Blackstone Group LP, the world’s largest private-equity firm, is taking aim at the $5.4 trillion of cash on corporate balance sheets in the U.S. and Europe as regulators weigh changes that may reduce the appeal of money- market funds.

The firm has started a money-management unit called Blackstone Treasury Solutions Advisors LLC that will cater exclusively to corporations. Its portfolio managers include Blackstone chief financial officer Laurence Tosi and Treasurer Matthew Skurbe, who help run New York-based Blackstone’s internal cash management strategy.

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