The Blackstone Group said Tuesday that it is making several changes, including liquidation of hedge funds with insufficient scale, in the single-manager hedge funds businesses within its marketable alternative asset management segment.

Blackstone is consolidating its distressed securities fund onto a single operating platform with its GSO credit investment business to eliminate duplication, benefit from shared intellectual capital, and better serve its investors. Investors in the Blackstone Distressed Securities Fund will be offered the opportunity to transfer their capital on preferred terms to distressed strategies managed by GSO, and the existing fund will be liquidated.

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