GSO Readying $3 Billion Rescue Fund

Apr 3 2009 | 1:02am ET

Hedge fund GSO Capital Partners is planning a huge new fund that would offer financing to companies on the brink of bankruptcy.

The Blackstone Group unit may raise as much as $3 billion for the rescue fund, the New York Post reports. While many hedge funds are finding fundraising difficult in the current economic climate, the tabloid says that Blackstone chief Stephen Schwarzman has recruited some investors for the new vehicle.

The GSO fund is expected to offer debtor-in-possession financing to companies at a time when many are finding it difficult to raise needed capital. It will also help companies in bankruptcy unwind parts of their business.

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