Hedge Funds

Blackstone reopens distressed strategy


Investors who didn't get a chance to invest in the Blackstone Group's first single-manager hedge fund now have another opportunity. The New York firm recently reopened its distressed strategy, managed by John Dionne, to new money.

Blackstone Distressed Securities Advisors manages about $600 million in assets and is looking to grow that strategy to about $1 billion. The strategy focuses on small-cap, "off-the-run" credits and other securities of distressed and restructuring companies, identifying opportunities through intensive bottom-up research. The fund has a minimum investment of $5 million.

According to an investor, the firm looks for deep value situations and