Alternative Asset Management Acquisition Corp.s first acquisition will be Halcyon Asset Management, which manages $11.5 billion in hedge funds and other alternative investments. AAMAC was formed in 2007 as a public blank check company solely to acquire alternative asset managers. AAMACs offer values Halcyon at about $974 million. Under the terms of the agreement, Halcyon employees will receive up to $505 million and will retain interests in their firm that can be exchanged for shares of AAMAC, according to a news release. Halcyon employees will initially own 43.6% of the new entity, which will be renamed Halcyon Management Inc. Halcyons 11 current partners will reinvest 75% of their after-tax proceeds in Halcyon funds for three years. Halcyon has 119 employees, including 50 on the investment side.