Blackstone, weeks away from the start of a new "big bet" hedge fund, is close to landing its first traders who will scour the world for concentrated investments, people familiar with the matter said.

The initial traders come from brand name hedge-fund firms such as Ziff Brothers Investments and Serengeti Asset Management and will be supervised by new Blackstone employees, including the former head of risk management for Chicago hedge-fund giant Citadel.