Blackstone Receives Notice on Novel Exemptive Application under the 1940 Act

On January 21, 2020, the SEC issued a “notice” relating to an exemptive application filed by Blackstone Alternative Investment Funds (Blackstone Trust) and Blackstone Alternative Investment Advisors LLC (Blackstone). The application requests relief that would permit the Blackstone Trust’s board of trustees to approve new sub-advisory agreements and material amendments to existing sub-advisory agreements without complying with the in-person meeting requirement of Section 15(c) of the 1940 Act, so long as board members can hear each other during the meeting. The relief would not apply to advisory agreements. A notice provides members of the public with an opportunity to request a hearing. An order granting the application will be issued on or around February 18, 2020 unless the Commission orders a hearing.

The notice is available at: https://www.sec.gov/rules/ic/2020/ic-33748.pdf.