# EDGAR Filing Document

**Accession Number:** 0001953940
**File Stem:** 0001193125-26-000969
**Filing Date:** 2026-1
**Character Count:** 58835
**Document Hash:** 31a0df47ed35353e0fb66a3213f1157a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000969.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000969

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260101

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**FILER**: 

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56446
- **FILM NUMBER:** 26502794

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Equity Strategies Fund (TE) L.P.
- **CENTRAL INDEX KEY:** 0001953940
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56742
- **FILM NUMBER:** 26502795

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-583-5000

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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 1, 2026

## Blackstone Private Equity Strategies Fund L.P.

## Blackstone Private Equity Strategies Fund (TE) L.P.

#### (Exact Name of Registrant as Specified in its Charter)
DelawareDelaware 000-56446000-56742 88-187215688-2930978 <br> (State or Other Jurisdictionof Incorporation) (CommissionFile Number) (IRS. EmployerIdentification No.)

#### 345 Park Avenue

#### New York, New York 10154

#### (Address of Principal Executive Offices) (Zip Code)

#### Registrant's telephone number, including area code: (212) 583-5000

#### Not Applicable

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br> Symbol(s) | Name of each exchange<br> on which registered |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Item 1.01. Entry into a Material Definitive Agreement.
Blackstone Private Equity Strategies Fund L.P. ("BXPE U.S.") and Blackstone Private Equity Strategies Fund (TE) L.P. (the "Feeder" and collectively with BXPE U.S., the "Funds" " and each, a "Fund") intend to offer and sell new series of their existing Class I units (now redesignated as Class I-Series I units ("Class I-Series I Units") as described below), designated Class I-Series II units ("Class I-Series II Units") and Class I-Series III units ("Class I-Series III Units"), to certain investors who are both accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")) and qualified purchasers (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended) in a continuous private offering exempt from registration pursuant Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D thereunder. Except as described herein, the Class I-Series II Units and Class I-Series III Units have substantially similar rights and terms as the Funds' existing classes of units. The minimum initial investment is $50 million for Class I-Series II Units and $250 million for Class I-Series III Units. The Class I-Series II Units and Class I-Series III Units will be subject to certain additional restrictions, including a minimum holding period and certain redemption limitations as well as the Funds' existing quarterly limitations.

In connection with the foregoing initiative, on January 1, 2026, BXPE U.S. entered into an Amended and Restated Investment Management Agreement (the "Investment Management Agreement") with Blackstone Private Investments Advisors L.L.C. (the "Investment Manager"), to make certain updates reflecting the designation of the Class I-Series II Units and Class I-Series III Units. As amended, the Fund will pay the Investment Manager a management fee equal to, in the aggregate, (i) 1.25% of the net asset value of BXPE US Aggregator (CYM) L.P. (the "Aggregator") attributable to Class I-Series I Units, (ii) 1.05% of the net asset value of the Aggregator attributable to Class I-Series II Units and (iii) 0.95% of the net asset value of the Aggregator attributable to Class I-Series III Units, in each case, per annum accrued monthly and payable quarterly.

The foregoing summary description of the Investment Management Agreement does not purport to be complete and is qualified in its entirety by reference to the Investment Management Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

#### Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 1, 2026, Blackstone Private Equity Strategies Associates, L.P., the general partner of the Funds, appointed Viral Patel as a director to the board of directors of each of the Funds (together, the "Boards of Directors"), effective immediately. Mr. Patel will continue to serve as the Funds' Chief Executive Officer.

Viral Patel, 46, has served as the Chief Executive Officer of BXPE U.S. since April 2024 and the Feeder since April 2025. Mr. Patel is a member of the investment committees for BXPE and Blackstone Growth. Mr. Patel has been with Blackstone since 2005. He played a leading role in the launch of Blackstone Tactical Opportunities, as well as the incubation and development of several other Blackstone businesses. He previously served as the Global Head of Technology Investing for Blackstone Credit. Before joining Blackstone, Mr. Patel was a member of the Credit Suisse Structured Products business. He has served on the boards of various Blackstone portfolio companies. Mr. Patel graduated magna cum laude from Cornell University with a B.S. in Operations Research and Industrial Engineering. Mr. Patel is a valuable member of the Boards of Directors because of his extensive private equity and investing experience, his history with Blackstone and his leadership within Blackstone's private equity strategies.

Mr. Patel is a Senior Managing Director of Blackstone and was requested by Blackstone to serve on the Boards of Directors. There are no family relationships between Mr. Patel and any director or executive officer of the Funds, and he is not a party to any transaction that is required to be reported pursuant to Item 404(a) of Regulation S-K.

Mr. Patel's appointment coincides with the notice of retirement of David Blitzer, who has served as a member of BXPE U.S.'s Board of Directors since May 2022 and the Feeder's Board of Directors since April 2025. Mr. Blitzer delivered his retirement notice with respect to his position as a member of the Boards of Directors and as a member of the Funds' investment committee on December 31, 2025, with an effective date of January 1, 2026.

------

#### Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On January 1, 2026, BXPE U.S. entered into Amendment No. 2 (the "Amendment") to its Second Amended and Restated Limited Partnership Agreement and the Feeder entered into Amendment No. 2 (together with the Amendment, the "Amendments") to its Amended and Restated Limited Partnership Agreement, in each case, with Blackstone Private Equity Strategies Associates L.P., the general partner of the Funds. The Amendments include the redesignation of the existing Class I units of the Funds to Class I-Series I Units, the designation of two new series of Class I units of the Funds, Class I-Series II Units and Class I-Series III Units, and certain related changes in connection with such redesignation and designation.

The foregoing summary description of the Amendments does not purport to be complete and is qualified in its entirety by reference to the Amendments, copies of which are included as Exhibits 3.1 and 3.2 to this Current Report on Form 8-K and incorporated herein by reference.

------

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
|  **Blackstone Private Equity Strategies Fund L.P.:** | **Blackstone Private Equity Strategies Fund L.P.:** |
| 3.1 | [Amendment No. 2 to BXPE U.S.'s Second Amended and Restated Limited Partnership Agreement](d73301dex31.htm) |
| 10.1 | [Amended and Restated Investment Management Agreement between BXPE U.S. and Blackstone Private Investments Advisors L.L.C.](d73301dex101.htm) |
|  **Blackstone Private Equity Strategies Fund (TE) L.P.:** | **Blackstone Private Equity Strategies Fund (TE) L.P.:** |
| 3.2 | [Amendment No. 2 to the Feeder's Amended and Restated Limited Partnership Agreement](d73301dex32.htm) |

---

------

#### SIGNATU RE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: January 2, 2026 | **BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.** | **BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.** |
|  | By: | /s/ Kate O'Neil |
|  | Name: | Kate O'Neil |
|  | Title: | Chief Legal Officer and Secretary |
|  | **BLACKSTONE PRIVATE EQUITY STRATEGIES FUND (TE) L.P.** | **BLACKSTONE PRIVATE EQUITY STRATEGIES FUND (TE) L.P.** |
|  | By: | /s/ Kate O'Neil |
|  | Name: | Kate O'Neil |
|  | Title: | Chief Legal Officer and Secretary |

---

## Exhibit 3.1

**Exhibit 3.1** 

AMENDMENT NO. 2 TO THE

SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P.

This AMENDMENT NO. 2 (the "<u>Amendment</u>") to the Second Amended and Restated Limited Partnership Agreement, dated as of March 12, 2024 (as amended by that certain Amendment No. 1 thereto, dated October 1, 2025, and as may be further amended from time to time, the "<u>Partnership Agreement</u>"), of Blackstone Private Equity Strategies Fund L.P., a Delaware limited partnership (the "<u>Partnership</u>"), is made as of January 1, 2026, by Blackstone Private Equity Strategies Associates L.P., a Delaware limited partnership, as general partner of the Partnership (the "<u>General Partner</u>").

WITNESSETH

WHEREAS, the Partnership is currently governed by the Partnership Agreement;

WHEREAS, as set forth in Section 11.3(a) of the Partnership Agreement, the General Partner desires to amend the Partnership Agreement as set forth in this Amendment; and

WHEREAS, the General Partner, in its discretion, has determined that this Amendment will not have a material adverse effect on the Limited Partners in the aggregate.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS; REFERENCES</u>. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Partnership Agreement. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Partnership Agreement shall, after the date hereof, refer to the Partnership Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REDESIGNATION</u>. Each Class I Unit issued prior to the date hereof is hereby redesignated to Class I-Series I Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>AMENDMENT TO THE AGREEMENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definition of " <u>Class</u> <u>I Unit</u> " is hereby deleted and replaced in its
entirety with the following:

"<u>Class</u> <u>I-Series I Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class I-Series I Unit as provided in this Agreement."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The definition of " <u>Hurdle Amount</u> " is hereby deleted and replaced in its entirety with the
following:

"<u>Hurdle Amount</u>: For any period during a Reference Period, a Hurdle Amount means that amount that results in a 5% annualized internal rate of return on the Net Asset Value of the relevant Units of the Aggregator outstanding at the beginning of the then-current Reference Period and all relevant Units issued since the beginning of the then-current Reference Period, calculated in accordance with recognized industry practices and taking into account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all such relevant Units and (ii) all issuances of such Units over the period. The ending Net Asset Value of such Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance Participation Allocation and any applicable Servicing Fee expenses and without taking into account any accrued and unpaid taxes of any Intermediate Entity (or the receipts of such Intermediate Entity) through which the Partnership indirectly invests in an Investment or taxes paid by any such Intermediate Entity since the end of the prior Reference Period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units redeemed during such period, which such Units will be subject to the Performance Participation Allocation upon such redemption as described in Section 3.3. To the extent a class, or series of such class, of Units has a different Management Fee than Class I-Series I Units, the corresponding Hurdle Amount will be calculated separately."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The definition of " <u>Loss Carryforward Amount</u> " is hereby deleted and replaced in its entirety
with the following:

"<u>Loss Carryforward Amount</u>: The Loss Carryforward Amount shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided, that the Loss Carryforward Amount shall at no time be less than zero and provided further, that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any relevant Units redeemed during such year, which Units will be subject to the Performance Participation Allocation upon such redemption as described in Section 3.3. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Performance Participation Allocation. This is referred to as a "High Water Mark." To the extent a class, or series of such class, of Units has a different Management Fee than Class I-Series I Units, the corresponding Loss Carryforward Amount will be calculated separately."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The definition of " <u>Performance Participation Allocation</u> " is hereby deleted and replaced in
its entirety with the following:

"<u>Performance Participation Allocation</u>: As defined in Section 3.3. To the extent a class, or series of such class, of Units has a different Management Fee than Class I-Series I Units, the corresponding Performance Participation Allocation will be calculated separately."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The definition of " <u>Total Return</u> " is hereby deleted and replaced in its entirety with the
following:

"<u>Total Return</u>: For any period since the end of the prior Reference Period, the Total Return shall equal the sum of: (i) all distributions accrued or paid (without duplication) on the relevant Units of the Aggregator outstanding at the end of such period since the beginning of the then-current Reference Period *plus* (ii) the change in aggregate Net Asset Value of such Units of the Aggregator since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of additional Units, (y) any allocation or accrual to the Performance Participation Allocation and (z) applicable Servicing Fee expenses (including any payments made to the Partnership for payment of such expenses allocable to such Units); *provided,* that the aggregate Net Asset Value of such Units shall be calculated without taking into account any accrued and unpaid taxes imposed on any Intermediate Entity (or the receipts of such Intermediate Entity) through which the Partnership indirectly invests in an Investment or taxes paid by any such Intermediate Entity since the end of the prior Reference Period *minus* (iii) all Fund Expenses of BXPE (to the extent not already reflected in clause (ii)) but excluding applicable expenses for Servicing Fees allocable to such Units. For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the Net Asset Value of any relevant Units issued during the then-current Reference Period but (ii) exclude the proceeds from the initial issuance of such Units. To the extent a class, or series of such class, of Units has a different Management Fee than Class I-Series I Units, the corresponding Total Return will be calculated separately."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The definition of " <u>Unit</u> " is hereby deleted and replaced in its entirety with the following:

"<u>Unit</u>: A fractional, undivided interest in the Partnership or Feeder Fund and/or an interest in any Intermediate Entity or Parallel Fund, unless the context otherwise requires, including Class D Units, Class I-Series I Units, Class I-Series II Units, Class I-Series III Units, Class N Units, Class S Units and such other classes, or series of such classes, of Units that may be issued by the Partnership in the sole discretion of the General Partner."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The following definitions are hereby added to the definitions in Article I of the Partnership Agreement:

"<u>Class</u> <u>I-Series II Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class I-Series II Unit as provided in this Agreement."

"<u>Class</u> <u>I-Series III Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class I-Series III Unit as provided in this Agreement."

------

"<u>Class</u> <u>N Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class N Unit as provided in this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section 2.4 of the Partnership Agreement is hereby deleted in its entirety and replaced with the
following:

"SECTION 2.4. <u>Classes, or Series of Classes, of Units</u>. The General Partner is hereby authorized to cause the Partnership to issue Units designated as Class D Units, Class I-Series I Units, Class I-Series II Units, Class I-Series III Units, Class N Units and Class S Units and such other classes, or series of such classes, of Units with such terms, rights and obligations as determined in the sole discretion of the General Partner. The General Partner may, in its sole discretion, at any time and from time to time, convert, reclassify or exchange any issued and outstanding Units of any class, or series of such class, into Units of one or more other classes or series (as applicable), in whole or in part, on a pro rata or non-pro rata basis, and with such allocation among holders as the General Partner determines in good faith to be equitable, in each case without the consent of any Limited Partner. Any conversion pursuant to this Section shall be effected by book entry without the need for further action by any holder and shall be final and binding on the Limited Partners absent manifest error."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The definitions of "Units" and "Unitholders" in <u>Appendix A</u> to the Partnership
Agreement are hereby deleted and replaced in their entirety with the following:

"*Units* – shall mean a fractional, undivided interest in the Partnership including Class D Units, Class I-Series I Units, Class I-Series II Units, Class I-Series III Units, Class N Units and Class S Units and such other classes, or series of such classes, of Units, that may be issued in the sole discretion of the General Partner."

"*Unitholders* – shall mean the holders of Class D, Class I-Series I, Class I-Series II, Class I-Series III, Class N and Class S Units and such other classes, or series of such classes, of Units, that may be issued in the sole discretion of the General Partner."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>ENTIRE AGREEMENT</u>. Except as amended by this Amendment, the Partnership Agreement remains unaltered and in full force and effect. The Partnership Agreement, as amended by this Amendment, embodies the entire understanding of the parties, supersedes any prior agreements or understandings with respect to the subject matter hereof, and cannot be altered, amended, supplemented, or abridged, or any provisions waived except by the written consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>COUNTERPARTS</u>. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>GOVERNING LAW</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware and, in particular, the provisions of the Act, shall govern the validity of this Amendment, the construction of its terms and interpretation of the rights and duties of the parties.

[Signatures on next page]

------

IN WITNESS WHEREOF, the undersigned has executed this Amendment No. 2 to the Partnership Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| GENERAL PARTNER: | GENERAL PARTNER: |
| BLACKSTONE PRIVATE EQUITY<br>STRATEGIES ASSOCIATES L.P. | BLACKSTONE PRIVATE EQUITY<br>STRATEGIES ASSOCIATES L.P. |
| By: | BXPEA L.L.C., its general partner |
| By: | /s/ Viral Patel |
|  | Name: Viral Patel |
|  | Title: Senior Managing Director |

---

[*Signature page to Amendment No. 2 to* 

*Blackstone Private Equity Strategies Fund L.P. Second A&R LPA*]

## Exhibit 3.2

**Exhibit 3.2** 

AMENDMENT NO. 2 TO THE

AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

BLACKSTONE PRIVATE EQUITY STRATEGIES FUND (TE) L.P.

This AMENDMENT NO. 2 (the "<u>Amendment</u>") to the Amended and Restated Limited Partnership Agreement, dated as of January 2, 2024 (as amended by that certain Amendment No. 1 thereto, dated October 1, 2025, and as may be further amended from time to time, the "<u>Partnership Agreement</u>"), of Blackstone Private Equity Strategies Fund (TE) L.P., a Delaware limited partnership (the "<u>Partnership</u>"), is made as of January 1, 2026, by Blackstone Private Equity Strategies Associates L.P., a Delaware limited partnership, as general partner of the Partnership (the "<u>General Partner</u>").

WITNESSETH

WHEREAS, the Partnership is currently governed by the Partnership Agreement;

WHEREAS, as set forth in Section 11.3(a) of the Partnership Agreement, the General Partner desires to amend the Partnership Agreement as set forth in this Amendment; and

WHEREAS, the General Partner, in its discretion, has determined that this Amendment will not have a material adverse effect on the Limited Partners in the aggregate.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS; REFERENCES</u>. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Partnership Agreement. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Partnership Agreement shall, after the date hereof, refer to the Partnership Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REDESIGNATION</u>. Each Class I Unit issued prior to the date hereof is hereby redesignated to Class I-Series I Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>AMENDMENT TO THE AGREEMENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definition of " <u>Class</u> <u>I Unit</u> " is hereby deleted and replaced in its
entirety with the following:

"<u>Class</u> <u>I-Series I Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class I-Series I Unit as provided in this Agreement."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The definition of " <u>Unit</u> " is hereby deleted and replaced in its entirety with the following:

"<u>Unit</u>: A fractional, undivided interest in the Partnership of all Partners issued hereunder, unless the context otherwise requires, including Class D Units, Class I-Series I Units, Class I-Series II Units, Class I-Series III Units, Class S Units and such other classes, or series of such classes, of Units that may be issued by the Partnership in the sole discretion of the General Partner."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following definitions are hereby added to the definitions in Article I of the Partnership Agreement:

"<u>Class</u> <u>I-Series II Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class I-Series II Unit as provided in this Agreement."

"<u>Class</u> <u>I-Series III Unit</u>: A Unit entitling the holder thereof to the rights of a holder of a Class I-Series III Unit as provided in this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 2.4 of the Partnership Agreement is hereby deleted in its entirety and replaced with the
following:

"SECTION 2.4. <u>Classes, or Series of Classes, of Units</u>. The General Partner is hereby authorized to cause the Partnership to issue Units designated as Class D Units, Class I-Series I Units, Class I-Series II Units, Class I-Series III Units and Class S Units and such other classes, or series of such classes, of Units with such terms, rights and obligations that correspond with the Underlying Interests in the Main Fund. The General Partner may, in its sole discretion, at any time and from time to time, convert, reclassify or exchange any issued and outstanding Units of any class, or series of such class, into Units of one or more other classes or series (as applicable), in whole or in part, on a pro rata or non-pro rata basis, and with such allocation among holders as the General Partner determines in good faith to be equitable, in each case without the consent of any Limited Partner. Any conversion pursuant to this Section shall be effected by book entry without the need for further action by any holder and shall be final and binding on the Limited Partners absent manifest error."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>ENTIRE AGREEMENT</u>. Except as amended by this Amendment, the Partnership Agreement remains unaltered and in full force and effect. The Partnership Agreement, as amended by this Amendment, embodies the entire understanding of the parties, supersedes any prior agreements or understandings with respect to the subject matter hereof, and cannot be altered, amended, supplemented, or abridged, or any provisions waived except by the written consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>COUNTERPARTS</u>. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>GOVERNING LAW</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware and, in particular, the provisions of the Act, shall govern the validity of this Amendment, the construction of its terms and interpretation of the rights and duties of the parties.

[Signatures on next page]

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IN WITNESS WHEREOF, the undersigned has executed this Amendment No. 2 to the Partnership Agreement as of the date and year first above written.

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|:---|:---|
| GENERAL PARTNER: | GENERAL PARTNER: |
| BLACKSTONE PRIVATE EQUITY<br>STRATEGIES ASSOCIATES L.P. | BLACKSTONE PRIVATE EQUITY<br>STRATEGIES ASSOCIATES L.P. |
| By: | BXPEA L.L.C., its general partner |
| By: | /s/ Viral Patel |
|  | Name: Viral Patel |
|  | Title: Senior Managing Director |

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[*Signature page to Amendment No. 2 to* 

*Blackstone Private Equity Strategies Fund (TE) L.P. A&R LPA*]

## Exhibit 10.1

**Exhibit 10.1** 

<u>AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT</u> 

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT (this "<u>Agreement</u>"), dated as of January 1, 2026, by and between Blackstone Private Equity Strategies Fund L.P., a Delaware limited partnership (the "<u>Partnership</u>"), and Blackstone Private Investments Advisors L.L.C., a Delaware limited liability company (the "<u>Investment Manager</u>").

WHEREAS, the Partnership and the Investment Manager previously entered into that certain Investment Management Agreement, dated January 2, 2024 (the "<u>Original Agreement</u>"), pursuant to which the Partnership engaged the Investment Manager to originate and recommend investment opportunities to the Partnership, monitor and evaluate Investments and perform administrative services for the Partnership as requested by the General Partner, and the Investment Manager agreed to render such services to the Partnership in consideration of a management fee and other compensation as thereinafter specified;

WHEREAS, the engagement of the Investment Manager by the Partnership is authorized by the Second Amended and Restated Agreement of Limited Partnership of the Partnership (as may be further amended, restated or modified from time to time, the "<u>Partnership Agreement</u>"); and

WHEREAS, the Partnership and the Investment Manager desire to amend and restate the Original Agreement as set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. The defined terms used in this Agreement shall, unless the context otherwise requires, have the meanings specified in this Section 1 or, if not so specified, shall have the meanings specified in Article I of the Partnership Agreement.

"<u>Administration Fee</u>" shall have the meaning specified in Section 3(g) hereof.

"<u>Initial Fund Expenses Support</u>" shall have the meaning specified in Section 5 hereof.

"<u>Management Fee</u>" shall have the meaning specified in Section 3(a) hereof.

"<u>NAV</u>" shall have the meaning specified in Section 3(b) hereof.

"<u>Organizational and Offering Expenses</u>" shall have the meaning specified in Section 4 hereof.

"<u>Other Fees</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Reduction Amount</u>" shall have the meaning specified in Section 3(c) hereof.

"<u>Secondary Investments</u>" shall have the meaning specified in Section 3(c) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Provision of Services by the Investment Manager</u>. (a) The Investment Manager shall originate and recommend to the Partnership investment opportunities consistent with the purposes of the Partnership, monitor and evaluate Investments and provide such other services related thereto as the Partnership may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investment Manager shall (directly or through an Affiliate) maintain a staff trained and experienced in the business of identifying and structuring transactions contemplated by the Partnership Agreement. Services to be rendered by the Investment Manager in connection with the Partnership's investment program shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) analysis and investigation of potential Portfolio Entities, including their products, services, markets, management, financial situation, competitive position, market ranking and prospects for future performance and analyzing other Investments, including primary and secondary investments in funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) analysis and investigation of potential dispositions of Investments, including identification of potential acquirers and evaluation of offers made by such potential acquirers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) structuring of acquisitions of Investments, including through the Aggregator and other Intermediate Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) identification of bank and institutional sources of financing, arrangement of appropriate introductions and marketing of financing proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) supervision of the preparation and review of all documents required in connection with the acquisition, disposition or financing of each Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) monitoring the performance of Portfolio Entities and, where appropriate, providing advice to the management of the Portfolio Entities at the policy level during the life of an Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) arranging and coordinating the services of other professionals and consultants, including Blackstone; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) providing the Partnership with such other services as the General Partner may, from time to time, appoint the Investment Manager to be responsible for and perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the services provided by the Investment Manager, the Investment Manager shall not be authorized to manage the affairs of, act in the name of, or bind the Partnership. The management, policies and operations of the Partnership shall be the responsibility of the General Partner acting pursuant to and in accordance with the Partnership Agreement, and all decisions relating to Partnership matters, including, without limitation, the acquisition, management and disposition of Investments, shall be made by the General Partner acting pursuant to and in accordance with the Partnership Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner, on behalf of the Partnership, shall appoint the Investment Manager to be responsible for and perform all functions as, in the General Partner's reasonable discretion, constitute: (i) portfolio management and risk management functions in respect of the Partnership, and (ii) such other functions or responsibilities (if any) as the General Partner determines are appropriate to be carried out by the Investment Manager, in each case, in substitution for, and to the exclusion of, the General Partner. The General Partner will monitor the Investment Manager's performance of such functions. For the avoidance of doubt, the Investment Manager shall be permitted to engage one or more Affiliates to serve as a sub-manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Management Fee, Other Fees and Administration Fee</u>. (a) Pursuant to Section 6.2 of the Partnership Agreement, the Partnership (directly or indirectly through an Intermediate Entity) shall pay to the Investment Manager a management fee with respect to each Limited Partner (the "<u>Management Fee</u>"), calculated in the manner set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee shall be calculated monthly and paid quarterly by BXPE (directly or indirectly through an Intermediate Entity) in arrears on the last Business Day of each calendar quarter and shall be equal to, for each calendar month commencing six calendar months after the Initial Closing Date, in the aggregate, an annualized rate of (i) 1.25% of the Aggregator's net asset value ("<u>NAV</u>") attributable to Class I-Series I Units, (ii) 1.05% of the Aggregator's NAV attributable to the Class I-Series II Units and (iii) 0.95% of the Aggregator's NAV attributable to the Class I-Series III Units (each as defined in the Aggregator's exempted limited partnership agreement). The Management Fee shall be payable by BXPE before giving effect to any accruals for the Management Fee, Servicing Fees, the Administration Fee, the Performance Participation Allocation, pending Aggregator Unit redemptions, any distributions and without taking into account accrued and unpaid taxes of any Intermediate Entity through which BXPE indirectly invests in an Investment or taxes paid by any such Intermediate Entity during the applicable month. The Partnership, any Feeder Fund and/or Parallel Fund will each be obligated to pay (without duplication) its proportional share of the Management Fee based on its proportional interest in the Aggregator. The Investment Manager may elect to receive the Management Fee in cash, Units of the Partnership and/or any Parallel Fund and/or shares, units or interests (as applicable) of Intermediate Entities (which may, for the avoidance of doubt, be paid or allocated directly by an Intermediate Entity). If the Management Fee is paid in Units, such Units may be redeemed by the Partnership at NAV at the Investment Manager's request and will be subject to the volume limitations in the Unit Redemption Plan but not the early redemption deduction of the Unit Redemption Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any fees (other than the Management Fee, the Servicing Fee and the Administration Fee) earned by the Investment Manager and/or its Affiliates from or with respect to BXPE's investment activities and/or Portfolio Entities and from unconsummated transactions, including, without limitation, net break-up and topping fees, commitment fees, transaction fees, monitoring fees, directors' fees, investment banking fees, construction, development and other property/asset management fees (including, for example, services relating to the preparation of monthly cash flow models and industry research reports and sourcing, diligence and underwriting and other similar services), mortgage servicing fees, consulting fees (including management consulting), syndication fees, capital markets syndication and advisory fees (including underwriting fees, and with respect to syndications or placements of debt and/or equity securities or instruments issued by Portfolio Entities or entities formed to invest therein), origination fees,

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servicing (including loan/mortgage/asset servicing) fees, healthcare consulting/brokerage fees, group purchasing fees and/or insurance (including title insurance), financial advisory fees, organization fees, financing fees, divestment fees and other similar fees, treasury and valuation services, energy procurement / brokerage fees, fees for ESG services, data management and services fees or payments, leasing/administrative fees, similar fees for arranging acquisitions and other financial restructurings, other similar operational and financial matters, (whether in cash or in-kind), other fees and annual retainers (whether in cash or in-kind) and any other fees as further described in the Memorandum as updated from time to time (collectively, "<u>Other Fees</u>") shall be paid directly to the Investment Manager or its Affiliates and BXPE recognizes and consents that the Investment Manager and its Affiliates may receive such Other Fees and the Management Fee shall not be affected thereby except as expressly set forth in the last sentence of this Section 3(c); *provided*, that such Other Fees and any Reduction Amount (defined below) shall generally be allocated among the Partnership, any Feeder Funds, Parallel Funds and/or Intermediate Entities, Other Blackstone Accounts, or other Persons pro rata as determined in the good faith discretion of the Investment Manager and its affiliates. However, the Management Fee paid by each Limited Partner (indirectly through the Partnership) (in addition to any Management Fee reduction pursuant to Section 4.1(a)(i) of the Partnership Agreement) shall be reduced (but not below zero) by an amount (the "<u>Reduction Amount</u>") equal to 100% of the Partnership's pro rata share of the net break-up, topping, commitment, transaction, monitoring, directors', organization and divestment fees and management and performance fees borne by the Partnership through secondary market purchases of existing investments in established funds ("<u>Secondary Investments</u>") in an Other Blackstone Account (excluding Secondary Investments in Other Blackstone Accounts that were made as part of a portfolio transaction) paid to the Investment Manager or its Affiliates in connection with the Partnership's Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such Other Fees shall be net of, to the extent not reimbursed or paid as provided herein, reasonable out-of-pocket expenses incurred by the Investment Manager or its Affiliates (and not otherwise reimbursed) in connection with the transaction out of which such fees arose. Subject to the foregoing, the Reduction Amounts in respect of fees received by the Investment Manager and its Affiliates in any month shall be based upon the aggregate of fees received by the Investment Manager and its Affiliates. The Reduction Amounts for each month shall be applied to reduce the Management Fee payable at the beginning of the immediately succeeding month (but not to an amount below zero).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investment Manager and its Affiliates may receive fees of the type described in this Section 3 from companies other than BXPE's Portfolio Entities and their Affiliates and those involved in BXPE's unconsummated transactions, including in connection with a joint venture in which BXPE participates or otherwise with respect to assets or other interests retained by a seller or other commercial counterparty of BXPE and/or as otherwise described in the Memorandum. The Investment Manager and its Affiliates shall have no obligation to reduce the Management Fee in respect of such fees or share such fees in any way with BXPE or the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Management Fee for each of (i) the first calendar month after the first six months following the Initial Closing Date and (ii) the last calendar month of BXPE shall each be prorated for the number of days in such period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Administration Fee</u>. Pursuant to Section 6.2 of the Partnership Agreement, the Partnership (directly or indirectly through an Intermediate Entity) shall pay to the Investment Manager an administration fee (the "<u>Administration Fee</u>"). The Administration Fee shall be payable in cash monthly in arrears on the last Business Day of each calendar month and shall be equal to, in the aggregate, an annualized rate of 0.10% of the Aggregator's NAV. The Administration Fee shall be payable by BXPE before giving effect to any accruals for the Management Fee, the Servicing Fee, the Administration Fee, the Performance Participation Allocation, pending Aggregator Unit redemptions, any distributions and without taking into account accrued and unpaid taxes of an Intermediate Entity (including corporations) through which BXPE indirectly invests in an Investment or taxes paid by any such Intermediate Entity during the applicable month. The Partnership, any Feeder Fund and any Parallel Fund will each be obligated to pay (without duplication) its proportional share of the Administration Fee based on its proportional interest in the Aggregator. From time to time, the Investment Manager may outsource certain administrative duties provided with respect to the Administration Fee to third-parties. The fees, costs and expenses of any such third-party service providers will be payable by the Investment Manager out of its Administration Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Organizational and Offering Expenses</u>. The Investment Manager hereby agrees to advance all of BXPE's organizational and offering expenses on BXPE's behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses, due diligence expenses of participating placement agents or financial intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of each entity (including, as applicable, transfer agent, administrator and depository fees, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, entertainment and meals and including all similar organizational and offering expenses of any Feeder Funds, Parallel Funds and/or Intermediate Entities primarily organized to invest in BXPE to the extent not paid by such Feeder Funds, Parallel Funds and/or Intermediate Entities or their investors, but excluding subscription fees and Servicing Fees)) (collectively, "<u>Organizational and Offering Expenses</u>") through the first anniversary of the Initial Closing Date. On the Initial Closing Date (*i.e.*, the day on which BXPE first accepts third-party investors and begins investment operations), BXPE will be obligated to reimburse the Investment Manager for all such advanced Organizational and Offering Expenses ratably over the 60 months following the first anniversary of the Initial Closing Date. The Investment Manager will determine what Organizational and Offering Expenses are attributable to the Partnership or any Feeder Fund, Parallel Fund or Intermediate Entity, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Initial Fund Expenses Support</u>. The Investment Manager may, in its discretion, advance all or a portion of the Fund Expenses to be borne by BXPE and the appropriately apportioned expenses relating to the Portfolio Entities, Feeder Funds, Parallel Funds and/or Intermediate Entities to the extent not paid by such Portfolio Entities, Feeder Funds, Parallel Funds and/or Intermediate Entities, in each case as determined pursuant to the terms of this Agreement and the Partnership Agreement (collectively, "<u>Initial Fund Expenses Support</u>") through the first anniversary of the Initial Closing Date. BXPE will reimburse the Investment Manager for all such advanced expenses ratably over the 60 months following the first anniversary of the Initial Closing Date or on such earlier date as determined by the Investment Manager. The Investment Manager will determine the portion of Initial Fund Expenses Support that is attributable to the Partnership or any Portfolio Entity, Feeder Fund, Parallel Fund and/or Intermediate Entity in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Exculpation and Indemnification</u>. The parties hereto acknowledge that the Investment Manager and its officers, directors, members, partners, employees, agents, stockholders and Affiliates are beneficiaries of and shall be bound by and deemed subject to the exculpation and indemnification provisions of Section 4.3 of the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term</u>. The term of this Agreement shall be the same as the term of the Partnership Agreement as set forth in Section 9.1 thereof. This Agreement shall be terminated upon the earliest to occur of (a) the decision of the Partnership in the sole discretion of the General Partner upon sixty (60) days' notice to so terminate, (b) the bankruptcy of the Investment Manager, and (c) the termination of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>. (a) This Agreement may be amended, modified or supplemented at any time and from time to time by an instrument in writing signed by each party hereto, or their respective successors or assigns (including, without limitation, amendments to conform to successor entities and applicable regulatory requirements), or otherwise as provided herein, and any provision herein may be waived, by the written consent of the General Partner; *provided* that any amendment, modification or supplement that, in the General Partner's discretion, viewed as a whole together with all such amendments, modifications or supplements, would have a material adverse effect on the Limited Partners in the aggregate will require the prior approval of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice shall be deemed to have been duly given if (i) personally delivered, when received, (ii) sent by United States Express Mail or recognized overnight courier on the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Partnership or its Affiliates and for which any Limited Partner has received access instructions by electronic mail, when posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall bind any successors or assigns of the parties hereto as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) and any additional information incidental thereto may be presented, delivered executed and/or maintained in as many counterparts as necessary or convenient, including both counterparts that are executed on paper and counterparts that are electronic records and executed electronically, and each executed counterpart shall be deemed an original. All such counterparts shall constitute one and the same document. For the avoidance of doubt, any party's execution and delivery of this Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) by electronic signature and/or electronic transmission shall constitute the execution and delivery of a counterpart of the executed document by or on behalf of such party and shall bind such party to its terms. The authorization under this paragraph may include, without limitation, a manually signed paper document which has been converted into electronic form (such as scanned into PDF format or transmitted via facsimile), or an electronically signed document converted into another format, for transmission, delivery and/or retention.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Investment Manager acting in the ordinary course of its business as an independent contractor and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The provisions of this Agreement shall be construed in accordance with and governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without the consent of a majority of the Independent Directors (which, for the avoidance of doubt, would include all of the Independent Directors in the event there were two or fewer Independent Directors on the Board of Directors), the Investment Manager shall not assign, sell or otherwise dispose of all or any part of its right, title and interest in and to this Agreement, except to an Affiliate thereof; *provided*, that nothing in this Agreement shall preclude changes in the composition of the members constituting the limited liability company which is the Investment Manager so long as Blackstone and its Affiliates control such limited liability company; *provided, further*, that such limited liability company may be reconstituted from the limited liability company form to the limited partnership form, the general partnership form or to the corporate form or vice versa or any other form of entity so long as Blackstone and its Affiliates control such reconstituted entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No failure on the part of either party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their representatives thereunto duly authorized effective as of the day and year first above written.

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| | |
|:---|:---|
| BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. | BLACKSTONE PRIVATE EQUITY STRATEGIES FUND L.P. |
| By: Blackstone Private Equity Strategies Associates L.P., its general partner | By: Blackstone Private Equity Strategies Associates L.P., its general partner |
| By: BXPEA L.L.C., its general partner | By: BXPEA L.L.C., its general partner |
| By: | /s/ Kate O'Neil |
| Name: | Kate O'Neil |
| Title: | Managing Director |
| BLACKSTONE PRIVATE INVESTMENTS ADVISORS L.L.C. | BLACKSTONE PRIVATE INVESTMENTS ADVISORS L.L.C. |
| By: | /s/ Joshua Shapiro |
| Name: | Joshua Shapiro |
| Title: | Chief Compliance Officer |

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[*Signature page to Blackstone Private Equity Strategies Fund L.P. A&R IMA*]