Blackstone Event-Driven Fund Raising Up To $1B

May 28 2008 | 2:00am ET

The Blackstone Group’s new Asian event-driven shop plans to offer its first hedge fund in October. Blackstone Altius Advisors’ first offering could debut with as much as US$1 billion.

The new group, headed by SAC Capital Advisors veteran Aaron Nieman, was announced earlier this month. It also features former Banc of America Securities prime brokerage chief Christopher Pesce.

Blackstone will initially invest US$150 million in the Altius fund, Bloomberg News reports. The firm plans to raise between US$500 million and US$1 billion, it told potential investors.

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