Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Blackstone Raises $1.4B to Purchase HF Stakes

Feb 12, 2014
Jing Chen

Alternative asset management giant Blackstone Group has raised $1.4 billion to buy stakes in hedge fund firms.

Bloomberg reported that New York-based Blackstone is looking to raise a total of $3 billion for the strategy, which will target firms with $3 billion to $4 billion in assets that the firm is convinced “will continue to grow and do well.”

Blackstone vice-chairman Tom Hill explained that the firm is planning to buy stakes at valuations of 4.5 to 5 times cash flow.

Blackstone is the world’s largest alternative asset management firm; its hedge funds-of-funds group currently manages about $56 billion in assets.

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