Blackstone Seeds Two More Hedge Funds

Date: Monday, March 24, 2008
Author: FINalternatives

The Blackstone Group is beefing up its year-old fund of hedge funds vehicle that invests exclusively in managers that it has seeded. 

The Strategic Alliance Fund, which has already raised $1.1 billion and invested in its first two managers, is adding two more managers in the next few months, according to Alternative Investment News. The first one, an event driven hedge fund strategy, will be brought on board this summer, and the second one will be added sometime this fall.

Blackstone’s Strategic Alliance fund of funds platform was first established last May. The firm plans to allocate an average of $100 million to each of the 10 underlying managers it will eventually seed.