Blackstone Said to Get $1.5 Billion to Seed New Hedge FundsBy
Firm has raised $5 billion since 2007 to give startup capital
BAAM unit also manages $3.3 billion fund buying equity stakes
Blackstone Group LP gathered about $1.5 billion to provide startup capital for new hedge fund managers, people with knowledge of the matter said, as the alternative-asset giant continues to make bets on the industry’s growth.
Blackstone set a lower target for Strategic Alliance Fund III than for its predecessor fund as it saw fewer opportunities for seeding new managers, said the people, who asked not to be named because the process was private. The firm’s second fund for the strategy finished collecting $2.4 billion in 2011…
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