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Blackrock Hedge Fund Guided Portfolio Solution Class a Shares Class I Shares

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Blackrock Hedge Fund Guided Portfolio Solution Class a Shares Class I Shares PROSPECTUS BlackRock Hedge Fund Guided Portfolio Solution Class A Shares Class I Shares BlackRock Hedge Fund Guided Portfolio Solution (the “Fund”) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The Fund has a limited operating history. The Fund’s investment objective is to seek, over time, absolute and risk-adjusted returns that exhibit low volatility and low-to-moderate correlation to global equity and fixed income markets, while preserving capital. (continued on inside front cover) Investments in the Fund may be made only by “Eligible Investors.” Although common shares of beneficial interest of the Fund (the “Shares”) will be registered under the Securities Act of 1933 (the “1933 Act”), only investors that satisfy the definition of “accredited investor” as defined in Regulation D under the 1933 Act are considered Eligible Investors. Eligible Investors who subscribe for Shares and whose subscriptions are accepted by the Fund or its delegate will become shareholders. Investing in the Shares involves certain risks, including the possible loss of the entire principal amount that you invest. See the “General Risks” section beginning on page 46 of this Prospectus. Certain of these risks are summarized in “Summary—Risk Factors” beginning on page 5. You should carefully consider these risks together with all of the other information contained in this Prospectus before making a decision to purchase the Shares. • The Fund has a limited operating history. The Shares will not be listed for trading on any securities exchange. Investors should consider Shares of the Fund to be an illiquid investment. • Investing in the Shares may be speculative and involve a high degree of risk. • The Shares are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund. Although the Fund may offer to repurchase Shares from time to time, it is not required to do so. The frequency and timing of any repurchase offers are subject to the discretion of the Fund’s Board of Trustees (the “Board”). • Because the Shares will not be listed on a securities exchange, you should not expect to be able to sell your Shares when and/or in the amount desired, regardless of how the Fund performs and, as a result, you may be unable to reduce your exposure during any market downturn. • The Fund is designed primarily for long-term investors. Neither the Securities and Exchange Commission (“SEC”), any state securities commission nor the Commodity Futures Trading Commission have approved or disapproved of these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Price to Public(1) Maximum Sales Load(2) Proceeds to Fund Per Class I Share ............. Atcurrent NAV None Amount invested at current NAV Per Class A Share ............ Atcurrent NAV None Amount invested at current NAV Total ....................... $500,000,000 Up to $500,000,000(3) (notes on inside front cover) Not FDIC Insured • May Lose Value • No Bank Guarantee The date of this Prospectus is July 29, 2021 (notes from previous page) (1) Class A Shares and Class I Shares were initially offered at an initial public offering price of $10.00 per Share that occurred on March 31, 2021, and thereafter have been continuously offered on a monthly basis at a price equal to their then current net asset value (“NAV”) per Share. The minimum initial investment for Class A Shares and Class I Shares is $25,000, and the minimum subsequent investment is $1,000 for each class of Shares. In certain instances, the Fund may waive or reduce the minimum initial investment amount or subsequent minimum investment amounts. See “Plan of Distribution.” (2) BlackRock Investments, LLC (the “Distributor”) acts as distributor for the Fund’s Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. Shares will be offered only through brokers or dealers (“financial intermediaries”) that have entered into selling agreements with the Distributor. While neither the Fund nor the Distributor imposes a sales charge on Class A Shares or Class I Shares, if you buy Class A Shares or Class I Shares through certain financial intermediaries, they may directly charge you transaction or other fees in such amount as they may determine. Investors should consult with their financial intermediaries about any transaction or other fees their financial intermediaries might impose on each class of Shares. The Fund pays out of its own assets on-going distribution fees and/or shareholder servicing fees (collectively, the “Distribution and Servicing Fee”) to the Distributor with respect to the distribution of Class A Shares of the Fund. The Distributor generally pays substantially all of these on-going fees to financial intermediaries whose customers hold Class A Shares through the applicable financial intermediary; thus, the amounts of such payments may vary among the financial intermediaries. The Distributor may, however, retain all or a portion of the on-going Distribution and Servicing Fee in certain instances. The amount of the on-going Distribution and Servicing Fee is at an annual rate equal to 0.75% of the Fund’s monthly net assets attributable to Class A Shares. (3) Total Proceeds to the Fund assumes the sale of all Shares registered under this registration statement. (notes from previous page) The Advisor seeks to achieve the Fund’s investment objective by allocating the Fund’s assets to private investment vehicles commonly referred to as “hedge funds” that are managed by third-party investment management firms. It is expected that the underlying portfolio funds in which the Fund invests will pursue a range of “alternative” investment strategies included in four primary hedge fund strategies: Equity Hedge, Event Driven, Relative Value, and Macro. The Fund cannot guarantee that its investment objective will be achieved or that its portfolio design and risk monitoring strategies will be successful. Investors may lose the entire value of their investment in the Fund. Shares are generally available for purchase as of the first Business Day (as defined below) of each calendar month, except that Shares may be made available for purchase more or less frequently as determined by the Board in its sole discretion. For purposes of this Prospectus, “Business Day” means a day on which the New York Stock Exchange is open for trading. No person who is admitted as a shareholder will have the right to require the Fund to redeem such shareholder’s Shares. The Fund calculates its NAV as of the close of business on the last Business Day of each calendar month, within approximately 30 calendar days after the last Business Day of such month, and at such other times as the Board may determine. Shareholders desiring to obtain the Fund’s most recently calculated NAV may contact the Fund’s administrator, The Bank of New York Mellon, at (888) 919-6902. The Fund’s most recently calculated NAV can also be obtained by visiting www.blackrock.com and clicking on “Funds—Multi-asset funds.” **** This Prospectus concisely provides information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund and materials incorporated by reference have been filed with the SEC and are available upon either written or oral request, free of charge, by calling (800) 882-0052, by writing to the Fund, or may be found on the SEC’s website at www.sec.gov. You may also request a copy of this Prospectus, annual and semi-annual reports, other information about the Fund, and/or make investor inquiries by calling (800) 882-0052, or by writing to the Fund. The Fund also makes this Prospectus, annual and semi-annual reports, when produced, and other information regarding the Fund available, free of charge, under “Funds—Multi-asset funds” at www.blackrock.com and BlackRock will update performance and certain other data for the Fund on a monthly basis on its website under “Funds—Multi-asset funds” at www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Fund. This and any other reference to BlackRock’s website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website into this Prospectus. You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. You should rely only on the information contained in this Prospectus. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date on the front of this Prospectus or another date set forth in this Prospectus. Table of Contents Summary .............................................................................. 1 Summary of Fund Expenses ............................................................... 26 Financial Highlights ..................................................................... 28 The Fund .............................................................................
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