Blackstone Group LP has bought a minority stake in $13 billion hedge fund Marathon Asset Management, the two companies said on Wednesday. Terms of the deal were not disclosed. Marathon, which was founded by Bruce Richards and Louis Hanover, specialises in distressed debt investing.
Its management will continue to run the business and make investment decisions, the hedge fund said. Andrew Rabinowitz, a partner at the firm, has been promoted to president and chief operating officer. Blackstone bought the stake through its Strategic Capital Holdings fund, which has been raised to buy minority stakes in hedge funds. The investment marks the fourth minority stake Blackstone has bought in a hedge fund since 2014. A year ago Blackstone bought a minority stake in Magnetar Capital and before that it took stakes in Solus Alternative Asset Management and Senator Investment Group.
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