Blackstone Group to Launch New "Big Bet" Hedge Fund
The New York-based private equity firm The Blackstone Group L.P., weeks away from the start of a new "big bet" hedge fund, is close to landing its first traders who will scour the world for concentrated investments, people familiar with the matter told WSJ.
The
initial traders come from brand name hedge-fund firms such as Ziff
Brothers Investments and Serengeti Asset Management LP and will be
supervised by new Blackstone employees, including the former head of
risk management for Chicago hedge-fund giant Citadel LLC.
The
start next month for the new Blackstone venture, after five years of
planning, indicates the publicly traded private-equity titan, with $279
billion under management, is having some success luring talent for its
unconventional new operation.
As
The Wall Street Journal reported in June, Blackstone plans to fund
clusters of traders with hundreds of millions of dollars, aiming to form
a multistrategy hedge fund to rival some of the largest in the
business.
Source: Wall Street Journal
