# EDGAR Filing Document

**Accession Number:** 0001557794
**File Stem:** 0001193125-23-088376
**Filing Date:** 2023-3
**Character Count:** 15184
**Document Hash:** 9019cd8dede2e4e9180742be5b412af1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-088376.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-088376

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Alternative Investment Funds
- **CENTRAL INDEX KEY:** 0001557794
- **IRS NUMBER:** 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:** 23789402

**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="utf-8" ? Blackstone Alternative Multi-Strategy Fund

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#### Filed pursuant to Rule 497(e) File Nos. 333-185238 and 811-22743

#### BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

#### Supplement dated March 31, 2023 to the

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

#### Prospectus, dated July 29, 2022, as supplemented

#### Addition of Sub-Advisers
Pursuant to action taken by the Board of Trustees of the Fund, Fort Baker Capital Management LP and Merritt Point Partners LLC will each 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** |
| Aperture Investors, LLC | Equity Hedge Strategies |
| 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 |
| Caspian Capital LP | Event-Driven Strategies |
| Clear Sky Advisers, LLC | Macro Strategies |
| D. E. Shaw Investment Management, L.L.C. | Multi-Strategy Strategies |
| Emso Asset Management Limited | Macro Strategies |
| Endeavour Capital Advisors Inc. | Equity Hedge Strategies |
| Fir Tree Capital Management LP | Relative Value Strategies |
| Fort Baker Capital Management LP | Event-Driven Strategies |
| Jasper Capital Hong Kong Limited | Equity Hedge Strategies |
| Magnetar Asset Management LLC | Event-Driven Strategies |
| Mariner Investment Group, LLC | Relative Value Strategies |
| Melqart Asset Management (UK) Limited | Macro 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 |
| Sage Rock Capital Management LP | Event-Driven Strategies |
| Seiga Asset Management Limited | Equity Hedge Strategies |
| Seven Grand Managers LLC | Event-Driven Strategies |
| TrailStone Commodity Trading US, LLC | Macro Strategies |
| Two Sigma Advisers, LP | Equity Hedge Strategies |
| Waterfall Asset Management, LLC | Relative Value 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:
Aperture Investors, LLC

Bayforest Capital Limited

Bayview Asset Management, LLC

------

Blackstone Liquid Credit Strategies LLC

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

Caspian Capital LP

Clear Sky Advisers, LLC

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

Emso Asset Management Limited

Endeavour Capital Advisors Inc.

Fir Tree Capital Management LP

Fort Baker Capital Management LP

Jasper Capital Hong Kong Limited

Magnetar Asset Management LLC

Mariner Investment Group, LLC

Melqart Asset Management (UK) Limited

Merritt Point Partners LLC

Mesarete Capital LLP

Nephila Capital Ltd.

North Reef Capital Management LP

Sage Rock Capital Management LP

Seiga Asset Management Limited

Seven Grand Managers LLC

TrailStone Commodity Trading US, LLC

Two Sigma Advisers, LP

Waterfall Asset Management, LLC

The following disclosure is added to the list of sub-strategies under the "Macro Strategies" heading in the "More on the Fund's Investment Strategies, Investments, and Risks—Investment Strategy" section in the Prospectus:

---

| | |
|:---|:---|
| ➣ | **Commodity—Multi Strategies,** which are reliant on the fundamental evaluation of market data, relationships, and influences as they pertain primarily to commodity markets, including positions in energy, agriculture, resources, or metal assets. Portfolio positions typically are predicated on the evolution of investment themes the investment manager expects to materialize over a relevant timeframe, which in many cases contain contrarian or volatility focused components. Investment managers also may trade actively in developed and emerging markets, including equity markets, fixed income and interest rate markets, and/or currency markets, frequently employing spread trades to isolate differentials in current and expected values.  |

---

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** |
| Aperture Investors, LLC | Equity Hedge Strategies | Equity Long/Short |
| 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 |
| Caspian Capital LP | Event-Driven Strategies | Distressed/Restructuring |
| Clear Sky Advisers, LLC | Macro Strategies | Commodity – Energy |
| D. E. Shaw Investment Management, L.L.C. | Multi-Strategy Strategies | N/A |
| Emso Asset Management Limited | Macro Strategies | Discretionary Thematic |
| Endeavour Capital Advisors Inc. | Equity Hedge Strategies | Equity Long/Short |
| Fir Tree Capital Management LP | Relative Value Strategies | Fixed Income – Corporate |
| Fort Baker Capital Management LP | Event-Driven Strategies | Event Driven Multi-Strategy |
| Jasper Capital Hong Kong Limited | Equity Hedge Strategies | Quantitative Directional |

---

------

---

| | | |
|:---|:---|:---|
| **Discretionary Sub-Advisers** | **Principal Strategy** | **Principal Sub-Strategy** |
| Magnetar Asset Management LLC | Event-Driven Strategies | Risk Arbitrage Strategies |
| Mariner Investment Group, LLC | Relative Value Strategies | Fixed Income – Asset Backed |
| Melqart Asset Management (UK) Limited | Macro Strategies | Discretionary Thematic |
| 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 |
| Sage Rock Capital Management LP | Event-Driven Strategies | Event-Driven Multi-Strategy |
| Seiga Asset Management Limited | Equity Hedge Strategies | Equity Long/Short |
| Seven Grand Managers LLC | Event-Driven Strategies | Event-Driven Multi-Strategy |
| TrailStone Commodity Trading US, LLC | Macro Strategies | Commodity – Energy |
| Two Sigma Advisers, LP | Equity Hedge Strategies | Equity Market Neutral |
| Waterfall Asset Management, LLC | Relative Value Strategies | Fixed Income – Asset Backed |

---

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

• Fort Baker Capital Management LP ("Fort Baker"), located at 700 Larkspur Landing Circle Suite 275, Larkspur, CA 94939, is an investment adviser registered with the SEC. Fort Baker may manage a portion of the Fund's assets using Event-Driven Strategies. Founded in 2015, Fort Baker has approximately $440 million in assets under management as of February 28, 2023.

• Merritt Point Partners LLC ("Merritt Point"), located at 1999 Harrison Street, Suite 1800, Oakland, CA 94612, is a commodity trading advisor registered with the CFTC. Merritt Point may manage a portion of the Cayman Subsidiary's assets using Macro Strategies. Founded in 2018, Merritt Point has approximately $102.7 million in assets under management as of February 28, 2023.

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

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#### Filed pursuant to Rule 497(e) File Nos. 333-185238 and 811-22743

#### BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

#### Supplement dated March 31, 2023 to the

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

#### Statement of Additional Information, dated July 29, 2022, as supplemented

#### Addition of Sub-Advisers
Pursuant to action taken by the Board of Trustees of the Fund, Fort Baker Capital Management LP and Merritt Point Partners LLC will each 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:

• *Fort Baker Capital Management LP ("Fort Baker")*. The principal owner of Fort Baker is Steve Pigott.

• *Merritt Point Partners LLC ("Merritt Point")*. The principal owner of Merritt Point is Jeffrey Baird.

#### Sub-Adviser Proxy Voting Policy
Effective immediately, the following disclosure is added to Appendix A to the Statement of Additional Information:

#### Summary of Proxy Voting Policy for Fort Baker Capital Management LP
Fort Baker Capital Management LP ("Fort Baker" or the "Firm"), as a fiduciary of its Clients, must act to maximize the value of the accounts it manages. Under its fiduciary duties of care and loyalty the Firm must monitor corporate actions and act reasonably to vote proxies in the best interests of its Clients.

Rule 206(4)-6 under the Advisers Act requires that an adviser that exercises voting authority over client securities:

• adopt and implement written proxy voting procedures reasonably designed to ensure that its voting is in the best interests of clients,

• address in such policies and procedures how the adviser will manage any conflicts of interest that might otherwise affect its proxy voting decisions,

• provide a summary of such procedures to clients, and

• offer to provide the full procedures upon request and inform clients how they can obtain information about how their securities were voted.

#### Introduction
Rule 206(4)-6 of the Advisers Act (the "**Proxy Rule**") requires a registered investment adviser that exercises voting authority with respect to client securities to: (i) adopt written policies reasonably designed to ensure that the investment adviser votes in the best interest of its clients and addresses how the investment adviser will deal with material conflicts of interest that may arise between the investment adviser and its clients; (ii) disclose to its clients information about such policies and procedures; and (iii) upon request provide information on how proxies were voted.

------

#### Corporate Action and Proxy Voting Policy
Fort Baker's policy is to comply with the Proxy Rule and act solely in the best interest of the Client when exercising its voting authority. The Firm determines whether and how to vote corporate actions and proxies on a case-by-case basis and will apply the following guidelines, as applicable:

• Attempt to consider all aspects of the vote that could affect the value of the issuer or that of the Client;

• Vote in a manner that it believes is consistent with the Client's stated objectives; and

• Generally, vote in accordance with the recommendation of the issuing company's management on routine and administrative matters, unless the Firm has a particular reason to vote to the contrary.

#### Conflicts of Interest
Fort Baker will not put its own interests ahead of those of any Client and will resolve any possible conflicts between its interests and those of the Client in favor of the Client. In the event that a potential conflict of interest arises, the Firm will vote on a case-by-case basis and undertake the following analysis.

A conflict of interest will be considered material to the extent that it is determined that the conflict has the potential to influence the Firm's decision making in voting the proxy. If such a material conflict is deemed to exist, the Firm will refrain completely from exercising its discretion with respect to voting the proxy and will instead refer that vote to an outside service for its independent consideration. If it is determined that any such conflict or potential conflict is not material, the Firm may vote the proxy.

#### Voting Information and Recordkeeping
Under the Books and Records Rule, Fort Baker must retain: (i) its voting policies and procedures; (ii) corporate action and proxy statements received; (iii) records of votes cast; (iv) records of its Client's requests for voting information; and (v) any documents prepared by the Firm that were material to making a decision on how to vote. All votes will be documented and maintained by the Chief Compliance Officer ("CCO").

#### Operating Procedures and Compliance Review
Fort Baker will vote proxies as it deems necessary or appropriate, on a case by case basis. Prior to voting, the CCO will make a determination as to whether a material conflict of interest exists and will either resolve the conflict or refer the proxy vote to an outside service for its independent consideration. The CCO will conduct a periodic review of the proxy voting records to ensure that proxies are properly voted and records are appropriately maintained.

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