Duquesne Vet Nabs $125M Seed Pledge From Blackstone

Mar 2 2011 | 9:20am ET

A former Duquesne Capital Management emerging-markets portfolio manager is set to launch a hedge fund of his own, with more than $100 million from the Blackstone Group.

Michael Pearl is poised to begin trading in the new fund in May, MarketWatch reports, backed by a $125 million seed investment from Blackstone's new seeding fund. Pearl's firm, tentatively called Harbor Bridge, is the third to win the support of the Blackstone fund.

But unlike other funds born of Duquesne founder Stanley Druckenmiller's decision to shutter his firm last year, Pearl won't be getting any money from his old boss. It is unclear why Druckenmiller, who has pledged to seed the new firms founded by his protégés, is passing on Harbor Bridge.

Blackstone has accepted a three-year lock-up of its investment in the new firm.

Pearl's planned fund launch follows the debut earlier this year of what amounts to the successor to Duquesne, Point State Capital. That new firm launched with some $5 billion, all of it from Druckenmiller and former Duquesne investors, and never opened for other outside investment.

Backing Pearl is also not the first time Blackstone has sought to profit from Duquesne's demise: The firm last year hired another ex-Duquesne portfolio manager, Greg Geiling, for its fund of hedge funds unit, Blackstone Alternative Asset Management.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.