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(Reuters) – Former hedge fund manager Scott Bommer is set to launch a hybrid hedge fund and private equity fund under Blackstone Group (NYSE:BX) with close to $2 billion in assets, two sources close to the firm told Reuters.
Most of the capital raised for the new fund, which will invest in public equities markets and private equity, is from external sources, one of the sources told Reuters.
Bommer founded former hedge fund firm SAB Capital Management in 1999 and oversaw the firm for 17 years before turning the company into a family office in 2016.
Prior to SAB, he worked as a portfolio manager at Siegler, Collery & Co., an associate at McKinsey & Company and as an analyst at Goldman Sachs (NYSE:GS).
It was announced Bommer had joined the firm in March.
Blackstone, the world’s biggest investor in hedge funds, manages $82 billion in assets in its Blackstone Alternative Asset Management unit (BAAM) unit.
A spokeswoman for Blackstone declined to comment.
