The Blackstone Group is drastically scaling back its planned Asia-focused event-driven hedge fund.
The alternative investments giant originally planned for an almost $1 billion fund. But the fund will now launch early next year with around $200 million, the Wall Street Journal reports.
The 'event-driven' Blackstone fund is headed by Aaron Nieman, who joined from S.A.C. Capital Management LLC earlier this year, the paper said.
The fund, Blackstone A.M.N. Advisors, is to make 'even-driven' investments such as stocks in distress or potentially benefiting from mergers or takeovers.Sovereign wealth fund China Investment Corp has a 12.5 pct stake in Blackstone.
Blackstone has hired a team of 11 analysts focusing on Greater China, South Korea, India and Japan for the fund.