Two former Blackstone Inc. executives, Gideon Berger and Min Htoo, are starting a hedge fund that’s expected to begin trading in coming months with more than $1 billion, according to people who’ve spoken to the founders.
(Bloomberg) — Two former Blackstone Inc. executives, Gideon Berger and Min Htoo, are starting a hedge fund that’s expected to begin trading in coming months with more than $1 billion, according to people who’ve spoken to the founders.
Htoo and Berger worked in Blackstone’s alternative asset management unit, known as BAAM. Htoo, who was head of special situations investing, will be the chief investment officer of LuminArx Capital Management and lead its investment committee, according to a July 25 regulatory filing.
Berger, who was co-chief investment officer for BAAM, will be the chief executive officer and sit on the investment committee.
The firm will pursue a special situations strategy that can invest in a wide array of securities. The fund doesn’t expect to hold positions for more than five years, the filing said.
While hedge fund mega-launches have been rare in recent years, at least four other firms debuting in 2023 are on track to top $1 billion.
A spokesperson for LuminArx declined to comment.
–With assistance from Hema Parmar.
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