Blackstone, a US-based hedge fund investor, is planning to launch new big bet hedge fund next month called Blackstone Senfina Advisors.
The firm is recruiting traders from some hedge funds for its planned vehicle, according to a report by The Wall Street Journal.
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The hedge fund will have to up to 30 distinct teams of seasoned investors each with $100 million.
With $279 billion in assets under management, Blackstone Senfina Advisors will invest in private equity, real estate, credit and hedge funds.
The publication reported that the new hedge fund will be based at Blackstone’s New York headquarters.
The initial traders hired for the new vehicle include Ziff Brothers Investments energy chief David Briggs and former Serengeti Asset Management trader Billal Sikander along with former Citadel Investment Group risk-management chief Sasi Digavalli, former Ziff Brothers operations chief Brian Siegel and former Deutsche Bank executive Daniel Haff.
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By GlobalDataDigavalli and Siegel will manage the new venture, while Haff will oversee compliance issues.
The teams will receive a flat management fee from Blackstone, with bonuses paid based on their performance above stock-market indexes.
Blackstone intends the teams to beat indexes by at least four percentage points over the long term. Each team will also be allowed to use more than four times leverage.
