fund accepts for purchase the units tendered hereby. The undersigned acknowledges that SS&C GIDS, Inc., the Fund's transfer agent, will hold the promissory note on behalf of the undersigned. The cash payment(s) of the purchase price for the limited partnership units in the Fund or portion thereof of the undersigned, as described in Section 6 "Purchases and Payment" of the Offer to Purchase, shall be wired to the account at your financial intermediary from which your subscription funds were debited.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

(PAGE 1 of 6)

------

**<u>Instructions to Tendering Unitholder</u>:** 

Please contact your Merrill Lynch Financial Advisor/Portfolio Manager who will enter the tender order and provide you with a customized Letter of Transmittal for your account. The Letter of Transmittal generated for your account will need to be signed and returned or delivered to your Merrill Lynch Financial Advisor/Portfolio Manager. For additional information, call your Merrill Lynch Financial Advisor/Portfolio Manager. If the unitholder chooses to fax the signed Letter of Transmittal (or otherwise deliver not in original form), it should mail the original Letter of Transmittal to its Merrill Lynch Financial Advisor/Portfolio Manager promptly after it is initially delivered (although the original does not have to be received before 11:59 p.m., Eastern Time, on July 31, 2025).

(PAGE 2 of 6)

------

![LOGO](g946449g36c56.jpg)

(PAGE 3 of 6)

------

![LOGO](g946449g33x99.jpg)

(PAGE 4 of 6)

------

![LOGO](g946449g54n74.jpg)

(PAGE 5 of 6)

------

![LOGO](g946449g97g42.jpg)

(PAGE 6 of 6)

------

***Letter of Transmittal***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Morgan Stanley Smith Barney LLC***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and this Letter of Transmittal must be received by* 

*the Fund's Transfer Agent, either by mail, email or by fax, by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Letter of Transmittal and follow the Transmittal* 

*Instructions included herein* 

Dear Unitholders:

The undersigned hereby tenders to Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), the limited partnership units in the Fund, either held directly or indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated July 1, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the Fund to reject any and all tenders determined by it, in its sole discretion, not to be in the appropriate form.*

The undersigned hereby sells to the Fund the limited partnership units in the Fund or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the limited partnership units in the Fund or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the beneficial units of interest in the Fund or portions thereof tendered hereby.

A non-transferable, non-interest bearing promissory note for the purchase price will be issued to the undersigned if the Fund accepts for purchase the units tendered hereby. The undersigned acknowledges that SS&C GIDS, Inc., the Fund's transfer agent, will hold the promissory note on behalf of the undersigned. The cash payment(s) of the purchase price for the limited partnership units in the Fund or portion thereof of the undersigned, as described in Section 6 "Purchases and Payment" of the Offer to Purchase, shall be wired to the account at your financial intermediary from which your subscription funds were debited.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

(PAGE 1 of 3)

------

**<u>VALUATION DATE</u>: September 30, 2025** 

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), July 31, 2025** 

**PARTS 1, 2, 3, 4, AND 5 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST** 

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By The Fund's Transfer Agent No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.** 

**<u>Please submit completed Repurchase Forms to Morgan Stanley's Alternative</u>**

**<u>Investment Order Entry ticketing system.</u>**

**PART 1 – NAME (AS IT APPEARS ON YOUR BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. STATEMENT) AND CONTACT INFORMATION** 

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

**PART 2 – REQUESTED TENDER AMOUNT** 

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Units.** 

☐ Full Repurchase

☐ Partial Repurchase of<u> </u># Class I Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u>**#** Class D Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u># Class S Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

**PART 3 – REPURCHASE TYPE *(Check one, required)*** 

☐ Normal ☐ Death ☐ Disability ☐ Divorce

(PAGE 2 of 3)

------

**OTHER TENDER OFFER CONSIDERATIONS** 

(*select only one*)

Our Unit repurchase plan contains limitations on the number of units that can be repurchased under the plan during any quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer units than have been requested in any particular quarter, or none at all. If the number of units subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each unitholder's request will be reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must submit a new repurchase request, in the next repurchase period, for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**

☐ Process my repurchase request on a pro-rata basis.

☐ Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. 

**PART 4 – PAYMENT** 

Payments will be directed back to the account from which your subscription funds were debited. Contact your financial intermediary or account manager if you have any questions.

**PART 5 – SIGNATURE(S)** 

The undersigned subscriber acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Memorandum and the Offer to Purchase and all capitalized terms used herein have the meaning as defined in the Fund's Memorandum. This request is irrevocable except as described in the Offer to Purchase. The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering unitholder.

In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 3 of 3)

------

***Letter of Transmittal***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of RBC Capital Markets LLC, Pershing LLC,***

***Charles Schwab & Co., Inc., National Financial Services LLC / Fidelity***

***Brokerage Services LLC, Goldman Sachs Custody Solutions, LPL Financial LLC,***

***Raymond James & Associates, Inc., SEI Investments Company and Stifel, Nicolaus & Company, Inc.***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*Your Custodian and/or Financial Advisor/Portfolio Manager, as* 

*applicable, must submit this* 

*Letter of Transmittal for processing by* 

*11:59 p.m., Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Letter of Transmittal and follow the Transmittal* 

*Instructions included herein* 

Dear Unitholders:

The undersigned hereby tenders to Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), the limited partnership units in the Fund, either held directly or indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated July 1, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the General Partner to reject any and all tenders determined by it, in its sole discretion and subject to the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement"), not to be in the appropriate form.*

The undersigned hereby sells to the Fund the limited partnership units in the Fund or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the limited partnership units in the Fund or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the beneficial units of interest in the Fund or portions thereof tendered hereby.

A non-transferable, non-interest bearing promissory note for the purchase price will be issued to the undersigned if the Fund accepts for purchase the units tendered hereby. The undersigned acknowledges that SS&C GIDS, Inc., the Fund's transfer agent, will hold the promissory note on behalf of the undersigned. The cash payment(s) of the purchase price for the limited partnership units in the Fund or portion thereof of the undersigned, as described in Section 6 "Purchases and Payment" of the Offer to Purchase, shall be wired to the account at your financial intermediary from which your subscription funds were debited.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

(PAGE 1 of 3)

------

**<u>VALUATION DATE</u>: September 30, 2025** 

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), July 31, 2025** 

**PARTS 1, 2, 3, 4, AND 5 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST** 

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By The Fund's Transfer Agent No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.** 

**<u>Please submit the completed form to your custodian and/or Financial Advisor/Portfolio Manager.</u>**

**PART 1 – NAME (AS IT APPEARS ON YOUR BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. STATEMENT) AND CONTACT INFORMATION** 

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

**PART 2 – REQUESTED TENDER AMOUNT** 

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Units.** 

☐ Full Repurchase

☐ Partial Repurchase of<u> </u>**#** Class I Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u>**#** Class D Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u># Class S Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

**PART 3 – REPURCHASE TYPE *(Check one, required)*** 

☐ Normal ☐ Death ☐ Disability ☐ Divorce

(PAGE 2 of 3)

------

**OTHER TENDER OFFER CONSIDERATIONS** 

(*select only one*)

Our Unit repurchase plan contains limitations on the number of units that can be repurchased under the plan during any quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer units than have been requested in any particular quarter, or none at all. If the number of units subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each unitholder's request will be reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must submit a new repurchase request, in the next repurchase period, for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**

☐ Process my repurchase request on a pro-rata basis.

☐ Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. 

**PART 4 – PAYMENT** 

Payments will be directed back to the account from which your subscription funds were debited. Contact your financial intermediary or account manager if you have any questions.

**PART 5 – SIGNATURE(S)** 

The undersigned subscriber acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Memorandum and the Offer to Purchase and all capitalized terms used herein have the meaning as defined in the Fund's Memorandum. This request is irrevocable except as described in the Offer to Purchase. The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering unitholder.

In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 3 of 3)

------

***Letter of Transmittal***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Citigroup Global Markets Inc.***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*Your Citi Private Banker/Financial Advisor, as* 

*applicable, must submit this* 

*Letter of Transmittal for processing by* 

*11:59 p.m., Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Letter of Transmittal and follow the Transmittal* 

*Instructions included herein* 

Dear Unitholders:

The undersigned hereby tenders to Blackstone Private Equity Strategies Fund L.P., a private fund that is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act") and is organized as a Delaware limited partnership (the "Fund"), the limited partnership units in the Fund, either held directly or indirectly through Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder"), or portion thereof held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Purchase dated July 1, 2025 (the "Offer to Purchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Purchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Purchase, including, but not limited to, the absolute right of the General Partner to reject any and all tenders determined by it, in its sole discretion and subject to the Second Amended and Restated Limited Partnership Agreement dated as of March 12, 2024, as amended (the "Limited Partnership Agreement"), not to be in the appropriate form.*

The undersigned hereby sells to the Fund the limited partnership units in the Fund or portion thereof tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the limited partnership units in the Fund or portion thereof tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the beneficial units of interest in the Fund or portions thereof tendered hereby.

A non-transferable, non-interest bearing promissory note for the purchase price will be issued to the undersigned if the Fund accepts for purchase the units tendered hereby. The undersigned acknowledges that SS&C GIDS, Inc., the Fund's transfer agent, will hold the promissory note on behalf of the undersigned. The cash payment(s) of the purchase price for the limited partnership units in the Fund or portion thereof of the undersigned, as described in Section 6 "Purchases and Payment" of the Offer to Purchase, shall be wired to the account at your financial intermediary from which your subscription funds were debited.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 "Withdrawal Rights" of the Offer to Purchase, this tender is irrevocable.

(PAGE 1 of 3)

------

**<u>VALUATION DATE</u>: September 30, 2025** 

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), July 31, 2025** 

**PARTS 1, 2, 3, 4, AND 5 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST** 

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By The Fund's Transfer Agent No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.** 

**<u>Please submit the completed tender paperwork to your Citi Private Banker/Financial Advisor for processing.</u>** 

**PART 1 – NAME (AS IT APPEARS ON YOUR BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. STATEMENT) AND CONTACT INFORMATION** 

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

**PART 2 – REQUESTED TENDER AMOUNT** 

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Units.** 

☐ Full Repurchase

☐ Partial Repurchase of<u> </u>**#** Class I Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u>**#** Class D Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

☐ Partial Repurchase of<u> </u># Class S Units (please only provide a number of Units, **<u>not</u>** a dollar amount) 

**PART 3 – REPURCHASE TYPE *(Check one, required)*** 

☐ Normal ☐ Death ☐ Disability ☐ Divorce

(PAGE 2 of 3)

------

**OTHER TENDER OFFER CONSIDERATIONS** 

(*select only one*)

Our Unit repurchase plan contains limitations on the number of units that can be repurchased under the plan during any quarter. In addition to these limitations, we cannot guarantee that we will have sufficient funds to accommodate all repurchase requests made in any applicable repurchase period and we may elect to repurchase fewer units than have been requested in any particular quarter, or none at all. If the number of units subject to repurchase requests exceeds the then applicable limitations, or if we otherwise do not make all requested repurchases, each unitholder's request will be reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce. If repurchase requests are reduced on a pro rata basis after we have repurchased all units for which repurchase has been requested due to death, disability or divorce, you may elect (at the time of your repurchase request) to either withdraw your entire request for repurchase or have your request honored on a pro-rata basis. If you wish to have the remainder of your initial request repurchased, you must submit a new repurchase request, in the next repurchase period, for the remaining amount. **Please select one of the following options below. If an option is not selected, your repurchase request will be processed on a pro-rata basis, if needed.**

☐ Process my repurchase request on a pro-rata basis.

☐ Withdraw (do not process) my entire repurchase request if amount will be reduced on a pro-rata basis. 

**PART 4 – PAYMENT** 

Payments will be directed back to the account from which your subscription funds were debited. Contact your financial intermediary or account manager if you have any questions.

**PART 5 – SIGNATURE(S)** 

The undersigned subscriber acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Memorandum and the Offer to Purchase and all capitalized terms used herein have the meaning as defined in the Fund's Memorandum. This request is irrevocable except as described in the Offer to Purchase. The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering unitholder.

In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 3 of 3)

## Ex-99.(A)(1)(Iv)

**Exhibit (a)(1)(iv)** 

**Form Of Letter from the Fund to Unitholders** 

**in Connection with the Fund's Acceptance of Units** 

BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.

c/o SS&C GIDS, Inc.

P.O. Box 219338

Kansas City, MO 64121-9338

September 30, 2025

Dear BXPE Unitholder:

This letter serves to inform you that Blackstone Private Equity Strategies Fund L.P. (the "Fund") has received and accepted for purchase your tender of limited partnership units in the Fund.

In accordance with the terms of the tender offer, you will be issued a promissory note (the "Note"), as described in the offer to purchase, which will be held on your behalf by SS&C GIDS, Inc., the Fund's transfer agent ("Transfer Agent"), entitling you to receive payment(s) in an aggregate amount equal to the net asset value of the tendered units determined as of September 30, 2025, less the 5% "early repurchase deduction" (if such deduction is applicable to your investment, which is described in the Fund's private placement memorandum).

If you have any questions, or if you wish to request a copy of your Note, please contact the Fund's Transfer Agent at (844) 702-1299.

---

| |
|:---|
| Sincerely, |
| Blackstone Private Equity Strategies Fund L.P. |

---

## Ex-99.(A)(1)(V)

**Exhibit (a)(1)(v)** 

**Form of Promissory Note for Repurchases of your Units** 

**BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.** 

Dated: [Insert Date]

FOR VALUE RECEIVED, Blackstone Private Equity Strategies Fund L.P. ("Payor" or the "Fund"), a Delaware limited partnership issuing its limited partnership units ("Units"), hereby promises to pay [insert name of payee] ("Payee"), the Payment Amount (as defined in Section 2) in a single installment as discussed below.

This Note is being issued so that Payor may purchase Units (the "Repurchased Units") from Payee pursuant to the terms and subject to the conditions set out in the Offer to Purchase dated July 1, 2025 and the Letter of Transmittal submitted by the Payee (which Offer to Purchase and Letter of Transmittal, together with any amendments or supplements thereto collectively constitute the "Offer"). This Note is not negotiable and is not interest-bearing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Payment Provisions</u>. The Payor will pay the Payment Amount under this Note in a single installment in such currency of the United States of America as will be legal tender at the time of payment. Payment under this Note will be made by wire transfer to Payee's account at Payee's authorized agent as previously identified to Payor by Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>. The "Payment Amount" will be an amount equal to the value of the Repurchased Units determined as of September 30, 2025 (the "Valuation Date") reduced by the Early Repurchase Deduction (as defined herein), if applicable. Unless the existence of changes in tax or other laws or regulations or unusual market conditions result in a delay, the Payor will make payment under this Note on or before 35 days after the Valuation Date.

Repurchased Units that were purchased in a tender offer with a Valuation Date that is within the 24 month period following the initial issue date of such Units being tendered are subject to an "early repurchase deduction" (the "Early Repurchase Deduction") at a rate of 5% of the aggregate net asset value of such Units by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Optional Prepayment</u>. This Note may be prepaid, without premium, penalty or notice, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Events of Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence of any of the following events shall be deemed to be an "Event of Default" under this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Payor defaults in payment when due and any such default continues for a period of ten (10) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (1) The Payor commences any proceeding or other action relating to the Fund in bankruptcy or seeks reorganization, arrangement, readjustment, dissolution, liquidation, winding-up, relief or composition of the Fund or the debts of the Fund under any law relating to bankruptcy, insolvency or reorganization or relief of debtors; (2) the Payor applies for, or consents or acquiesces to, the appointment of a receiver, conservator, director or similar officer for the Fund or for all or substantially all of the property of the Fund; (3) the Payor makes a general assignment for the benefit of creditors of the Fund; or (4) the Payor generally admits its inability to pay its debts with respect to the Fund as they become due and payable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (1) The commencement of any proceeding or the taking of any other action against the Fund in bankruptcy or seeking reorganization, arrangement, readjustment, dissolution, liquidation, winding-up, relief or composition of the Fund or the debts of the Fund under any law relating to bankruptcy, insolvency or reorganization or relief of debtors and the continuance of any of such events for sixty (60) days undismissed, unbonded or undischarged; or (2) the appointment of a receiver, conservator, director or similar officer for the Payor or for all or substantially all of the property of the Fund and the continuance of any such event for sixty (60) days undismissed, unbonded or undischarged.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of an Event of Default, the entire unpaid amount of this Note outstanding shall become immediately due and payable, without presentment, demand, protest, or other notice of any kind, all of which are expressly waived, and without any action on the part of the Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law; Consent to Jurisdiction</u>. This Note and the rights and remedies of the Payor and Payee will be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be wholly performed within such State, without regard to the conflict of laws principles of such State. Any legal action, suit or proceeding arising out of or relating to this Agreement may be instituted in any state or federal court located within the County of New York, State of New York, and each party hereto agrees not to assert, by way of motion, as a defense, or otherwise, in any such action, suit or proceeding, any claim that it is not subject personally to the jurisdiction of such court, that the venue of the action, suit or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices</u>. All communications under this Note will be given in writing, sent by telecopier or registered mail to the address set forth below or to such other address as such party will have specified in writing to the other party hereto, and will be deemed to have been delivered effective at the earlier of its receipt or within two (2) days after dispatch.

---

| | |
|:---|:---|
| If to Payor, to: | Blackstone Private Equity Strategies Fund L.P.<br> 345 Park Avenue, 40<sup>th</sup> Floor<br> New York, New York 10154<br> Telephone: (212) 583-5000 |
| If to Payee, to: | [Insert contact information for the Payee] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability, Binding Effect</u>. Any provision of this Note that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendment; Waiver</u>. No provision of this Note may be waived, altered or amended, except by written agreement between the Payor and Payee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Presentment</u>. Payor hereby waives presentment, protest, demand for payment and notice of default or nonpayment to or upon Payor with respect to this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Entire Agreement</u>. This Note and the Offer set out the entire agreement between the parties and supersede any prior oral or written agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Delaware Limited Partnership</u>. The obligations of the Fund under this Note are not binding upon any director or unitholder of the Fund personally, but bind only the Fund and the Fund's property. Notice is hereby given that this instrument is executed on behalf of the Directors of the Fund as directors and not individually and that the obligations of or arising out of this instrument are not binding on any of the Directors, executive officers or unitholders individually, but are binding only upon the property of the Fund.

------

IN WITNESS WHEREOF, Payor has duly caused this Note to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. | BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. |
| By: |  |
| Name: | Kate O'Neil |
| Title: | Senior Vice President and Secretary |

---

## Ex-99.(A)(1)(Vi)

**Exhibit (a)(1)(vi)** 

***Notice of Withdrawal of Tender***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Clients of UBS Financial Services Inc.***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and this Notice of Withdrawal must be received by* 

*the Fund's Transfer Agent, either by mail, email or by fax, by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and follow the transmittal instructions included herein* 

*Regular Mail:* 

SS&C GIDS, Inc.

PO Box 219338, Kansas City, MO 64121-9338

*Overnight Mail:* 

SS&C GIDS, Inc.

430 W 7th St. Suite 219338, Kansas City, MO 64105-1407

*Email\*:* BlackstonePrivateEquity_ai@sscinc.com

\* The above email address is a no-reply inbox, and will not accept secure messages or password protected attachments. Please submit one order at a time if sending by email.

*Fax:* (833) 623-2407

You are responsible for confirming that this Notice is received timely by SS&C GIDS, Inc., the Fund's transfer agent. To assure good delivery, please send this page to SS&C GIDS, Inc. and not to your financial advisor. If you fail to confirm receipt of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Unitholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing unitholder.

------

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

------

***Notice of Withdrawal of Tender***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Unadvised Clients***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and this Notice of Withdrawal must be received by* 

*the Fund's Transfer Agent, either by mail, email or by fax, by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and follow the transmittal instructions included herein* 

**PLEASE SEND COMPLETED FORMS TO YOUR BLACKSTONE FINANCIAL ADVISOR AT:** 

*Regular Mail:* 

SS&C GIDS, Inc.

PO Box 219338, Kansas City, MO 64121-9338

*Overnight Mail:* 

SS&C GIDS, Inc.

430 W 7th St. Suite 219338, Kansas City, MO 64105-1407

*Email\*:* BXPE@blackstone.com

*Fax:* (833) 623-2407

You are responsible for confirming that this Notice is received timely by your Financial Advisor. If you fail to confirm receipt of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Unitholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing unitholder.

(PAGE 1 of 2)

------

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 2 of 2)

------

***Notice of Withdrawal of Tender***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Merrill Lynch, Pierce, Fenner & Smith Incorporated***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and your Merrill Lynch Financial Advisor/Portfolio Manager must submit* 

*this Notice of Withdrawal for processing by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and deliver to your Merrill Lynch Financial Advisor/Portfolio Manager.* 

For additional information call your Merrill Lynch Financial Advisor/Portfolio Manager.

You are responsible for confirming that this Notice is submitted for processing timely by your Merrill Lynch Financial Advisor/Portfolio Manager. If you fail to confirm timely submission of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Unitholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing unitholder.

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 1 of 1)

------

***Notice of Withdrawal of Tender***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Morgan Stanley Smith Barney LLC***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and this Notice of Withdrawal must be received by* 

*the Fund's Transfer Agent, either by mail, email or by fax, by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and follow the transmittal instructions included herein* 

**Please submit completed Notice of Withdrawal to Morgan Stanley's Alternative Investment Order Entry ticketing system.** 

You are responsible for confirming that this Notice is received timely by your Financial Advisor. If you fail to confirm receipt of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Unitholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing unitholder.

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Signature | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 1 of 1)

------

***Notice of Withdrawal of Tender***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of RBC Capital Markets LLC, Pershing LLC,***

***Charles Schwab & Co., Inc., National Financial Services LLC / Fidelity***

***Brokerage Services LLC, Goldman Sachs Custody Solutions, LPL Financial LLC,***

***Raymond James & Associates, Inc., SEI Investments Company and Stifel, Nicolaus & Company, Inc.***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and your Custodian and/or Financial Advisor/Portfolio Manager, as* 

*applicable, must submit this Notice of Withdrawal for processing by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and deliver to your Custodian and/or Financial Advisor/Portfolio Manager, as applicable.* 

For additional information call your Custodian and/or Financial Advisor/Portfolio Manager, as applicable.

You are responsible for confirming that this Notice is submitted for processing timely by your Custodian and/or Financial Advisor/Portfolio Manager, as applicable. If you fail to confirm timely submission of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Unitholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing unitholder.

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Print Name | Print Name of Authorized Signatory (and Title if applicable) | Date  |
|  Print Name | Print Name of Authorized Signatory (and Title if applicable) | Date  |

---

(PAGE 1 of 1)

------

***Notice of Withdrawal of Tender***

***Regarding Units in Blackstone Private Equity Strategies Fund L.P.***

***For Clients of Citigroup Global Markets Inc.***

***Tendered Pursuant to the Offer to Purchase***

***Dated July 1, 2025***

*The Offer and withdrawal rights will expire on July 31, 2025* 

*and your Citi Private Banker/Financial Advisor, as* 

*applicable, must submit this Notice of Withdrawal for processing by 11:59 p.m.,* 

*Eastern Time, on July 31, 2025, unless the Offer is extended* 

*Complete this Notice of Withdrawal and deliver to your Citi Private Banker/Financial Advisor, as applicable.* 

For additional information call your Citi Private Banker/Financial Advisor, as applicable.

You are responsible for confirming that this Notice is submitted for processing timely by your Citi Private Banker/Financial Advisor, as applicable. If you fail to confirm timely submission of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Unitholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

---

| |
|:---|
|  Fund Name: |
|  Fund Account #: |
|  Account Name/Registration: |
|  Address: |
|  City, State, Zip |
|  Telephone Number: |
|  Email Address: |
|  Financial Intermediary Firm Name: |
|  Financial Intermediary Account #: |
|  Financial Advisor Name: |
|  Financial Advisor Telephone #: |

---

The undersigned represents that the undersigned is the beneficial owner of the units in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing unitholder.

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
|  Print Name | Print Name of Authorized Signatory (and Title if applicable) | Date |
|  Print Name | Print Name of Authorized Signatory (and Title if applicable) | Date |

---

(PAGE 1 of 1)

## Ex-Filing

**Exhibit 107** 

**EX-FILING FEES** 

**Calculation of Filing Fee Table** 

**SC TO-I** 

**(Form Type)** 

**Blackstone Private Equity Strategies Fund L.P.** 

**(Name of Issuer)** 

**Blackstone Private Equity Strategies Fund L.P.** 

**(Name of Person(s) Filing Statement)** 

**Table 1: Transaction Valuation** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction <br> Valuation | Fee<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of <br> Filing Fee |
| &nbsp;&nbsp;&nbsp; Fees to Be Paid | $211966365.62 <sup>(1)</sup> | 0.0001531 | $32452.05<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Transaction Valuation** | $211966365.62 |  | $32452.05 |
| &nbsp;&nbsp;&nbsp; **Total Fees Due for Filing** |  |  | $32452.05 |
| &nbsp;&nbsp;&nbsp; **Total Fees Previously Paid** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  | $32452.05 |

---

(1) The transaction value is calculated as the aggregate maximum purchase price for limited partnership units (the
"Units") of Blackstone Private Equity Strategies Fund L.P. (the "Fund"). This amount is based upon the offer to purchase up to 6,893,472 Units and the net asset value per Class I Unit, Class S Unit and Class D Unit
as of May 31, 2025 of $30.89, $30.52 and $30.78, respectively.

(2) Calculated at $153.10 per $1,000,000.00 of the Transaction Valuation in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, as modified by Fee Rate Advisory No. 1 for fiscal year 2025.