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Blackstone is Shutting its Distressed-Debt Fund

(Bloomberg) Blackstone Group LP is ending its $3 billion distressed-debt hedge fund and will shift most of the assets into other credit funds that lock up client capital.

The firm said it’s offered investors in its GSO Special Situations Fund the option to move assets into other distressed credit pools that don’t feature withdrawals. The special situations team, led by Blackstone partner Jason New, will continue to oversee the investments.

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