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BlackRock Said to Seek $3 Billion for New Credit Hedge Fund

BlackRock Inc., the world’s biggest money manager, is raising as much as $3 billion for a hedge fund to invest in credit globally, according to two people with knowledge of the pool.

The firm began marketing BlackRock Credit Alpha Fund in October, with an initial target of $500 million and the potential to increase it, said one of the people, who asked not to be identified because the process isn’t completed. The long-short fund seeks to capture valuation anomalies and mispricings, the person said.