v3.26.1
Form N-1A Supplement
Mar. 31, 2026
Prospectus [Line Items]  
Supplement to Prospectus [Text Block]
BLACKSTONE ALTERNATIVE INVESTMENT FUNDS
Supplement dated September 8, 2026 to the
Blackstone Alternative Multi-Strategy Fund (the “Fund”)
Prospectus, dated July 30, 2026
Addition of Sub‑Adviser
Pursuant to action taken by the Board of Trustees of the Fund, Dardanelles Capital, LP will 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
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
Callodine Capital Management, LP    Equity Hedge Strategies
Capital Fund Management, S.A.    Multi-Strategy Strategies
Caspian Capital LP    Relative Value Strategies
Catalio Capital Management, LP    Equity Hedge Strategies
Dardanelles Capital, LP    Equity Hedge Strategies
D. E. Shaw Investment Management, L.L.C.    Multi-Strategy Strategies
Fort Baker Capital Management LP    Event-Driven Strategies
Harvest Fund Advisors LLC    Equity Hedge Strategies
Maren Capital LLC    Equity Hedge Strategies
Mariner Investment Group, LLC    Relative Value Strategies
Merritt Point Partners LLC    Macro Strategies
Mesarete Capital LLP and Mesarete Capital (US) LLC    Relative Value Strategies
Nephila Capital Ltd.    Event-Driven Strategies
North Reef Capital Management LP    Equity Hedge Strategies
Oak Hill Advisors, L.P.    Relative Value Strategies
OT Research    Equity Hedge Strategies
Seiga Asset Management Limited    Equity Hedge Strategies
Seven Grand Managers, LLC    Event-Driven Strategies
Two Sigma Investments, LP    Equity Hedge Strategies
Varick Capital Partners LP    Macro Strategies
Blackstone Alternative Multi-Strategy Fund  
Prospectus [Line Items]  
Supplement to Prospectus [Text Block]
BLACKSTONE ALTERNATIVE INVESTMENT FUNDS
Supplement dated September 8, 2026 to the
Blackstone Alternative Multi-Strategy Fund (the “Fund”)
Prospectus, dated July 30, 2026
Addition of Sub‑Adviser
Pursuant to action taken by the Board of Trustees of the Fund, Dardanelles Capital, LP will 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
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
Callodine Capital Management, LP    Equity Hedge Strategies
Capital Fund Management, S.A.    Multi-Strategy Strategies
Caspian Capital LP    Relative Value Strategies
Catalio Capital Management, LP    Equity Hedge Strategies
Dardanelles Capital, LP    Equity Hedge Strategies
D. E. Shaw Investment Management, L.L.C.    Multi-Strategy Strategies
Fort Baker Capital Management LP    Event-Driven Strategies
Harvest Fund Advisors LLC    Equity Hedge Strategies
Maren Capital LLC    Equity Hedge Strategies
Mariner Investment Group, LLC    Relative Value Strategies
Merritt Point Partners LLC    Macro Strategies
Mesarete Capital LLP and Mesarete Capital (US) LLC    Relative Value Strategies
Nephila Capital Ltd.    Event-Driven Strategies
North Reef Capital Management LP    Equity Hedge Strategies
Oak Hill Advisors, L.P.    Relative Value Strategies
OT Research    Equity Hedge Strategies
Seiga Asset Management Limited    Equity Hedge Strategies
Seven Grand Managers, LLC    Event-Driven Strategies
Two Sigma Investments, LP    Equity Hedge Strategies
Varick Capital Partners LP    Macro Strategies