INFRASTRUCTURE PROJECTS
Blackstone pursues $100bn investment deal with Saudi fund
New York — Blackstone Group, the world’s biggest private equity manager, is eyeing more than $100bn in infrastructure investments with a new strategy anchored by Saudi Arabia’s Public Investment Fund. The fund agreed to commit $20bn to the pool and Blackstone plans to raise the same amount from other investors, the New York-based asset manager said on Saturday. With leverage, Blackstone expects to have more than $100bn in purchasing power for infrastructure projects, primarily in the US. The agreement between Blackstone and the fund is a nonbinding memorandum of understanding and the organisations are continuing to negotiate terms, they said. The partnership comes as top executives, including Blackstone CEO Steve Schwarzman, descended on Riyadh for the inaugural Saudi-US CEO Forum, a weekend of dealmaking. The meetings, which have already yielded billions of dollars in deals between companies including oil giant Saudi Aramco and General Electric, have been aligned with US President ...
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