Blackstone to close multi-strategy fund as assets tumble 90%

The closure, first reported by the FT, was confirmed by the firm. Citing figures compiled by Kepler Absolute Hedge, the newspaper said the fund’s assets fell from £1.7bn at the end of December 2019 to £192m on 27 October.

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Launched in September 2014, the Irish-domiciled Blackstone Diversified Multi-Strategy sought to provide investors with a diversified blend of alternative strategies and hedge fund managers in a single daily liquid UCITS fund.

A Blackstone spokesperson said: “This is a small, legacy fund of around $200m that has returned +4.5% compared to a global 60/40 portfolio that was down (-4.6%) since hiring new leadership in January 2021.

“We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows.”


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