Blackstone Group has reportedly committed $250 million to launch a hedge fund operated by former Fir Tree Partners Portfolio Manager Sachin Gupta. Blackstone is the biggest investor in hedge funds in the world.
Blackstone invests start-up capital in Sachin Gupta’s new hedge fund
Citing sources familiar with the investment, Reuters reports that Blackstone has invested in Covara Capital, launched by Gupta. Covara is a new opportunistic long/ short credit hedge fund. According to Reuters, Blackstone invested in Covara through its $1.1 billion Strategic Alliance Fund IV, which supports new hedge funds. The firm also reportedly used capital from other pools as well.
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