Deals
Blackstone Buys Minority Stake in Senator Hedge-Fund Firm
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Blackstone Group LP’s Tom Hill wants to dominate the $2.6 trillion hedge-fund industry.
The firm, already the largest allocator in hedge funds, is setting its sights on buying stakes in the money managers. Senator Investment Group LP, a $6.7 billion firm, told clients yesterday that Blackstone bought a minority piece of its business, less than a week after Hill, who runs the New York-based firm’s $56 billion hedge-fund group, outlined his ambitions for that strategy.