Blackstone to Debut First Hedge Fund for Mini-Millionaires (1)

Blackstone Inc. is launching its first hedge fund for affluent individuals, as the $1.3 trillion asset manager intensifies its push to bring alternative investments to doctors, lawyers and other professionals with disposable income to invest.

The new fund aims to make relatively liquid bets, meaning they can be easily sold, across an array of asset classes including credit, equities and so-called special situations — one-off events such as corporate spinoffs or supply-chain disruptions. It will invest about 30% of its assets in other hedge funds, according to people familiar with the matter.

The Blackstone Multi-Strategy Hedge Fund, known as BXHF, ...