Blackstone Group announced Tuesday that its hedge fund solutions unit is launching its first investment-focused mutual fund.
The new offering, launching out of Blackstone Alternative Asset Management’s mutual fund portfolio, will allow investment advisors, consultants and broker dealers to offer hedge fund investments to retail clients by allocating assets to a variety of traditional and alternative investment subadvisers.
The registered open-end mutual fund, which offers daily liquidity, will provide low beta to equity and fixed-income markets.
The world’s largest alternative asset management firm, Blackstone has total assets under management of $159 billion. BAAM manages approximately $49 billion in assets.