Hedge Fund Carrhae Buys Out Blackstone, Brings In New Investor

Hedge-fund Carrhae Capital, which began trading with money from Blackstone Group Inc. about a decade ago, has bought out the private equity giant’s investment in its business.

The London-based firm last week concluded a revenue-sharing deal that was tied to Blackstone’s $150 million seed capital investment, Ali Akay, founder and chief investment officer, said in an interview Tuesday. Carrhae, an emerging-markets specialist, also made Canepa Global Managers a minority shareholder. Canepa helped invest $50 million in one of its funds, he said.

Akay, who is a majority shareholder of Carrhae, said that Canepa also helped him buy back ...