ThZeal - The Zeal

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

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

Supplement dated September 9, 2024 to the

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

Prospectus, dated July 29, 2024

Addition of Sub‑Adviser

Pursuant to action taken by the Board of Trustees of the Fund, OT Research 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
Bayforest Capital Limited		Multi-Strategy Strategies
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
Caspian Capital LP		Event-Driven Strategies
Clear Sky Advisers, LLC		Macro Strategies
D. E. Shaw Investment Management, L.L.C.		Multi-Strategy Strategies
Endeavour Capital Advisors Inc.		Equity Hedge Strategies
Fir Tree Capital Management LP		Relative Value Strategies
Fort Baker Capital Management LP		Event-Driven Strategies
Harvest Fund Advisors LLC		Equity Hedge Strategies
Magnetar Asset Management LLC		Event-Driven Strategies
Maren Capital LLC		Equity Hedge Strategies
Mariner Investment Group, LLC		Relative Value Strategies
Melqart Asset Management (UK) Limited		Macro Strategies
Merritt Point Partners LLC		Macro Strategies
Mesarete Capital LLP		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
TrailStone Commodity Trading US, LLC		Macro Strategies
Two Sigma Advisers, LP		Equity Hedge Strategies
Varick Capital Partners LP		Macro Strategies
Waterfall Asset Management, LLC		Relative Value Strategies

The list of sub‑advisers to the Fund in the “Fund Summary—Management of the Fund” section in the Prospectus is deleted in its entirety and replaced with the following:

Discretionary Sub‑Advisers:

Bayforest Capital Limited

Bayview Asset Management, LLC

Blackstone Liquid Credit Strategies LLC

Blackstone Real Estate Special Situations Advisors L.L.C.

Caspian Capital LP

Clear Sky Advisers, LLC

D. E. Shaw Investment Management, L.L.C.

Endeavour Capital Advisors Inc.

Fir Tree Capital Management LP

Fort Baker Capital Management LP

Harvest Fund Advisors LLC

Magnetar Asset Management LLC

Maren Capital LLC

Mariner Investment Group, LLC

Melqart Asset Management (UK) Limited

Merritt Point Partners LLC

Mesarete Capital LLP

Nephila Capital Ltd.

North Reef Capital Management LP

Oak Hill Advisors, L.P.

OT Research

Seiga Asset Management Limited

Seven Grand Managers LLC

TrailStone Commodity Trading US, LLC

Two Sigma Advisers, LP

Varick Capital Partners LP

Waterfall Asset Management, LLC

The list of sub‑advisers to the Fund in the “More on the Fund’s Investment Strategies, Investments, and Risks—Investment Strategy” section in the Prospectus is deleted in its entirety and replaced with the following:


Discretionary Sub‑Advisers	Principal Strategy	Principal Sub‑Strategy
Bayforest Capital Limited	Multi-Strategy Strategies	N/A
Bayview Asset Management, LLC	Relative Value Strategies	Fixed Income – Asset Backed
Blackstone Liquid Credit Strategies LLC	Relative Value Strategies	Fixed Income – Asset Backed
Blackstone Real Estate Special Situations Advisors L.L.C.	Relative Value Strategies	Fixed Income – Asset Backed
Caspian Capital LP	Event-Driven Strategies	Distressed/Restructuring
Clear Sky Advisers, LLC	Macro Strategies	Commodity – Energy
D. E. Shaw Investment Management, L.L.C.	Multi-Strategy Strategies	N/A
Endeavour Capital Advisors Inc.	Equity Hedge Strategies	Equity Long/Short
Fir Tree Capital Management LP	Relative Value Strategies	Fixed Income – Corporate
Fort Baker Capital Management LP	Event-Driven Strategies	Event Driven Multi-Strategy
Harvest Fund Advisors LLC	Equity Hedge Strategies	Equity Long/Short
Magnetar Asset Management LLC	Event-Driven Strategies	Risk Arbitrage Strategies
Maren Capital LLC	Equity Hedge Strategies	Fundamental Value
Mariner Investment Group, LLC	Relative Value Strategies	Fixed Income – Asset Backed
Melqart Asset Management (UK) Limited	Macro Strategies	Discretionary Thematic
Merritt Point Partners LLC	Macro Strategies	Commodity – Multi
Mesarete Capital LLP	Relative Value Strategies	Fixed Income – Sovereign
Nephila Capital Ltd.	Event-Driven Strategies	Reinsurance
North Reef Capital Management LP	Equity Hedge Strategies	Equity Long/Short
Oak Hill Advisors, L.P.	Relative Value Strategies	Fixed Income – Asset Backed
OT Research	Equity Hedge Strategies	Equity Market Neutral
Seiga Asset Management Limited	Equity Hedge Strategies	Equity Long/Short
Seven Grand Managers LLC	Event-Driven Strategies	Event-Driven Multi-Strategy
TrailStone Commodity Trading US, LLC	Macro Strategies	Commodity – Energy
Two Sigma Advisers, LP	Equity Hedge Strategies	Equity Market Neutral
Varick Capital Partners LP	Macro Strategies	Systematic Diversified
Waterfall Asset Management, LLC	Relative Value Strategies	Fixed Income – Asset Backed

The following disclosure is added to the “More on Fund Management—Adviser and Sub‑Advisers—Sub‑Advisers” section in the Prospectus:

•

Oak Thistle LLC, doing business as OT Research (“OTR”), located at 160 Greentree Drive, Suite 101, Dover, DE 19904, is an investment adviser registered with the SEC. OTR may manage a portion of the Fund’s assets using Equity Hedge Strategies. Founded in 2015, OTR has approximately $85.0 million in assets under management as of August 31, 2024.

Shareholders should retain this Supplement for future reference.

Pursuant to action taken by the Board of Trustees of the Fund, OT Research 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: