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Blackstone's McCormick Sees Less Seed Deals, Larger Launches

  • Firm favors quant, global macro and structured credit for 2019
  • Asia is ‘interesting to us,’ says the hedge-fund business CEO
John McCormick
John McCormickSource: Blackstone
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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.

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.