A statement from the Australian fund said that Blackstone will be acting in an advisory capacity "to prevent adverse pricing and selling of assets", Bloomberg reported.
News of the hire follows a previous statement issued on July 18th from Basis Capital that the value of its Yield Alpha Fund and Aus-Rim Opportunity Fund could be halved should their assets be sold at reduced prices.
In June of this year the Aus-Rim fund lost nine per cent while the Yield fund incurred a loss of 14 per cent.
Blackstone is already assisting Bear Stearns over the failure of two hedge funds which also suffered huge losses resulting from woes in the US mortgage sector.
Meanwhile, it was revealed today that Blackstone is also providing advice to the Chinese government over its acquisition of a 19 per cent stake in Barclays Bank.