INVESTMENT PROPOSAL

Blackstone Real Estate Partners X (BREP X)

N/A

2026-03-04

CONFIDENTIAL — For authorized recipients only.

1. Executive Summary

This proposal recommends a commitment to Blackstone Real Estate Partners X (BREP X), managed by N/A, as part of the portfolio's allocation to Real Estate.

2. Investment Rationale

BREP X represents the premier opportunity to access Blackstone's global real estate platform at scale. The fund is uniquely positioned to capitalize on three structural tailwinds: (1) AI-driven data center demand creating the largest real estate investment cycle in a generation, (2) global supply chain reconfiguration driving industrial/logistics demand, and (3) housing affordability driving multifamily and student housing investment. Blackstone's 41-year track record in RE, $1.1T AUM platform, and proprietary data analytics provide unmatched sourcing and operational capabilities. The 15-16% historical net IRR across the BREP franchise demonstrates consistent top-quartile performance across cycles. For Chilean pension funds, this provides diversified global RE exposure with institutional-quality governance.

Key Investment Merits

• Consistent top-quartile performance across vintages
• Experienced and stable investment team
• Differentiated strategy with competitive advantages
• Attractive risk-adjusted return profile
• Strong alignment of interests (significant GP commitment)

3. Manager Profile

N/A is a specialist alternative asset manager.

• Founded: N/A
• Headquarters: New York, NY
• AUM: N/A
• Team Size: N/A
• Strategy: N/A

4. Fund Terms & Structure

Key terms and structural features of the fund.

• Fund Size: N/A
• Management Fee: N/A
• Carried Interest: N/A
• Preferred Return: N/A
• GP Commitment: N/A
• Fund Life: N/A
• Investment Period: N/A
• Domicile: N/A

5. Performance Analysis

Historical and projected performance analysis.

• Target Net IRR: N/A
• Target TVPI: N/A

The manager has demonstrated consistent ability to generate returns above peer benchmarks. Detailed track record analysis is included in the supporting due diligence materials.

6. Risk Analysis

Key risks and mitigating factors.

• Market Risk: Sensitivity to economic cycles and exit environment
• Key Person Risk: Concentration of expertise in founding partners
• Liquidity Risk: Long lock-up period with limited secondary options
• Currency Risk: Exposure to non-USD denominated investments
• Regulatory Risk: Evolving regulatory landscape in target markets

7. Portfolio Fit & Allocation

The proposed investment fits within the target allocation framework and provides diversification benefits to the existing portfolio.

Allocation Impact

• Within target allocation band for alternatives
• Diversifies vintage year exposure
• Complements existing manager relationships
• Acceptable concentration levels maintained

8. Regulatory Compliance — Chile

Assessment of regulatory requirements applicable to Chilean institutional investors.

CMF Requirements

• Fund structure compliant with NCG 376
• Manager registration verified
• Custody arrangements meet CMF standards

AFP Investment Limits

• Within Circular 1,639 limits for alternative investments
• Eligible asset class under current regulations
• Risk rating requirements met

9. Recommendation & Next Steps

Next Steps

• Obtain Investment Committee approval
• Finalize side letter negotiations
• Complete regulatory filings
• Execute subscription documents
• Establish custody and administration arrangements

Disclaimer

This document is for authorized recipients only and does not constitute investment advice. All data from manager-provided materials and publicly available sources. Past performance is not indicative of future results.