MSNBC – Blackstone, the world’s largest independent alternative asset manager, is planning an aggressive move into hedge funds, where it believes it can be a significant force with potentially $10bn under management.
“The first brick is in place,” Tony James, Blackstone president, said of the group’s $500m distressed debt fund, launched earlier this year. “We are working on the second.”
He said the group planned to build a “flagship fund” that would be a central plank of its hedge fund strategy. That fund is likely be long/short equity or multi-strategy.
