Blackstone Nets $1.5 Billion For Illiquid Opportunities Fund

Sep 7 2012 | 11:21am ET

The Blackstone Group has raised about $1.5 billion for a new fund that will fall somewhere between its liquid hedge funds and its private-equity vehicles.

The Tactical Opportunities fund will invest in assets illiquid enough to scare away most hedge funds, but more liquid than a typical private-equity investment, Bloomberg News reports. The fund will be led by David Blitzer, who set up Blackstone's European p.e. business a decade ago. Blitzer will oversee a nine-strong investment team, including real-estate specialist Chad Pike.

Tactical Opportunities will take advantage of Blackstone's private equity, hedge fund and real-estate businesses, sourcing its own investments from those sourced by the three units. The fund "pursues a global multi-asset approach to investing in illiquid assets," Blackstone said on its web site.

Blackstone has been fundraising for Tactical Opportunities since last year.


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