Pension funds and sovereign-wealth funds have also taken stakes in large hedge-fund managers. Dubai International Capital LLC paid about $1.2 billion for a minority holding in New York- based Och-Ziff Capital Management Group LLC in November 2007, shortly before the firm’s initial public offering. Its stake now has a market value of about $403 million, according to data compiled by Bloomberg, as Och-Ziff has slumped 67 percent since its IPO.

Neuberger Berman Group LLC, the New York-based investment firm, is also buying interests in hedge funds. Its $1.2 billion Dyal Capital Partners LP made its first investment in December 2011 and has placed about 40 percent of its committed capital in six firms, according to people familiar with the fund.

Four of Dyal’s purchases -- MKP Capital Management LLC, Pinnacle Asset Management LP, Scopia Fund Management LLC and Halcyon Asset Management LLC -- were made at the end of 2012. Neuberger told potential clients last year the fund was “conservatively” expected to produce annual returns in the “low to mid-teens” according to a report prepared by the New Jersey Division of Investment, which oversees the state’s pension fund.

Established Firms

Blackstone’s hedge-fund group also runs funds of funds, which farm out money to hedge-fund managers, as well as two so- called seeding funds that take stakes in hedge-fund startups.

Blackstone will target about a dozen established firms with $3 billion to $5 billion in assets, according to the people with knowledge of its plans. Reuters reported in October that Blackstone was starting a fund to buy stakes in hedge-fund managers on the secondary market.

The firm will purchase stakes of 15 percent to 25 percent, according to the people briefed on its plans. The ideal targets are firms that have several portfolio managers or an investment committee and aren’t dependent on a sole moneymaker, according to the people. Blackstone also will seek firms that have a diversified client base, strong risk management, and insiders whose equity stakes vest over time.

To protect its investment, Blackstone will weigh in on material changes at any firm it backs, such as adding offices or closing a fund.

Exit Strategy

Its preferred exit strategy would be to sell shares on a stock exchange through an initial public offering, the people said. Even without an IPO, Blackstone could allow clients who put money into the business to borrow against their investments, or it could create a secondary market for the stakes.