Blackstone Alternative Multi-Strategy Fund AMENDMENT NO. 3 TO THE INVESTMENT SUB-ADVISORY AGREEMENT

Exhibit d.10(i)

Blackstone Alternative Multi-Strategy Fund

AMENDMENT NO. 3 TO THE INVESTMENT SUB-ADVISORY AGREEMENT

THIS AMENDMENT NO. 3 (this “Third Amendment”) to the Investment Sub-Advisory Agreement between Blackstone Alternative Investment Advisors LLC, a Delaware limited liability company (the “Adviser”) and Emso Asset Management Limited (formerly Emso Partners Limited), a company organized under the laws of England and Wales (the “Sub-Adviser”) is made as of the 1^st day of March, 2020.

WHEREAS, the Adviser and the Sub-Adviser entered into the Investment Sub-Advisory Agreement dated as of June 1, 2014, as amended August 15, 2017 and August 15, 2019 (the “Agreement”); and

WHEREAS, the parties desire to amend and restate certain fee, notice, representation and termination terms;

NOW THEREFORE, the Adviser and the Sub-Adviser agree as follows:

1. All capitalized terms not otherwise defined herein shall have the meanings ascribed to the same in the Agreement.

2. The references to ▇▇▇ ▇▇▇▇▇▇ in Sections 12(h) and 14(b) of the Agreement are hereby deleted and replaced, in each case, by references to ▇▇▇▇ ▇▇▇▇▇.

3. The notice provision for the Sub-Adviser in Section 16 of the Agreement is hereby deleted in its entirety with the following:

Sub-Adviser:

Emso Asset Management Limited

Iron Trades House

▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇

▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇

Attention: Chief Operating Officer cc General Counsel

Email: ▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇ cc ▇▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇.▇▇▇

4. Appendix A to the Agreement is hereby replaced in its entirety with the following:

Sub-Advisory Fee

Exhibit d.10(i)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written.

BLACKSTONE ALTERNATIVE INVESTMENT ADVISORS LLC

By:		/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
Name and Title: ▇▇▇▇▇ ▇▇▇▇▇▇▇, Authorized Signatory
Date: March 3, 2020
EMSO ASSET MANAGEMENT LIMITED
By:		/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
Name and Title: ▇▇▇▇ ▇▇▇▇▇▇▇▇, Director
Date: March 3, 2020