Hedge Funds

Blackstone Group targets a billion for distressed debut

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The Blackstone Group is looking to raise as much as a billion in assets for the upcoming launch of its first single-manager hedge fund to be run by chief investment officer John Dionne, who joined the multi-billion dollar investment management conglomerate in January from The Bennett Restructuring Funds.

The new fund, the first on Blackstone's new single-manager platform, will be rolled out with $50 million in proprietary capital from Blackstone in May and will look to attract money from institutional investors in July. The initial capital will be limited to $500 million. Investors will be given the option