Blackstone has raised $14bn (€12.5bn) for its first open-ended infrastructure fund.
Blackstone Infrastructure Partners (BIP) fund received the total amount during the final close of its inaugural fundraising phase, half of which had been raised from the Public Investment Fund (PIF) of Saudi Arabia and the remaining from third-party investors.
Blackstone said it received the capital commitment from a diverse mix of public and private pension plans, sovereign wealth funds, insurers, foundations and family offices.
BIP is a permanent capital vehicle focused on investing across all infrastructure sectors, including transportation, energy, communications and water and waste.
So far the fund is known to have invested $3.3bn for a 44% interest in Tallgrass Energy based in Kansas and has also invested an undisclosed amount in Carrix, one of the world’s largest marine terminal operators.
Sean Klimczak, global head of infrastructure at Blackstone, said: “Our focus on large-scale, high-quality infrastructure businesses with a long-dated investment horizon positions us to be an investment partner of choice.
”These investments will allow us to deliver much-needed improvements to our nation’s infrastructure, create jobs and enhance America’s economic growth, productivity, and global competitiveness.”
Stephen A Schwarzman, Blackstone chairman, CEO and co-founder, said: “I’m excited by Blackstone Infrastructure Partners’ strong start and have confidence in its ability to have a positive impact on our country’s rapidly ageing infrastructure.”
BIP was formed in 2017 with a $20bn long-term matching anchor commitment from PIF.