Hedge fund managers: Are you full of great, bold, interesting trade ideas? Haven't gotten enough money from Blackstone (or anyone else) and/or have an annoyingly restrictive prospectus that won't allow you to let it all ride on one of them? Need a little extra scratch?
Blackstone is here to help.
Blackstone is preparing to launch a “super” hedge fund to cherry-pick the best trades from the hundreds of third-party hedge funds it invests with in return for paying them a commission.
The new vehicle will invite managers with whom Blackstone already invests via its $48bn fund of funds platform to submit their boldest and most interesting trading ideas in return for a fee. It will be run by former Duquesne Capital partner, Greg Geiling….
“It’s a sort of Harlem Globetrotters’ fund of the best ideas from across the spectrum,” said one person familiar with the plans – comparing the project to the famous US exhibition basketball team.