Blackstone Strategic Capital Holdings Fund (BSCH), a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a minority stake in $12.75bn hedge fund manager Marathon Asset Management for an undisclosed sum.
New-York based Marathon will retain autonomy over its business management, operations and investment processes following the acquisition.
The hedge fund firm will also continue to be headed by its existing management team.
Blackstone vice chairman and BAAM president and CEO J. Tomilson Hill said: "We have great respect for the sustainable franchise that Marathon has built and their commitment to customization to meet the evolving needs of their growing institutional investor base. We look forward to partnering with them in the years ahead."
Marathon co-founder and CIO Louis Hanover said: "This strategic investment in our firm further validates the power of our business model, which focuses on portfolio construction, deep credit analysis, security selection, and best-in-class client service."
In addition, Marathon has announced the appointment of Andrew Rabinowitz, its long serving partner and COO, as its new president and COO.
Marathon was founded in 1998 by Louis Hanover and Bruce Richards and has a workforce of over 150. The company operates from its New York City headquarters, and international offices in London and Singapore. The firm pursues credit through investments in global corporate credit, distressed and special situational credit, structured credit, emerging markets and leveraged loans.