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Blackstone Reportedly Cuts Asian Hedge Fund Target
The firm will follow through with its plans to launch a hedge fund in consolidating industry.
November 21, 2008
In an environment of heavy hedge fund redemptions, private equity firm The Blackstone Group has decreased the size of a planned hedge fund. Blackstone slashed the size of the new Asia-focused fund, which according to reports is to be dubbed Blackstone AMN Advisors, to about $200 million from its original target of between $500 million and $1 billion, according to Dow Jones.
Blackstone is expected to generate $200 million in the first round of fundraising. The firm is also expected to continue raising capital after that time, according to the report. Blackstone already started hiring additional personnel, including 11 analysts, several of whom have expertise trading equities in Asia.
The strategy of Blackstone AMN Advisors is event-driven, which means it will respond to and take positions in companies with special situations in addition to distressed stocks, mergers or takeovers.
The fund is to be run by Aaron Nieman, who joined Blackstone from Canvas Capital Management, a division of SAC Capital Management, earlier this year and who serves as chief investment officer of Blackstone AMN Advisors.
Calls to Blackstone were not returned by press time.
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