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The Fund of Funds 50: Survival of the Biggest

Funds of hedge funds are finding that bigger is indeed better, as the largest firms have the tools necessary to adapt and survive.

When it comes to funds of hedge funds, one name is practically synonymous with the industry — Blackstone Group. That's in part because of its colossal size: As of year-end 2012, Blackstone Alternative Asset Management, the fund-of-hedge-funds arm of the $218 billion alternative investment firm, had $44 billion in assets. That is almost

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