Joe Tsai-Backed Blue Pool Lures $500 Million for Hedge Fund Bets

An investment firm backed by Alibaba Group Holding Ltd. Chairman Joe Tsai has raised $500 million to invest in hedge and private credit funds, according to people familiar with the matter.

The new fund is part of Blue Pool Capital’s long-term strategy to build an asset management business that’s open to external clients, the people said, asking not to be identified because the information is private.

Clients of the Harborside fund include family offices globally and a major sovereign wealth fund, the people said, without giving further details. Investors can also participate in private equity, venture or growth capital ...