solely on realized gains. The Incentive Allocation may give rise to potential conflicts of interest, including, but not limited to, the following: Allocation of Investment Opportunities The Incentive Allocation may create an incentive for the Management Company, an affiliate of the General Partner, to direct the best investment ide

ent Agent Service Provider. Each Placement Agent or its affiliates may from time to time hold Securities for investment, trading or other purposes. Allocation of Investment Opportunities and Co-Investment with Affiliates of the Portfolio Advisor The Portfolio Advisor intends to continue to, and affiliates of the Portfolio Advisor (in

luding prohibitions on payments in the event of any default (or continuance thereof) under the credit facility. (See also "—Other Blackstone Funds; Allocation of Investment Opportunities" below.) The Partnership expects to incur indebtedness and/or guarantees to fund Investments using proceeds derived through fund-level borrowings (