Form D · Other Investment Fund

Blackstone Real Estate Income Trust iCapital Offshore Access Fund SPC

New York, NY · CIK 0001786345

Offering snapshot reported Dec 22, 2025 · SEC filing

Reported sold
$19.3M
Indefinite offering
Investors reported
24
Form D · investor count
Minimum accepted
$0
Reported outside-investor minimum
First sale
Jan 1, 2020
As reported in this filing

Fundraising history

Reported sold
Reported amount sold by Form D filing date$0$24M$47.9MSep 26, 2019Aug 8, 2023: $11,725,000.00Aug 8, 2023Aug 27, 2024: $47,918,971.00Dec 22, 2025: $19,325,000.00Dec 22, 2025

Dates are filing dates, not cash receipt dates. Decreases are reported revisions, not evidence of withdrawals. Separate offering histories are not added together.

What changed?

Latest filing versus its linked predecessor, where available.

  • Reported sold$47,918,971 → $19,325,000
  • Reported investors73 → 24

Filing history

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FiledFiling typeReported soldChange vs linked filingInvestorsSource
Dec 22, 2025Amendment$19,325,000-$28,593,971vs Aug 27, 202424SEC filing
Aug 27, 2024Amendment$47,918,971$36,193,971vs Aug 8, 202373SEC filing
Aug 8, 2023Amendment$11,725,000No comparison18SEC filing
Jun 22, 2020AmendmentYet to sellNo comparison0SEC filing
Sep 26, 2019InitialYet to sellNo comparison0SEC filing

Offering details

Securities
Pooled investment fund
Exemptions
06b
Duration over one year
Yes
Business combination
No
Sales commissions
$0
Finders' fees
$0
Form D file number
021-349719

Sales compensation recipients

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RecipientCRDAssociated broker-dealer
MORGAN STANLEY SMITH BARNEY LLC149777

Source: Form D, filed Dec 22, 2025. Minimum accepted may differ from a standard advertised minimum.

Fund connections

The linked fund shows its most recently reported ADV details.

Matched by reported Form D file number

BLACKSTONE REAL ESTATE INCOME TRUST ICAPITAL OFFSHORE ACCESS FUND SPC

Investment adviser: ICAPITAL ADVISORS, LLC

Gross asset value
$4.36B
Beneficial owners
4,415
ADV minimum commitment
$100K

Reported in Form ADV on Sep 30, 2026. Fund assets and beneficial owners measure different things from Form D sales and investors.

Service providers

Fund administrator BANK OF NEW YORK MELLON NEW YORK, New York, United States Investor statements: No (provided to no investors) Related to adviser: No
Custodian BANK OF NEW YORK MELLON NEW YORK, New York, United States Related to adviser: No
Marketer BANK OF AMERICA NEW YORK, New York, United States Related to adviser: No
Marketer BANK OF SINGAPORE SINGAPORE, Singapore Related to adviser: No
Marketer CITI NEW YORK, New York, United States Related to adviser: No
Marketer DEUTSCHE BANK SECURITIES INC. NEW YORK, New York, United States Related to adviser: No
Marketer HSBC LONDON, United Kingdom Related to adviser: No
Marketer JPMORGAN ASSET MANAGEMENT (UK) LIMITED LONDON, United Kingdom Related to adviser: No
Marketer MORGAN STANLEY INVESTMENT MANAGEMENT INC. NEW YORK, New York, United States Related to adviser: No
Marketer RAYMOND JAMES & ASSOCIATES, INC. ST. PETERSBURG, Florida, United States Related to adviser: No
Marketer STANDARD CHARTERED BANK NEW YORK, New York, United States Related to adviser: No
Marketer UBS FINANCIAL SERVICES INC. WEEHAWKEN, New Jersey, United States Related to adviser: No
Provider details
Annual audit
No
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
Yes

DEUTSCHE BANK SECURITIES INC.
CRD 2525 · SEC 801-9638

JPMORGAN ASSET MANAGEMENT (UK) LIMITED
CRD 135960 · SEC 801-64725

MORGAN STANLEY INVESTMENT MANAGEMENT INC.
CRD 110353 · SEC 801-15757

RAYMOND JAMES & ASSOCIATES, INC.
CRD 705 · SEC 801-10418

UBS FINANCIAL SERVICES INC.
CRD 8174 · SEC 801-7163

Filing source

Form ADV 2135827 · Sep 30, 2026 · Schedule D 7.B.(1), fund 805-8707518207

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

People & organizations

Current and past Form D appearances. These existing records do not establish a person's current role or uniquely identify them across issuers.

People and organizations reported in Form D filings
NameReported role
Campbell Congdon Director
N/A Icapital Advisors, Llc Promoter
Benoit Sansoucy Director

Issuer details

Industry: Pooled Investment Fund (See others in industry)

Address:
C/O Compliance Department 60 East 42 Nd Street, 28 Th Floor
New York, NY, 10165