Jinger Zhao, a former managing director at Two Sigma Investments, is preparing to launch z Star Research, an Asia-focused hedge fund.

The fund could receive an initial US$300 million initial commitment from Blackstone’s absolute return platform.

Zhao left Two Sigma in May 2025 after 18 years. Zhao has recruited staff in Asia. The fund could begin trading Asian equities in the second quarter of 2027.

Blackstone’s multi-asset unit says it can seed talent. Blackstone’s startup packages can reach US$250 million to US$450 million. A US$300 million commitment would fall within that range

Investor appetite has improved as well. Hedge Fund Research data showed 562 hedge funds launched in 2025, the highest annual total since 2021.

🔗 Source: Bloomberg