Blackstone Beefs Up Distressed Debt Group

Feb 10 2006 | 10:18pm ET

The Blackstone Group has hired Joseph Russick to serve as a principal in the firm's distressed debt hedge fund group. Russick's appointment is an addition to the team, which was established in July.

Russick was previously a vice president at Bennett Restructuring Funds, a billion dollar hedge fund, where he specialized in public and private investments focused on the distressed debt of companies in or near bankruptcy.

Blackstone's distressed debt hedge fund, which initially had a target of $500 million, was oversubscribed and is now closed to new investors.

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