Pensions & Investments sat down with Joseph Dowling, now in his third year as senior managing director and global head of Blackstone Alternative Asset Management, a division of Blackstone.
When asked about 2023 market conditions for hedge funds, Mr. Dowling noted that the "Darwinian nature of the industry is accelerating." He also stressed that it's tougher to start a new fund today.
Mr. Dowling and his team managed a total of $78 billion as of June 30 — $50 billion in hedge funds of funds and managed accounts and the remaining $28 billion in other alternative strategies including direct investments, special situations, private equity stakes, seeding, dislocations, a crossover fund and a division that manages money for wealthy families.
P&I no longer tracks hedge fund-of-funds managers for its annual hedge fund report.Questions and answers have been edited for style, clarity and conciseness.