According to two sources close, Scott Bommer, a former hedge fund manager, is set to launch a hybrid hedge fund and private equity fund under Blackstone Group with close to $2 billion in assets.

The bulk of the capital raised for the new fund, will be invested in public equities markets.

In 1999, Bommer founded SAB Capital Management and oversaw the firm for 17 years before turning the company into a family office in 2016. Prior to that he worked as a portfolio manager at Siegler, Collery & Co., as an associate at McKinsey & Company and as an analyst at Goldman Sachs.

Earlier this year in March, Blackstone announced that he had joined the firm.

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Tags: assets under management, Blackstone, Blackstone Group, capital, hedge fund manager, hybrid hedge fund, invested, launch, private equity fund, public equities market, Scott Bommer