LONDON—Blackstone Group LP is said to be innegotiations to back a Hong Kong-based distressedfund started by a former global head of GoldmanSachs Group Inc. Special Situations Group.

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Bloomberg News says the fund, Arkkan CapitalManagement Ltd., started by GS alum JasonBrown, will concentrate on Asian opportunities with theflexibility to invest globally. Bloomberg said the information camefrom multiple sources who asked not to be identified.

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It would be the second time Blackstone backs anAsia-based hedge fund since the 2008global financial crisis.

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Arkkan is said to be enlisting support from the world's largestmanager of alternative investments to help attract other biginstitutional investors. Blackstone's backing of Hong Kong-basedSenrigan Capital Group Ltd. allowed it to growassets to more than $1 billion in less than twoyears.

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Peter Rose, a New York-based Blackstonespokesman, declined to comment.

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New funds in Asia raised an average $20 millioneach in the first half, according toSingapore-based data provider EurekahedgePte.

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From 2011, until last year, Brown was the head of GoldmanSachs's global Special Situations Group, which invests indistressed debt and companies.

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Click Bloomberg News to read the fullstory.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.