John McCormick, president and chief executive officer of Blackstone Group LP’s $80 billion hedge fund business, says the firm is looking to back fewer managers next year as the industry continues to face market turbulence.
Bloomberg News reports that instead, the world’s largest hedge fund investor will focus on bigger startups from well-known managers with strong track records. Earlier this year, Blackstone provided Himanshu Gulati’s Antara Capital Partners with $150 million for his new hedge fund - among the unit’s largest seed deals, according to a person familiar with the matter. McCormick declined to comment on specific deals.
McCormick, who took over running Blackstone Alternative Asset Management, or BAAM, at the beginning of the year, spoke with Bloomberg on Dec. 14. His comments have been edited and condensed.
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