Blackstone has fired Gracian Capital as a subadvisor on the $6.1 billion Blackstone Alternative Multi-Strategy fund, according to a Securities and Exchange Commission filing. San Diego, California-based Gracian Capital is a hedge fund that invests in public equity and hedging markets. The firm has served as a non-discretionary subadvisor to the Blackstone fund. Following the removal of Gracian Capital, the fund now counts 19 subadvisors comprised of Sorin Capital Management, Nephila Capital, Boussard & Gavaudan Investment Management, Waterfall Asset Management, D.E.