Basis Capital Fund Management has hired Blackstone Group to help it recover from getting battered investing in subprime mortgage.

Basis Capital last week reported its flagship fell 9% while its other hedge fund fell 14%, making Australia-based Basis Capital the latest international victim of the U.S. subprime mortgage meltdown along with Caliber Global Investment and Queen’s Walk Investment—both of which are based in the United Kingdom.

Blackstone Group will advise Basis Capital “to prevent adverse pricing and selling,” Basis Capital said in a statement. The Sydney-headquartered hedge fund company had $1 billion under management in May.

Blackstone Group, the publicly-traded private equity behemoth, is also a restructuring adviser. In June, Bear Stearns hired Blackstone Group to help bail it out of its hedge fund imbroglio after the Wall Street titan was decimated in the subprime mortgage meltdown.