Essentials of Private Markets

Source: Bloomberg, Morningstar, Cambridge Associates, NCREIF, Cliffwater, as of December 31, 2023. As commonly used in the industry, the 60/40 portfolio is 60% allocated to the MSCI ACWI and 40% is allocated to the Bloomberg Global Aggregate Bond index. Private Credit is represented by the Cliffwater Direct Lending Index. Private Real Estate is represented by the NFI-ODCE Index. Private Equity is represented by the Cambridge Associates. US Private Equity Index. Annualized returns and volatility are calculated based on the quarterly returns over the 10-year period ended December 31, 2023. The yield on the portfolio with a private market alternative allocation was calculated using the annualized MSCI ACWI Dividend Yield, the annualized Bloomberg Global Aggregate Bond Yield, annualized Cliffwater Direct Lending Index quarterly income, and the annualized NFI-ODCE quarterly income. There is no yield from the private equity allocation, so private equity did not contribute to the annualized yield calculation. Past performance does not predict future returns. These indices have been selected as generally well -known and widely recognized indices and not as a benchmark for any specific fund. Past events and trends to not imply, predict or guarantee, and are not necessarily indicative of future events or results. There are substantial risks and limitations to relying on hypothetical returns because market conditions, including macroeconomic factors, and counterparty performance beyond Blackstone’s control may change and adversely impact the value of portfolio assets, thereby negatively impacting returns to investors.