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Blackstone to launch fund that buys stakes in hedge fund managers
From Reuters.com: Blackstone Group LP is preparing to launch a multibillion-dollar fund that will buy stakes in hedge fund managers in the secondary market, as traditional buyers such as banks pull back amid disappointing fund performance and regulation. Blackstone, whose hedge-fund solutions business has $46.2 billion in assets under management, sees an opportunity to provide an exit for banks, insurers and other financial institutions that need buyers willing to take on what are particularly illiquid investments, a source familiar with the firm's plans said.
No target for the size of the new fund had been set, although it could attract between $2 billion and $3 billion, the person said. Blackstone will start marketing the fund to potential investors soon, hoping for returns over 20 percent, the source added… Full article: Source
Ex-Citadel portfolio manager Scherer to start new hedge fund
From Bloomberg.com: Kevin Scherer, a former Citadel LLC senior portfolio manager, plans to start Continuum Investment Management, a hedge fund investing in residential and commercial mortgage debt and asset-backed securities. Scherer, 46, a former managing director at Citadel, where he worked from 2008 to 2011 trading in structured credit, is starting Continuum with three for...................... To view our full article Click here
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