Hedge fund Magnetar Capital says Blackstone buys minority interest

(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)

Free newsletter signup
I agree to have my personal information transfered to MailChimp ( more information )
Never miss another Bankless Times news story as we send you hand-picked articles every morning
We hate spam. Your email address will not be sold or shared with anyone else. You will only receive our daily newsletter. You can unsubscribe at any time.