NEW YORK, July 18 Reuters Blackstone Group LP is to invest 150 million in Londonbased Astaris Capital Management which will be split between the firm39;s existing hedge fund and a new pool of capital with a drawdown structure, two sources said.

Astaris specializes in eventdriven credit and equity investments in Europe and was founded in 2020 by Martin Beck, who previously worked at private investment firm Centerbridge Partners and at JPMorgan.

He was also a founding partner at hedge fund Sothic Capital, which invested in European distressed assets.

Astaris, which focuses on eventdriven investments created by corporate reorganizations, bankruptcies, and mergers and acquisitions, has more than 300 million in assets and has delivered an average 17 gain a year since its inception, according to data from EuroHedge. The firm39;s investment approach does not rely on any specific part of the economic cycle.

Blackstone will fund both the existing hedge fund and the new fund with 75 million each, signaling its strong commitment to Astaris, according to the sources familiar with the investment but are not permitted to discuss it.

A Blackstone representative declined to comment and Astaris did not respond to a request for comment.

Blackstone, which invests 81 billion through its hedge fund unit Blackstone Alternative Asset Management, is making the investment with cash from its Strategic Alliance Fund IV, which has over 1 billion in assets, they said.

This Strategic Alliance…