New York-listed Blackstone is launching its first alternative investment-focused mutual fund that offers daily liquidity.

The Blackstone Alternative Multi-Manager Fund seeks capital appreciation by allocating assets among a variety of investment sub-advisors with experience managing non-traditional or alternative investment strategies, the firm said in a statement.

The open-ended fund is managed by Blackstone Alternative Investment Advisors and aims to provide low beta to equity and fixed income markets.

Blackstone said it may also manage a portion of the fund’s assets directly and invest in unaffiliated hedge funds.

In total, Blackstone has signed up 11 hedge fund managers for the fund, including Nephila Capital and Two Sigma Advisors.