Reuters | Sat May 20, 2017 | 12:19pm EDT:
U.S. private equity firm Blackstone (BX.N) and Saudi Arabia’s main sovereign wealth fund said on Saturday they planned to create a $40 billion vehicle to invest in infrastructure projects, mainly in the United States.
Blackstone and the Public Investment Fund (PIF) signed a non-binding memorandum of understanding for the project, which will depend on further negotiations.
The proposed venture was announced during the visit to Riyadh of President Donald Trump, who has said he wants to rebuild crumbling U.S. infrastructure.
Blackstone said it expected the vehicle to have $40 billion of equity commitments, with a $20 billion anchor investment from the PIF with the rest from other investors. Through this equity plus debt financing, Blackstone expects to invest in more than $100 billion of infrastructure projects, it said.
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