Attractive Entry Point With More Growth to Come; OW

研报英文原文证据摘录

Attractive Entry Point With More Growth to Come; OW

IdeaMExhibit 1: BX launched WVB All Markets and WVB All Privates in collaboration

with Wellington and Vanguard

Retail offering TBD TBD

WVB Blackstone All Privates Fund WVB All Markets Fund

Structure 40-Act Closed-end interval fund

Partner Wellington, Vanguard Wellington, Vanguard

Vehicle Size (Current AuM) TBA TBA

Target Customer No eligibility requirements No eligibility requirements

Minimum Initial Investment $2,500 $2,500

Active and passive strategies, with

Seeks to provide attractive risk-adjusted

investments spread across public equities and

returns by investing across private markets via

Investment Mandate fixed income, private investments including

one investment for diversified private markets

private equity and credit, real estate, and

exposure

infrastructure

0.10% to Wellington as the Advisor; 0.10% to Wellington as the Advisor;

BX receives management fee commensurate BX receives management fee commensurate

Mgmt Fee rate

with fee rates on underlying funds 0.75%- with fee rates on underlying funds 0.75%-

1.25%. 1.25%.

Preferred Return (Hurdle) Only at underlying fund level Only at underlying fund level

None at Fund level; underlying funds generally

Carry Rate (Incentive fees) 10-15% at underlying fund level

equal to 12.5%

Carry Performance Fees Base Only at underlying fund level Only at underlying fund level

Liquidity Terms Quarterly, 3% of outstanding shares Quarterly, (5-25%, intends 10%)

Wellington as advisor; BX, Vanguard Wellington as advisor; BX, Vanguard

Partnership Agreement

underlying fund providers underlying fund providers

Atleast 80% in BX underlying funds that 40-60% public equities

provide private markets exposure and 15-30% public fixed income

temporary private markets exposure proxies.