The fund plans to seed as many as 12 managers within the next two years.Blackstone Alternative Asset Management, the $28 billion fund of funds unit within The Blackstone Group, is preparing to launch a second seeding fund. The as-yet-unnamed fund will mirror the strategy of its Blackstone Strategic Alliance Fund. Blackstone expects to roll out the new fund in the first quarter with an undisclosed amount of capital, though definitely more than Strategic Alliance, which launched out in May 2007 with $1.1 billion.
Strategic Alliance plans to deploy the remainder of its capital by the first quarter. The firm will seed an additional two managers, bringing its total to 10. Blackstone is ahead