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Thursday, July 3, 2014

TPG takes stake in Asia hedge fund investor HS Group, (NYSE: BX)

Global private equity firm TPG Capital is buying a stake in Hong Kong-based hedge fund sponsor HS Group Ltd (HSG) and establishing a strategic relationship with the company, HSG said in a statement on Thursday. The deal is TPG's first dedicated Asia hedge fund investment and signals a move to diversify its range of alternative assets in the region, pushing into a sector where rivals like Blackstone Group LP and Goldman Sachs already have a strong presence.Financial details of the deal were not disclosed.TPG's managing partner and co-head of Asia Tim Dattels will join the advisory board at HSG, which provides strategic capital and institutional guidance to emerging Asian hedge funds.HSG recently announced a partnership with Pleiad Investment Advisors, a hedge fund founded by former China and Japan specialists at Soros Fund Management, Kenneth Lee and Michael Yoshino, who are both former TPG executives.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.77% or $0.26/share to $33.84. In the past year, the shares have traded as low as $20.32 and as high as $35.39. On average, 5358420 shares of BX exchange hands on a given day and today's volume is recorded at 4019945.