(Reuters) – Hedge fund Magnetar Capital said Blackstone Group LP <BX.N> has bought a minority interest in it for an undisclosed sum.
The existing management team will continue to hold the majority of the firm’s equity and maintain full operational control, the company said on Thursday.
Magnetar, co-founded in 2005 by Alec Litowitz and Ross Laser, focuses on investing in corporate events, fixed income and energy. It has about $13.6 billion of assets under management.
“Blackstone’s investment provides a catalyst that will help us… continuing to attract and retain key talent, increasing investment in funds and deepening relationship with a leader in the alternative asset management sector,” Litowitz said in a statement.
New-York based Blackstone has invested roughly $55 billion in hedge funds and has raised more than $2 billion for its two so-called seeding funds, which help get new fund managers started.
(Reporting by Neha Dimri in Bengaluru; Editing by Joyjeet Das)