0001557794 baif:S000045538Member 2026-03-31 2026-03-31 0001557794 2026-03-31 2026-03-31 false 2026-03-31 497 0001557794 N-1A <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BLACKSTONE ALTERNATIVE INVESTMENT FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated September 8, 2026 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Blackstone Alternative Multi-Strategy Fund (the “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Prospectus, dated July 30, 2026 </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;"><span style="text-decoration:underline">Addition of Sub‑Adviser </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Effective immediately, the Fund’s Prospectus is revised as follows: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:62%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="width:37%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Discretionary Sub‑Advisers</div> </td> <td style="vertical-align:bottom;">  </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Principal Strategy</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Bayview Asset Management, LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Blackstone Liquid Credit Strategies LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Blackstone Real Estate Special Situations Advisors L.L.C.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Callodine Capital Management, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Capital Fund Management, S.A.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Multi-Strategy Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Caspian Capital LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Catalio Capital Management, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Dardanelles Capital, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">D. E. Shaw Investment Management, L.L.C.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Multi-Strategy Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Fort Baker Capital Management LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Event-Driven Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Harvest Fund Advisors LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Maren Capital LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Mariner Investment Group, LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Merritt Point Partners LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Macro Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Mesarete Capital LLP and Mesarete Capital (US) LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Nephila Capital Ltd.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Event-Driven Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">North Reef Capital Management LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Oak Hill Advisors, L.P.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">OT Research</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Seiga Asset Management Limited</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Seven Grand Managers, LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Event-Driven Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Two Sigma Investments, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Varick Capital Partners LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Macro Strategies</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BLACKSTONE ALTERNATIVE INVESTMENT FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated September 8, 2026 to the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Blackstone Alternative Multi-Strategy Fund (the “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Prospectus, dated July 30, 2026 </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;"><span style="text-decoration:underline">Addition of Sub‑Adviser </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Effective immediately, the Fund’s Prospectus is revised as follows: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">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: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:62%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="width:37%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Discretionary Sub‑Advisers</div> </td> <td style="vertical-align:bottom;">  </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:times new roman;font-weight:bold;">Principal Strategy</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Bayview Asset Management, LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Blackstone Liquid Credit Strategies LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Blackstone Real Estate Special Situations Advisors L.L.C.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Callodine Capital Management, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Capital Fund Management, S.A.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Multi-Strategy Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Caspian Capital LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Catalio Capital Management, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Dardanelles Capital, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">D. E. Shaw Investment Management, L.L.C.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Multi-Strategy Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Fort Baker Capital Management LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Event-Driven Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Harvest Fund Advisors LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Maren Capital LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Mariner Investment Group, LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Merritt Point Partners LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Macro Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Mesarete Capital LLP and Mesarete Capital (US) LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Nephila Capital Ltd.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Event-Driven Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">North Reef Capital Management LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Oak Hill Advisors, L.P.</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Relative Value Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">OT Research</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Seiga Asset Management Limited</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Seven Grand Managers, LLC</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Event-Driven Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Two Sigma Investments, LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Equity Hedge Strategies</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;">Varick Capital Partners LP</td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;">Macro Strategies</td> </tr> </table> BLACKSTONE ALTERNATIVE INVESTMENT FUNDS 2026-07-30