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Money Management

Blackstone takes minority stake in GI Partners

Blackstone Group has acquired a minority stake in GI Partners, a middle market alternative investment firm.

Blackstone Group has acquired a minority stake in GI Partners, a middle-market alternative investment firm, GI Partners spokesman Chris Toffali said in an email.

Terms of the deal were not disclosed.

Blackstone is making the investment through its Strategic Capital Group unit within the hedge fund business, Blackstone Alternative Asset Management. BAAM's Strategic Capital Group acquires interests in alternative investment managers.

GI Partners will use the capital to reinvest in the business and for strategic initiatives, a news release states.

"We look forward to leveraging the partnership with Blackstone as we continue to grow and diversify the business for the benefit of our investors," said Rick Magnuson, founder and executive managing director of GI Partners, in the release.

Scott Soussa, a senior managing director and head of Blackstone Alternative Asset Management's Strategic Capital Group, said in the same news release that GI Partners' "differentiated sourcing capabilities and strong operating expertise ... position the firm well for continued growth."