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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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…