Blackstone Group LP is planning to raise up to $2 billion for two new funds of hedge funds, according to recent reports, the Blackstone Strategic Alliance Fund LP and the Blackstone Strategic Alliance Offshore Fund Ltd. More here.

Also, according to CityWire, the Rothschild Group has made its Fund Of Hedge Funds tax efficient for UK investors by launching a preference share version of the fund. The Nemrod Sterling Fund Linked Preference Share fund launched on the Channel Islands stock exchange at the end of last month.

Finally in HedgeCo news, Integra Investment Management announced the launch of their new hedge fund, the Integra FX2 Master Fund L.P., with $10 million of their own money at launch, the new hedge fund opened its doors April first, 2007.

"Financial Armageddon" book review here.