Blackstone has unveiled plans to set up a new $58 billion fund of hedge funds unit to attract high-net-worth-investors (HNWIs).
Operating under the Blackstone’s alternative asset management arm, the new investment platform will recruit several hedge fund managers to compete directly with the managers in which it invests.
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The new platform will be led by Parag Pande, who has joined Blackstone from Ziff Brothers as head of research.
The fund of funds unit will invest into specific longer-term investment ideas provided by outside hedge fund managers.
Additionally, the unit will also include independent management companies as well as trading teams with $500 million money pools to make concentrated bets on equities.
The move comes amid increased regulations from Volker reforms in the US that banned investment banks from employing people to trade using their own capital.
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By GlobalDataRecently, Kohlberg Kravis Roberts & Co (KKR) has reportedly liquidated its first equity hedge fund, KKR Equities Strategies, which was launched in 2011.
