(Bloomberg) -- Blackstone Group LP bought a minority stake in Marathon Asset Management, a move that will provide the $12.8 billion hedge fund firm with permanent capital and help it to grow.

Marathon, which focuses on distressed-debt investing, will retain its independence and control of the fund, said Andrew Rabinowitz, the firm's newly appointed president. The terms, which weren't disclosed, were finalized earlier this week, he said by phone.

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