Blackstone Alternative Alpha Fund announces $500 million share offer

By Toni Weeks

San Diego, Nov. 23 - The Blackstone Alternative Alpha Fund registered $500 million of shares in an N-2 filing with the Securities and Exchange Commission.

The shares will be offered during the initial offering period at $1,000 per share plus a maximum sales load of 3%. After that, they are expected to be offered on a continuous basis at net asset value per share plus any applicable sales load.

Any investor who sells shares to the fund in a repurchase offer within the 12-month period following issuance will be subject to a repurchase fee of 2%.

The fund seeks long-term risk-adjusted returns that are more attractive than those of traditional public equity and fixed-income markets. It intends to invest all of its assets in Blackstone Alternative Alpha Master Fund, which invests in investment partnerships, managed funds, securities and other assets held in segregated accounts and other investment vehicles, including hedge funds.

The fund's investment manager is New York-based Blackstone Alternative Asset Management LP.

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