Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and the trading costs of reinvestment are not taken into account. Past performance is not a reliable indicator of future results.
Provider figures
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
Performance 12M · as at 31 Oct 2025
4.60%
Since launch p.a. · as at 31 Oct 2025
4.60%
Target return per the provider: Not documented (hurdle rate 5 % p.a. as the performance fee threshold)
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2021
Fund sizeEUR 1.40bnas at 31 Oct 2025 (fact card)
CurrencyEUR
Income treatmentboth
SFDR—
Recommended holding—
Liquidity buffer10.00%
Leverage limit24.20%
Risk indicator4 of 7from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Sector breakdown
Actual portfolioGross asset value (GAV)as at 30 Jun 2026
Logistics & industrial66.0%
Office19.0%
Mixed use15.0%
Show groups
Real estate100.0%
Source: Blackstone 'BEPIF SICAV' Fact Card Juni 2026, S. 2, Grafik 'Sector Allocation'
Geographic breakdown
Actual portfolioGross asset value (GAV)as at 30 Jun 2026
United Kingdom40.0%
Germany18.0%
Ireland13.0%
Italy11.0%
Poland6.0%
Netherlands4.0%
Nordics3.0%
Spain2.0%
Other / unallocated3.0%
Show groups
Europe97.0%
Other / unallocated3.0%
Source: Blackstone 'BEPIF SICAV' Fact Card Juni 2026, S. 2, Grafik 'Geographic Allocation'
Strategy
Core / Core+Logistics
Approx. 90 % of GAV in substantially stabilised, income-generating European real estate, partly via Blackstone Property Partners Europe (Lux) SCSp (BPPE, Core+ institutional fund); thematic concentration on logistics
03Costs
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
Management fee
1.25%
Total ongoing costs
1.30%
Entry charge max.
3.50%
Redemption fee
5.00%
Performance fee
12.50%
Hurdle rate
5.00%
High-water mark
yes
In context: ongoing costs
This fund
1.30%
Median Real Estate
2.30%
Median across 5 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How the performance fee works
Performance participation on the TOTAL RETURN, i.e. including unrealised revaluations of the property portfolio – not limited to realised disposal gains or rental income. Hurdle: 5 % p.a., measured as annualised IRR on NAV over the reference period. Catch-up: 100 % – hence a SOFT hurdle. High-water mark: yes. Crystallisation: annual calculation, QUARTERLY payment. KID cost impact 0.7 % p.a. (five-year average). The KID states in general terms: 'We take these from the product if it outperforms the relevant criteria as defined in the constituent documents.'
Costs per the key information document
PRIIPs KID Class A-D-EUR (as at 2 Jan 2025): management fees and other administrative or operating costs 1.3 % p.a. (EUR 128 per EUR 10,000, estimated on the basis of the previous year's actual costs) + transaction costs 0.2 % p.a. (EUR 16, excluding acquisition-related transaction costs) + performance fees 0.7 % p.a. (EUR 67, five-year average). Annual total cost impact (reduction in yield): 2.1 % p.a. both on exit after 1 year and after 8 years (illustrative recommended holding period); return before costs 8.9 % p.a., after costs 6.7 % p.a. Cost cap: the investment manager voluntarily applies a deferral mechanism and caps certain fund as well as formation/offering costs at 0.50 % p.a. of the NAV of the fund complex
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentnot documented
Entry chargeup to 3.50%
Rec. holding periodnot documented
Subscription per the document
Monthly (subscription amounts payable in advance)
05Redemption & liquidity
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
Units can be redeemed monthly; on each date the fund redeems at most 2 % of fund assets; for the first 12 months after subscription no redemption is possible.
1 · Lock-up12 months from subscription
2 · Notice periodunknown
3 · Redemption datemonthly
4 · Gatemax. 2 % per date
5 · Payout60 days after the date
The gate caps redemptions at 2 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
Redemption per the document
Monthly at the NAV as at the last calendar day of the month
Gate per the document
Yes – 2 % of NAV per month and 5 % of NAV per quarter, calculated across BEPIF SICAV and the parallel entities
Notice period
Redemption request by 17:00 CET on the first business day of the month in which the redemption date falls
Lock-up
Soft lock: redemption of units held for less than 1 year is effected at 95 % of NAV (5 % discount)
06Share classes
4 classes known. All cost and risk figures on this page apply to LU2339810876.
ISIN
Status
Min. investment
Ongoing costs
SRI
LU2339810876
basis of this page
not documented
1.30%
4/7
LU2339810959
documented
not documented
2.10%
4/7
LU2339810793
documented
not documented
1.30%
4/7
LU2339811098
documented
not documented
2.10%
4/7
Note on the classes
The main class is I-A-EUR (LU2339810876): accumulating, no servicing fee, management fee 0.5 % instead of 1.3 %, launched on 1 Oct 2021, primary NAV series on the provider's website, WKN A3DS8S. Class universe according to the KIDs: four classes (I and A, each accumulating and distributing, all in EUR, SRI 4, performance fee 0.6 %). The older series for class A-D-EUR (LU2339810959) is retained as history. Performance since launch is negative — class I-A around −3.3 % cumulative, with the NAV falling from EUR 10.39 to EUR 8.51; the background is the property market downturn of 2023/24. According to the prospectus, up to 1.25 % p.a. management fee and up to 12.5 % performance participation are contractually possible; the KID figures of 0.5 % and 1.3 % are estimates covering management and operating costs. The minimum investment appears in the prospectus only as a graphic and cannot be read off.
07Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
Blackstone Europe Fund Management S.a r.l., 2-4 rue Eugene Ruppert, L-2453 Luxemburg; depositary: CACEIS Bank, Luxembourg Branch
Launch date
1 Oct 2021 (Inception Date; Class AA/AD since 1 Oct 2021)
Eligible investors
High-net-worth investors (HNWI), private-client wealth managers, financial intermediaries and other retail investors, subject to local rules; APAC: professional/qualified investors only
Distribution authorisation
Luxembourg as well as further EEA states via AIFMD notification (Art. 31/32 Directive 2011/61/EU); in addition, distribution notes for the UK, Switzerland, Italy, France, Japan, Singapore and the UAE
Fee layers / double charging
THREE-TIER FEEDER STRUCTURE – HIGHEST DOUBLE-CHARGING RISK IN THE REAL ESTATE LIST: (1) BEPIF Feeder SICAV – I (investor level; AIFM Blackstone Europe Fund Management S.a r.l., AIFM fee approx. 0.05 % p.a., distributor servicing fee 0.75 % p.a. for Class A); (2) MASTER FUND: the feeder invests 'all or substantially all of its assets' in a sub-fund of the Blackstone European Property Income Fund (Master) FCP; (3) below that, the master fund invests directly in real estate OR in units of Blackstone Property Partners Europe (Lux) SCSp ('BPPE'), Blackstone's open-ended European Core+ fund for institutional investors – a third vehicle level with its own fee structure. An offset/waiver arrangement for the BPPE level is NOT documented in the PRIIPs KID (not documented) and should be checked in the prospectus. In addition, investment manager Blackstone Property Advisors L.P
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
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Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.