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Alternative Market Briefing

Blackstone to launch first alternative investment-focused mutual fund

Wednesday, July 17, 2013

Benedicte Gravrand, Opalesque Geneva:

Alternative strategies that are normally used by hedge funds and private equity are increasingly being packaged as mutual funds in the U.S. and as UCITS in Europe. Blackstone, one of the world’s leading investment and advisory firms, is jumping on that bandwagon.

Blackstone Alternative Asset Management (BAAM), Blackstone’s hedge fund solutions business, is set to launch its first alternative investment-focused mutual fund that offers daily liquidity. BAAM is the world's largest discretionary allocator to hedge funds and has around $49bn under management.

This fund, called Blackstone Alternative Multi-Manager, is a registered, open-end mutual fund managed by BAAM, says the announcement. It will allocate assets among a selection of investment sub-advisers with experience managing non-traditional or "alternative" investment strategies. Blackstone may also manage a portion of the Fund's assets directly and may invest in unaffiliated hedge funds.

Stephen Sullens, Senior Managing Director and Head of Portfolio Management for BAAM, explained, "We approached the portfolio construction process by leveraging our extensive experi......................

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