The Blackstone Group today announced the hiring of Manish Mittal, who will create a long/short equity investment hedge fund platform for the alternative investment giant.
Mittal joins Blackstone from Perry Capital, a New York-based hedge fund firm with $11 billion in assets under management. Prior to joining Perry two and a half years ago, Mittal was a portfolio manager at hedge fund Kingdon Capital Management, and before that, at SAC Capital Advisors, one of the largest hedge funds in the world. Mittal began his career at Goldman Sachs as a private equity analyst, according to a press release.
At Blackstone, Mittal will be a senior managing director and chief investment officer. In a statement, Blackstone chairman and CEO Stephen Schwarzman, said: “Blackstone has spent a significant amount of time and effort searching for the right manager to spearhead our efforts into the long/short equity space. . . [I]n conjunction with Blackstone’s established platform and his utilization of the shared knowledge of our various alternative asset management business, meaningful synergies will be realized that will enable Manish to achieve a leading position for Blackstone in this asset class.”
Mittal’s hiring adds Blackstone to the lengthening list of private equity firms that have affiliated hedge funds. Texas Pacific Group recently launched a hedge fund, as has New York-based New Mountain Capital. Bain Capital has managed a hedge fund for several years.
Perry Capital was founded in 1988 by Richard Perry, a former Goldman Sachs trader. Recently, Perry Capital has made inroads into the private equity market, launching a private equity arm and presenting itself as a partner to private equity firms on complex deals.