Blackstone launched its perpetual private equity fund, BXPE, on January 2, 2024. By mid-2026, the fund reached an aggregate net asset value of approximately $25–26 billion, with monthly inflows peaking at roughly $1 billion. This growth contributed to the expansion of the broader US perpetual equity market to an estimated $100 billion.
The fund targets accredited individual investors and allocates 24% of its portfolio to technology. Through June 2026, Class I shares recorded an annualized net return of approximately 19.5%. However, in July 2026, the monthly return fell to 0.4%, following a decline in the valuation of SpaceX after its public listing.
BXPE charges a 1.25% annual management fee and a 12.5% performance fee on returns exceeding a 5% hurdle rate, subject to a high-water mark. The fund maintains a 3% quarterly redemption cap due to the illiquidity of its underlying assets. Critics note that internal asset valuations may create incentives for optimistic reporting to attract capital.
The fund's reliance on internal assessments for private holdings can lead to discrepancies when companies transition to public pricing. Similar to Blackstone’s real estate fund, BREIT, which faced redemption requests exceeding limits in 2022 and 2023, BXPE remains exposed to risks associated with sector concentration and potential liquidity constraints.
