Blackstone Nets $1.4 Billion For Hedge-Fund Stakes

Feb 13 2014 | 2:19pm ET

The Blackstone Group has raised $1.4 billion to invest in hedge fund managers, it said yesterday.

The alternative investments giant launched the effort a year ago, hiring former Barclays alternative asset management chief Anthony Maniscalco to lead it. Blackstone is seeking between $3 billion and $4 billion for the effort, which will take minority stakes in hedge-fund firms.

"You have an opportunity not only to benefit from their growth but also to look down the road at creating a public vehicle for that," Blackstone Vice Chairman J. Tomlinson Hill told a Credit Suisse forum in Florida. "We will, in our mind, dominate that space the way we have dominated the seeding space."

Blackstone follows the likes of Goldman Sachs, Neuberger Berman Group and Kohlberg Kravis Roberts in seeking a piece of the hedge fund business through minority stakes.


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