Global private equity firm Blackstone is planning to raise US$2bn for an infrastructure fund. With leveraged buyouts off the menu for the time-being, New York-based Blackstone wants to target infrastructure assets.
According to reports, the fund is currently being marketed to investors after chairman Stephen Schwarzman revealed plans for the move into infrastructure last November.
Blackstone’s infrastructure business will be led by Michael Dorrell and Trent Vichie, both formerly of Macquarie, the Australian long-term infrastructure investor, who joined Blackstone last year.
The move by Blackstone follows in the footsteps of a number of other private equity firms. 3i, for example, launched an infrastructure fund in 2007.
In May 2008, KKR was believed to be eyeing the infrastructure sector with a reported US$10bn fund in the pipeline. The firm’s plans have not proceeded entirely smoothly after it hired George Bilic, former managing director of Lazard, where he was responsible for its power, energy and infrastructure activities, to oversee its infrastructure business. Months later he returned to Lazard.
Source: Thomson Merger News