Hedge fund manager Blackstone Altius Advisors is plotting the launch of a standalone fund in October, Bloomberg reports.
The Hong Kong-based company, which was set up earlier this month by buyout giants Blackstone, aims to raise $500 million to $1 billion for the fund.
It has been helped on its way by its parent company, which is set to invest an initial sum of $150 million in the fund according to anonymous insiders who spoke to the news agency.
Commenting on the rumors, Peter Douglas at hedge fund consultants GFIA Pte said that Blackstone’s move would leave the firm well placed to make attractive acquisitions.
“Many of the proprietary trading desks and banks are in virtual hibernation at the moment,” Douglas says, “so whatever deals are out there are seeing less competition.”
Ed Rogers at Tokyo-based Rogers Investment Advisors was similarly positive.
“If you go to a firm like Blackstone, you immediately have the brand equity, the name value of working for a tier-1 global firm, you also have all the resources of that firm at your disposal,” Rogers told the news agency.