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Binghatti Al Itiman Fund LP - Yet to Be Launched

Binghatti Al Itiman Fund I LP (the “Fund”) is an exempted limited partnership organized under the laws of the Cayman Islands. Binghatti Al Itiman Fund I GP Ltd (the “General Partner”), a Cayman Islands exempted company, acts as the general partner of the Fund.

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Investment Strategy

The Fund will provide Shariah-compliant financing primarily to entities in the real estate and construction sectors using a variety of Islamic finance products. These include:

Murabaha: A cost-plus-profit sale where the Fund purchases commodities or goods and sells them to the client at a marked-up price, enabling cash financing.

Wa’d and Musawama: These work together in spot commodity-based transactions, where Wa’d represents a unilateral promise and Musawama a negotiated sale to structure profit-based financing.

Wakala: An agency agreement where the Fund acts as an investment agent, deploying capital on behalf of investors in compliant financing arrangements.

Istisna’a: Forward contracts used to finance construction and manufacturing projects, allowing payments to be made over time as work progresses.

Ijara: Asset-backed leasing agreements where the Fund purchases an asset and leases it to the client, generating returns through lease payments.

The Fund generates returns through profit margins embedded in these contracts, with capital recovered upon maturity or completion of the financing arrangement.

Based on quarterly returns from January 1, 2004 to December 31, 2024 sourced from Morningstar. Global Private Infrastructure (Cambridge Private Infrastructure Index); Global Public Equity (MSCI ACWI). January 1, 2004 represents the inception date for the Cambridge Private Infrastructure index.
Diversification does not ensure a profit or protect against losses.
Risk Management seeks to mitigate risk but does not eliminate risk and does not protect against losses.
Based on Blackstone’s beliefs and market observations and subject to change.
Based on Blackstone’s beliefs and market observations and subject to change. The below illustrate investment themes that may be pursued when making a particular investment. Such themes are subject to change and there can be no assurance that Blackstone will pursue any particular theme.
There is no assurance that any fund or strategy will effectively hedge inflation. There can be no assurance that an allocation to infrastructure would yield returns or protect capital. Diversification does not ensure a profit or protect against losses.
Any investment involves a high degree of risk. There is no guarantee that any investment will achieve its aims or objectives or avoid substantial losses.
Diversification does not ensure a profit or protect against losses.
There is no assurance that any fund or strategy will effectively hedge inflation. There can be no assurance that an allocation to infrastructure would yield returns or protect capital.
Cambridge Associates, as of June 30, 2025. Growth of $100,000 based on cumulative returns from January 1, 2004, to June 30, 2025, based on earliest common inception date. Past performance does not predict future returns. “Private Infrastructure” is represented by the pooled returns of the Cambridge Private Infrastructure Index, which is comprised of infrastructure funds, including fully liquidated partnerships, formed between 1993 and 2025. “Public Equities” are represented by the Cambridge Modified Public Market Equivalent (“PME”) analysis of the MSCI ACWI Index. Comparisons of private infrastructure performance to public equity performance is therefore based on the difference in performance between Cambridge Private Infrastructure Index IRR and the hypothetical PME return of the MSCI ACWI Index. Hypothetical PME index performance may differ materially from the performance of such index during the same time period on account of the adjustments made for the timing of cash flows as per the PME analysis. Returns shown above have been compounded quarter over quarter to show comparison over time and may not be representative of actual historical returns experienced by investors in public equities. PME data contained herein was generated by Cambridge Associates’ PME tool as of June 30, 2025, and was not calculated by Blackstone. PME methodology replicates the date and amount of cash flows from Cambridge Private Equity Index capital calls or distributions in a public market index (i.e., MSCI ACWI). There are multiple PME calculation methodologies that can be used to compare private and public markets, and the use of a different PME calculation methodology may result in a different outcome than the one shown here. Cambridge Associates’ Private Investments Database is a collection of private fund performance. The private fund and investment-level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers are independently recreated from the financial statements and verified by Cambridge Associates. Private Infrastructure assets are expected to face risks different than those faced by public equities, including significantly less liquidity, as private infrastructure assets generally do not have liquid markets and may face a greater risk of default and related risk of loss of principal. Additionally, investments in private infrastructure are speculative and often include a higher degree of risk. Indices are provided for illustrative purposes only, and there are significant risks and limitations to relying on comparisons to an index, including the PME adjustments. These indices have been selected as generally well-known and widely recognized indices and not as a benchmark for any specific fund.
Largest global alternative asset manager reflects Preqin data as of September 30, 2025 or as of latest publicly available company data.
This case study is intended to illustrate investment themes that may be pursued when making an investment. Such themes are subject to change and there can be no assurance that Blackstone will pursue any particular theme.
Largest by contracted capacity and land bank size. Excludes platforms with single market exposure. DC Byte, as of September 2025.
International Data Corporation (IDC), as of May 2024. 2024-2028 represent year-end estimates. There is no guarantee that the trends depicted herein will continue or will not reverse.
The information presented represents what is typically seen for perpetual fund types but variations and/or exceptions do exist. Therefore, the information herein is provided for educational purposes only and should not be construed as financial advice, nor should any information in this document be relied on when making an investment decision. Recipients should consult their own financial advisers regarding the information herein.
Source: Preqin 2025 Global Report: Infrastructure.
2019 and 2024 numbers from Infrastructure Investor, Investor Report Full Year 2024. Expected 2029 value from IFM Investors report, November 2024.