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Blackstone-Backed Antara Soars 59% on Technology, Lithium Bets

  • Antara Capital, run by Himanshu Gulati, oversees $1.2 billion
  • Distressed-debt hedge funds gained 11.4% last year, on average

Photographer: Tomohiro Ohsumi/Bloomberg

Antara Capital, a $1.2 billion hedge fund backed by Blackstone Group Inc., soared 59% in its flagship fund last year as wagers including loans to technology companies paid off.

Returns for Antara, which was founded by former Man GLG distressed-credit head Himanshu Gulati, accelerated at the end of the year, according to a letter to investors seen by Bloomberg. The firm notched gains of about 17% and 12% in November and December, respectively. Distressed funds also made the bulk of their 11% gains for the year over those two months, according to Hedge Fund Research Inc.