Blackstone Backs Ex-JPMorgan Money Manager Roumani’s Hedge Fund

Blackstone Group Inc. is providing the initial investment for a hedge fund run by former JPMorgan Asset Management money manager Fahad Roumani.

Roumani’s Palm Lane Capital has received $150 million from Blackstone, according to a person familiar with the matter. The London-based credit hedge fund is expected to start with the seed capital and money from other investors next month, said the person, who asked not to be identified because the information is private.

Roumani and a spokesperson for Blackstone declined to comment.

Winning backing from heavyweights such as Blackstone is key for hedge-fund startups these days, as investors ...