Assets under management at Duet Group, the alternatives group co-founded in 2002 by former Merrill Lynch and Credit Suisse First Boston banker Henry Gabay, have hit the $5 billion mark after a surge over the past year.

Duet, whose activities span hedge funds and long-only funds, private equity, and funds of hedge funds, managed more than $5 billion by the end of March this year, according to the firm's website, up from roughly $3 billion the year before.