Antara Capital, a $1.3 billion hedge fund backed by Blackstone Inc., froze its hard-to-sell assets from redemptions after piling on losses.
Money plowed into illiquid private investments has been withheld from redemptions and was placed in a so-called side pocket in February, after the firm posted a second straight year of slumping returns, according to people with knowledge of the matter. The move is aimed at avoiding a fire sale of those investments, which drove declines in the hedge fund’s performance in 2023.