Filed pursuant to Rule 497(e)
File Nos. 333-185238 and 811-22743

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

Supplement dated September 5, 2023 to the

Blackstone Alternative Multi-Strategy Fund (the “Fund”)

Statement of Additional Information, dated July 31, 2023, as supplemented

Addition of Sub-Adviser

Pursuant to action taken by the Board of Trustees of the Fund, Maren Capital LLC will serve as a discretionary sub-adviser to the Fund.

Effective immediately, the following disclosure is added to the section “Investment Management and Other Services—The Sub-Advisers” in the Statement of Additional Information:

Sub-Adviser Proxy Voting Policy

Effective immediately, the disclosure in the attached Appendix A is added to Appendix A to the Statement of Additional Information:

Shareholders should retain this Supplement for future reference.

APPENDIX A

SUMMARY OF MAREN CAPITAL LLC (“Maren”) PROXY VOTING POLICY

In 2003, the SEC adopted proxy voting regulations for investment advisers registered with the SEC under the Advisers Act, as amended. The regulations require investment advisers to disclose their proxy voting policies and procedures to their clients.

1. POLICY

As a fiduciary, Maren exercises its responsibility, if any, to vote its clients’ securities in a manner that, in the judgment of Maren, is in the clients’ economic best interests. In accordance with that fiduciary obligation and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, Maren has established the following proxy voting policy.

Responsibility for Voting

Maren shall vote proxies solicited by or with respect to the issuers of securities in which assets of a client portfolio are invested, unless (i) the client otherwise instructs Maren; or (ii) Maren has responsibility for proxy voting and, in Maren’s judgment, the cost or disadvantages of voting the proxy would exceed the anticipated benefit to the client.

Primary Consideration in Voting

Maren considers the reputation, experience and competence of a company’s management when we evaluate the merits of investing in a particular company, and we invest in companies in which we believe management goals and shareholder goals are aligned. Therefore, on most issues, Maren will vote in accordance with management’s recommendations. This does not mean we do not care about corporate governance. Rather, it is a confirmation that our process of investing with shareholder aligned management is working. However, when we believe management’s position on a particular issue is not in the best interests of our clients, we will vote contrary to management’s recommendation.

Except as otherwise specifically instructed by a client, Maren generally doesn’t take into account interests of other stakeholders of the issuer or interests the client may have in other capacities.

Conflicts of Interest

In certain circumstances, Maren may have a relationship with an issuer that could pose a conflict of interest when voting the shares of that issuer on behalf of clients. Any material conflict between our interests and those of a client will be resolved in the best interests of our client. In the event we become aware of such a conflict, we will (i) disclose the conflict and obtain the client’s consent before voting its shares, or (ii) make other voting arrangements consistent with our fiduciary obligations.

Administration

Designation of Proxy Administrator—A member of the Operations department shall serve as Proxy Administrator.

Notification of Custodian—For each client account for which Maren has discretion to vote shareholder proxies, a member of the Operations department shall notify the client’s custodian that all proxy materials and ballots shall be forwarded to Maren.

Proxy Voting Authority—When Maren enters into an advisory agreement with a new client, the Proxy Administrator will be advised whether the client has vested Maren with proxy voting authority or has reserved or delegated that responsibility to another designated person. The Proxy Administrator will be notified any time a client amends its voting instructions or voting policy.

Records

The following documents shall be maintained by Maren:

All records kept under this section shall be retained no less than seven years, the first two years in an appropriate office of Maren, or, if instructed by a client, for such longer period as may be mutually agreed by Maren and such client.

2. PROCEDURES

The CCO is responsible for monitoring and updating, when necessary, Maren’s proxy voting policies, procedures and disclosures and maintaining the required proxy voting records.

Maren discloses a summary of its practices in the Firm’s standard client agreement and Form ADV Part 2A.