The Blackstone Group LP, one of the nation’s largest private equity firms, is quietly creating a hedge fund to compete with such industry heavyweights as Och-Ziff Capital Management LLC, Millennium Management LLC and Citadel, the Wall Street Journal reports.
The operation will not be staffed by Blackstone employees. Instead, the private equity shop plans to provide teams of independent traders with hundreds of millions of dollars for a few large, concentrated investments, the Journal says. The teams’ investments would be combined to form what the Journal called a “multistrategy hedge fund to be pitched to wealthy clients.”
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