name: Blackstone API Vocabulary
description: Key terms and concepts used in Blackstone's investment platform and data feeds
terms:
  - term: Limited Partner (LP)
    definition: >-
      An investor in a Blackstone fund who provides capital commitments but is not
      involved in day-to-day management. LPs have limited liability equal to their commitment.
  - term: General Partner (GP)
    definition: >-
      Blackstone serves as the general partner and fund manager, making investment
      decisions and managing the portfolio on behalf of limited partners.
  - term: Net Asset Value (NAV)
    definition: >-
      The fair market value of a fund's or investor account's holdings, calculated
      quarterly by Blackstone's valuation committee and third-party auditors.
  - term: Internal Rate of Return (IRR)
    definition: >-
      The annualized discount rate that makes the net present value of all cash
      flows (contributions and distributions) equal to zero, used to measure fund performance.
  - term: Multiple on Invested Capital (MOIC)
    definition: >-
      Total value (NAV plus distributions) divided by invested capital, expressed as a
      multiple. A MOIC of 2.0x means the investment returned twice the invested amount.
  - term: Vintage Year
    definition: >-
      The year in which a private equity or private credit fund begins making investments,
      used to compare fund performance against peers of the same vintage.
  - term: Capital Call
    definition: >-
      A request from the fund manager to investors to contribute a portion of their
      committed capital to fund investments or expenses.
  - term: Distribution
    definition: >-
      Return of capital or profits to limited partners, typically from asset sales,
      refinancings, or dividend recapitalizations.
  - term: Carried Interest
    definition: >-
      Blackstone's share of fund profits above a preferred return hurdle, typically 20%
      of profits above an 8% preferred return.
  - term: Dry Powder
    definition: >-
      Committed but uncalled capital available for future investments, representing
      the fund's remaining investment capacity.
  - term: Harvesting
    definition: >-
      The phase of a fund's lifecycle when the manager focuses on exiting investments
      and returning capital to investors.