New York (HedgeCo.Net) – Hedge fund investor Blackstone is preparing to launch a new hedge fund that will make “make big, bold bets”, according to a report by The Wall Street Journal. The company is planning on starting a fund with a few teams of traders, and hundreds of millions of dollars to “place a relatively small number of large, highly concentrated wagers,” the paper says.
Investing in private equity, real estate, credit and hedge funds, Blackstone currently has $272 billion in assets for public and corporate pension funds, academic, cultural and charitable organizations. Blackstone already manages $58.3 billion in assets at its BAAM hedge funds solution division.
“Blackstone is aiming to rival powerhouses such as Millennium Management LLC, which has $23 billion under management; Chicago-based Citadel LLC, which has $22 billion; and the $45 billion Och-Ziff Capital Management LLC in New York.” WSJ said.
The hedge fund industry surpassed a record of $3 trillion in May. Performance gains added 37.8 billion to total AUM for an estimated asset weighted return of 1.28 per cent in May, well above the 1.00 per cent the industry produced on an equal weighted basis during the month, eVestment reports. For the first five months of 2014, equal and asset weighted returns are nearly identical, both just below 2.00 per cent.
Alex Akesson
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