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The Blackstone Alternative

Famed for its deal-making prowess -- and the bulging Rolodexes of its co-founders, Pete Peterson and Steve Schwarzman -- Blackstone has quietly built one of the biggest funds of hedge funds in the world. Talk about convergence!

In November, Blackstone Group co-founders Peter Peterson and Stephen Schwarzman threw a black-tie party at Cipriani Wall Street to celebrate the 20th anniversary of their firm. Despite the driving rain and dreadful traffic that evening, some 900 of their closest friends found their way to the downtown Manhattan landmark building,

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