NEW YORK, July 18 (Reuters) - Blackstone Group LP is to invest $150 million in London-based Astaris Capital Management which will be split between the firm's existing hedge fund and a new pool of capital with a drawdown structure, two sources said.
He was also a founding partner at hedge fund Sothic Capital, which invested in European distressed assets.
The firm's investment approach does not rely on any specific part of the economic cycle.
Blackstone will fund both the existing hedge fund and the new fund with $75 million each, signaling its strong commitment to Astaris, according to the sources familiar with the investment but are not permitted to discuss it.
Blackstone, which invests $81 billion through its hedge fund unit Blackstone Alternative Asset Management, is making the investment with cash from its Strategic Alliance Fund IV, which has over $1 billion in assets, they said.
Persons:
Astaris, Martin Beck, Blackstone, Svea Herbst, Bayliss, Emelia Sithole
Organizations:
YORK, Blackstone, Astaris Capital Management, Centerbridge Partners, JPMorgan, Asset Management, Strategic Alliance, IV, Strategic Alliance Fund, Astaris, Svea, Thomson
Locations:
London, Europe