# EDGAR Filing Document

**Accession Number:** 0001557794
**File Stem:** 0001193125-26-106413
**Filing Date:** 2026-3
**Character Count:** 8727
**Document Hash:** 9ee21f26069c0325c3e6296edaca294e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-106413.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001193125-26-106413

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**EFFECTIVENESS DATE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Alternative Investment Funds
- **CENTRAL INDEX KEY:** 0001557794

**ORGANIZATION NAME:**
- **EIN:** 300748288
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-185238
- **FILM NUMBER:** 26753526

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-583-5000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blackstone Investor Solutions Funds
- **DATE OF NAME CHANGE:** 20120907

## Series and Classes Contracts Data

### Blackstone Alternative Multi-Strategy Fund (Series ID: S000045538)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Class I        | C000141764 |
| Class D Shares | C000145025 |
| Class R Shares | C000145026 |
| Class Y Shares | C000145027 |

---

## Series and Classes Contracts Data

### Blackstone Alternative Multi-Strategy Fund (Series ID: S000045538)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000141764 | Class I        |  |
| C000145025 | Class D Shares |  |
| C000145026 | Class R Shares |  |
| C000145027 | Class Y Shares |  |

?xml version='1.0' encoding='ASCII'? Blackstone Alternative Multi-Strategy Fund

------

Filed pursuant to Rule 497(e)

File Nos. 333-185238 and 811-22743

#### BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

#### Supplement dated March 13, 2026 to the

#### Blackstone Alternative Multi-Strategy Fund (the "Fund")

#### Prospectus, dated July 30, 2025, as supplemented

#### Addition of Sub-Adviser
Pursuant to action taken by the Board of Trustees of the Fund, Capital Fund Management, S.A. will serve as a discretionary sub-adviser to the Fund.

Effective immediately, the Fund's Prospectus is revised as follows:

The list of sub-advisers to the Fund in the "Fund Summary—Principal Investment Strategies" section of the Prospectus is deleted in its entirety and replaced with the following:

---

| | |
|:---|:---|
| **Discretionary Sub-Advisers** | **Principal Strategy** |
|  Bayforest Capital Limited | Multi-Strategy Strategies |
|  Bayview Asset Management, LLC | Relative Value Strategies |
|  Blackstone Liquid Credit Strategies LLC | Relative Value Strategies |
|  Blackstone Real Estate Special Situations Advisors L.L.C. | Relative Value Strategies |
|  Callodine Capital Management, LP | Equity Hedge Strategies |
|  Capital Fund Management, S.A. | Multi-Strategy Strategies |
|  Caspian Capital LP | Event Driven Strategies |
|  Catalio Capital Management, LP | Equity Hedge Strategies |
| D. E. Shaw Investment Management, L.L.C. | Multi-Strategy Strategies |
|  Engelhart CTP Commodity Trading US, LLC | Macro Strategies |
|  Fort Baker Capital Management LP | Event-Driven Strategies |
|  Harvest Fund Advisors LLC | Equity Hedge Strategies |
|  Maren Capital LLC | Equity Hedge Strategies |
|  Mariner Investment Group, LLC | Relative Value Strategies |
|  Merritt Point Partners LLC | Macro Strategies |
|  Mesarete Capital LLP | Relative Value Strategies |
|  Nephila Capital Ltd. | Event-Driven Strategies |
|  North Reef Capital Management LP | Equity Hedge Strategies |
|  Oak Hill Advisors, L.P. | Relative Value Strategies |
|  OT Research | Equity Hedge Strategies |
|  Seiga Asset Management Limited | Equity Hedge Strategies |
|  Seven Grand Managers LLC | Event-Driven Strategies |
|  Two Sigma Advisers, LP | Equity Hedge Strategies |
|  Varick Capital Partners LP | Macro Strategies |

---

------

The list of sub-advisers to the Fund in the "Fund Summary—Management of the Fund" section in the Prospectus is deleted in its entirety and replaced with the following:

#### Discretionary Sub-Advisers:
Bayforest Capital Limited

Bayview Asset Management, LLC

Blackstone Liquid Credit Strategies LLC

Blackstone Real Estate Special Situations Advisors L.L.C.

Callodine Capital Management, LP

Capital Fund Management, S.A.

Caspian Capital LP

Catalio Capital Management, LP

D. E. Shaw Investment Management, L.L.C.

Engelhart CTP Commodity Trading US, LLC

Fort Baker Capital Management LP

Harvest Fund Advisors LLC

Maren Capital LLC

Mariner Investment Group, LLC

Merritt Point Partners LLC

Mesarete Capital LLP

Nephila Capital Ltd.

North Reef Capital Management LP

Oak Hill Advisors, L.P.

OT Research

Seiga Asset Management Limited

Seven Grand Managers LLC

Two Sigma Advisers, LP

Varick Capital Partners LP

The list of sub-advisers to the Fund in the "More on the Fund's Investment Strategies, Investments, and Risks—Investment Strategy" section in the Prospectus is deleted in its entirety and replaced with the following:

---

| | | |
|:---|:---|:---|
| **Discretionary Sub-Advisers** | **Principal Strategy** | **Principal Sub-Strategy** |
|  Bayforest Capital Limited | Multi-Strategy Strategies | N/A |
|  Bayview Asset Management, LLC | Relative Value Strategies | Fixed Income – Asset Backed |
|  Blackstone Liquid Credit Strategies LLC | Relative Value Strategies | Fixed Income – Asset Backed |
| Blackstone Real Estate Special Situations Advisors L.L.C. | Relative Value Strategies | Fixed Income – Asset Backed |
|  Callodine Capital Management, LP | Equity Hedge Strategies | Equity Long/Short |
|  Capital Fund Management, S.A. | Multi-Strategy Strategies | N/A |
|  Caspian Capital LP | Event-Driven Strategies | Distressed/Restructuring |
|  Catalio Capital Management, LP | Equity Hedge Strategies | Equity Long/Short |
| D. E. Shaw Investment Management, L.L.C. | Multi-Strategy Strategies | N/A |
|  Engelhart CTP Commodity Trading US, LLC | Macro Strategies | Commodity – Energy |
|  Fort Baker Capital Management LP | Event-Driven Strategies | Event Driven Multi-Strategy |
|  Harvest Fund Advisors LLC | Equity Hedge Strategies | Equity Long/Short |
|  Maren Capital LLC | Equity Hedge Strategies | Fundamental Value |
|  Mariner Investment Group, LLC | Relative Value Strategies | Fixed Income – Asset Backed |
|  Merritt Point Partners LLC | Macro Strategies | Commodity – Multi |
|  Mesarete Capital LLP | Relative Value Strategies | Fixed Income – Sovereign |
|  Nephila Capital Ltd. | Event-Driven Strategies | Reinsurance |
|  North Reef Capital Management LP | Equity Hedge Strategies | Equity Long/Short |
|  Oak Hill Advisors, L.P. | Relative Value Strategies | Fixed Income – Asset Backed |
|  OT Research | Equity Hedge Strategies | Equity Market Neutral |
|  Seiga Asset Management Limited | Equity Hedge Strategies | Equity Long/Short |
|  Seven Grand Managers LLC | Event-Driven Strategies | Event-Driven Multi-Strategy |
|  Two Sigma Advisers, LP | Equity Hedge Strategies | Equity Market Neutral |
|  Varick Capital Partners LP | Macro Strategies | Systematic Diversified |

---

------

The following disclosure is added to the "More on Fund Management—Adviser and Sub-Advisers—Sub-Advisers" section in the Prospectus:

• Capital Fund Management, S.A. ("CFM"), located at 23, Rue de l'Université, 75007 Paris, France, is an investment adviser registered with the SEC. CFM may manage a portion of the Cayman Subsidiary's assets using Multi-Strategy Strategies. Founded in 1991, CFM has approximately $20.9 billion in assets under management as of February 28, 2026.

#### Shareholders should retain this Supplement for future reference.

------

Filed pursuant to Rule 497(e)

File Nos. 333-185238 and 811-22743

#### BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

#### Supplement dated March 13, 2026 to the

#### Blackstone Alternative Multi-Strategy Fund (the "Fund")

#### Statement of Additional Information, dated July 30, 2025, as supplemented

#### Addition of Sub-Adviser
Pursuant to action taken by the Board of Trustees of the Fund, Capital Fund Management, S.A. will serve as a discretionary sub-adviser to the Fund.

Effective immediately, the following disclosure is added to the section "Investment Management and Other Services—The Sub-Advisers" in the Statement of Additional Information:

• *Capital Fund Management, S.A. ("CFM")*. The principal controllers of CFM are Jean-Philippe Bouchaud, Philippe Jordan, Laurent Laloux, Marc Potters, and Jacques Saulière.

#### Shareholders should retain this Supplement for future reference.