Blackstone Kailix Advisors to be spun off to form new fund

By Devika Patel

Knoxville, Tenn., Dec. 23 - Blackstone Group announced in a press release that it is making changes to the single manager hedge funds businesses within its marketable alternative asset management segment.

Blackstone Kailix Advisors, the investment manager of Blackstone's long/short equities fund, will be spun off to its management team led by Manish Mittal, who intends to form a new fund as an independent entity.

Blackstone will be an investor in the new fund and investors in the existing fund will be offered the option of investing in the new fund on a preferred basis as their interests in the existing fund are liquidated.

Although the existing fund has outperformed global equities measures, its size does not make it a core strategic business for Blackstone and it is not anticipated that this will change in the near term. The fund has not imposed any gates or liquidity restrictions on investors.

New York's Blackstone is an investment and advisory firm.

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