Blackstone Seeding Fund Garners Interest, Millions

Mar 25 2011 | 12:20pm ET

Investors can't seem to get enough of the Blackstone Group's new hedge fund seeding vehicle.

The firm's Strategic Alliance Fund II, which launched last year, has garnered some $355 million over the last four months, Reuters reports. The fund has raised at total of $2.4 billion, more than twice what its predecessor seeding fund managed.

Most of the new money has come from institutional investors, including pension funds and central banks. But Blackstone is also generating traction among high-net-worth investors.

The first Strategic Alliance fund invested in eight hedge fund saplings; its successor has already chosen three: Sureview, founded by former Kingdon Capital manager John Wu, former Credit Suisse commodities trader George Taylor's new fund, and Harbor Bridge, headed by former Duquense Capital Management emerging markets manager Michael Pearl. The seeder is also in talks with Howard Shainker, formerly of Third Point, who is also launching a hedge fund, according to Reuters.


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