Blackstone Inc. is an alternative asset management firm specializing in private equity, venture capital, real estate, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage, seed, middle market, mature, late venture, growth capital, emerging growth, turnaround, and later stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. Within fund of fund investments, it seeks to invest in private equity funds, venture capital funds, mezzanine funds, distressed debt/turnaround funds, secondary investment funds & real estate funds. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts, recapitalization, special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, cargo, data processing, oil & gas production, oil & gas refining, oil & gas storage, building products, home entertainment, B2B, consumer electronics, home supply store, lodging, commercial services & supplies, metal & mineral mining machinery, coal, hazardous waste collection, solid waste collection, waste water treatment, renewable electricity, equity REITs, power generation by nuclear & fossil
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Artificial Intelligence▲3impact 4
Nvidia Partners with Six Firms to Raise $500 Billion for AI Chips
Nvidia has announced partnerships with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to launch compute financing platforms aimed at raising over $500 billion for AI infrastructure, with CEO Jensen Huang saying Nvidia could backstop up to $125 billion, or 25%, of potential deals. Blackstone President Jon Gray said on CNBC that AI compute will be seen as a financeable asset class, similar to how mortgage lenders assess homes. The move comes amid rising skepticism about AI spending, and Nvidia shares fell after the deal was first reported, erasing more than $70 billion in market value. Blackstone, one of six partners, has seen AI compute demand across its portfolio companies surge sevenfold this year and has prior experience financing AI infrastructure for companies like Anthropic. BlackRock CEO Larry Fink compared this moment to the creation of mortgage-backed investments in the 1970s, but commentators have flagged circular financing concerns, and Moody's has warned that heavy capex is squeezing free cash flow and pushing tech giants toward more debt.
Lancium Partners with NVIDIA on Gigawatt-Scale AI Factories
Lancium announced a strategic collaboration with NVIDIA to deploy NVIDIA technology across its portfolio of gigawatt-scale AI factory campuses, with NVIDIA also making a strategic investment in Lancium. Lancium, a Blackstone portfolio company, has 4 gigawatts of leased capacity and a development pipeline exceeding 15 gigawatts of powered land that will serve as deployment sites for NVIDIA's full-stack AI factory platform. The companies will use NVIDIA DSX reference designs, including DSX MaxLPS to enable up to 40% more GPUs within the same power budget and DSX Flex to adjust power consumption with the grid. Michael McNamara, CEO and Co-Founder of Lancium, said the partnership ensures every campus in the portfolio will be deployed with the industry's most advanced technology.
Nvidia is set to report second quarter earnings, with Wall Street expecting adjusted earnings per share of $2.09 on revenue of $92 billion, according to Bloomberg analyst consensus estimates. That would mark a 96% year-over-year jump in overall revenue and a continued quarter-over-quarter acceleration. Data Center revenue is anticipated to top $85.4 billion, up 107%, with hyperscaler revenue expected to reach $43.5 billion and ACIE sales projected to reach $41.7 billion. The report comes as chip stocks struggle to hold gains following July's steep declines over concerns about returns on AI investments. Nvidia also recently announced a $500 billion capital pool with BlackRock, Blackstone, KKR, Apollo, Brookfield, and Goldman Sachs to securitize its GPUs, and is backing SB Energy and OpenAI's efforts to build an 8-gigawatt data center in Ohio with up to $150 billion.
AI Bubble Risk Shifted to Insurers and Taxpayers, Analyst Warns
Scott Ortkiese, CEO and President of Faulkner Capital Holdings, argues that the risk of an AI bubble has already been shifted away from venture investors and chip buyers into private credit, life-insurance reserves, and state guaranty funds. He points to NVIDIA's August 10, 2026 memoranda of understanding with Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize more than $500 billion of third-party capital for AI compute infrastructure, with NVIDIA potentially backstopping as much as $125 billion. Ortkiese contends that private credit, which he estimates exceeded $1.8 trillion by 2024 and could reach $3 trillion by 2028, lacks bank-level regulatory capital and relies on discretionary marks. He highlights that private equity-owned life insurers hold closer to 50% of portfolios in alternatives, often including loans originated by the parent asset manager, creating a closed loop that finances data-center SPVs and neoclouds like CoreWeave and Lambda. If end-user revenue fails to service debt, he warns, defaults could force impairments at private credit funds and pressure insurer balance sheets, potentially triggering state guaranty association assessments that ultimately socialize losses through premium-tax credits in 44 states.
Broadcom reportedly seeking over $60 billion for AI chip deal
Broadcom Inc. is negotiating with a group of lenders to secure more than $60 billion in debt financing for an artificial intelligence chip deal that would support Anthropic PBC and other companies, Bloomberg reported Thursday citing people familiar with the matter. The financing package, which remains under discussion, may include an additional junior debt tranche of approximately $30 billion, bringing the overall financing to as much as $100 billion. Broadcom would reportedly guarantee part of the senior-secured tranche under the proposed arrangement, which could total between $60 billion and $70 billion. Blackstone Inc. and Apollo Global Management are in discussions with Broadcom to join the chip financing, building on a partnership the three companies formed in June to fund computing infrastructure. The deal would provide companies including Anthropic with access to chips and other essential AI infrastructure, and the structure could resemble the $35 billion debt agreement that launched the group's AI XPV partnership.
NVIDIA's $500 Billion AI Bet Called a Digital Infrastructure Bill
Earn Your Leisure hosts Rashad Bilal and Troy Millings framed NVIDIA's $500 billion AI investment partnership with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR as 'almost like a digital infrastructure bill,' signaling private capital now backs AI buildout. Jensen Huang cited $1 trillion in Blackwell and Rubin revenue visibility through 2027, and he projected AI infrastructure spending at $3 to $4 trillion annually by decade's end. NVDA carries 58 Buy ratings and an 85% Polymarket probability of a new all-time high, but 27 recent insider transactions trend toward net selling.
SEC guidance removes risk rules from Nvidia $500B AI financing push
The SEC has issued guidance that removes key risk-retention requirements from certain data center debt structures, supporting Nvidia's push to mobilize $500 billion in third-party capital for AI data center construction. The SEC sided with law firm Latham Watkins, concluding that data center securitizations fall outside Dodd-Frank risk-retention rules because data centers, unlike mortgages, do not qualify as self-liquidating assets. Attorneys said the guidance, while only a staff opinion, would open the door to more flexible and capital-efficient data center financing and attract more securitizations. Nvidia last week announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to assemble capital pools for AI compute hardware.
Nvidia and KKR Unveil $500 Billion AI Data Center Financing Plan
Nvidia CEO Jensen Huang unveiled a $500 billion AI data center financing plan on August 10, standing alongside leaders from Goldman Sachs, BlackRock, Blackstone, KKR, Apollo, and Brookfield. The group says it will raise the funds, and potentially more, from outside investors to build new AI data centers. KKR's head of digital infrastructure, Waldemar Szlezak, described the shift as a revenue stream. Nvidia previously announced a plan to invest up to $100 billion in OpenAI for data centers needing 10 gigawatts of power, but that investment never fully materialized. No money has been raised yet, only memos of understanding between the firms.
Asset management stocks delivered a very strong second quarter, with the five companies tracked by this analysis beating revenue consensus estimates by 8.4% on average. Ares reported revenues of $1.28 billion, up 25.6% year on year, in line with analyst expectations but with a narrow beat on AUM estimates, and its stock is up 15.6% since reporting to $143.45. Carlyle posted revenues of $1.11 billion, up 13% year on year, beating analyst expectations by 20.7%, though its stock is down 2.6% since reporting to $49.35. Artisan Partners reported revenues of $307.9 million, up 8.9% year on year, exceeding expectations by 2.3%, with the stock up 3.6% to $42.35. Blackstone reported revenues of $3.83 billion, up 23.8% year on year, beating expectations by 10.9%, and its stock is up 17.5% to $144.36. TPG reported revenues of $610.4 million, up 24.7% year on year, topping expectations by 7.8%, with the stock up 9.3% to $53.54.
Nvidia's Financing Platform to Support AI Investment Boom
Nvidia's $500 billion infrastructure financing platform is set to support the AI investment boom. The deal involves Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR & Co. mobilizing over $500 billion of third-party capital for AI infrastructure buildout. Nvidia will act as a marketplace, helping customers access compute at scale and build DSX AI factories. Goldman Sachs notes corporate profit margins have climbed rather than eroded, distinguishing the current AI boom from the dotcom bubble. Nvidia reported FY26 revenue growth of 65% year-over-year to $215.9 billion and operating cash flow of $102.7 billion.
Nvidia becomes 'Federal Reserve of AI' via seller financing
Nvidia is taking on a new role as the lender of last resort for AI infrastructure by offering seller financing to its biggest clients, according to a discussion on the All-In podcast. Fund manager Gavin Baker of Atreides Management said Nvidia is becoming the central bank of AI, setting terms such as residual value guarantees and revenue shares while private capital from firms like Goldman, KKR, and Blackstone does the underwriting. The arrangement lets hyperscalers and neoclouds borrow to buy GPUs and repay lenders from rental or inference revenue, with Nvidia's guarantee on residual value after three to four years making GPUs financeable like aircraft. Baker said this is asset-backed lending against real cash flows, not circular financing, and compared it to mortgage-backed securities. He warned the thesis could break if an oversupply of compute emerges, similar to dark fiber after the dot-com bust, but said regulatory friction on data-center buildout reduces that risk.
Intel prices $20B stock offering; Super Micro, Workday surge
Intel priced an upsized $20 billion public stock offering this week, selling over 210 million shares at $95 each and expecting net proceeds of about $19.7 billion to fund AI-related growth opportunities. Super Micro Computer closed 19% higher on Wednesday after issuing fiscal first-quarter guidance well above Wall Street forecasts, while Lumentum rose 14% on strong fiscal fourth-quarter results and outlook. Workday jumped nearly 18% on Thursday after Reuters reported private equity firm Silver Lake is in talks to buy the software company, with Needham analysts estimating a potential takeover price of $240 to $250 per share. NVIDIA confirmed it is working with a consortium of lenders including Apollo Global Management, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to raise $500 billion for AI infrastructure, signing a memorandum of understanding to establish first-of-their-kind compute financing platforms at global scale. AMD filed a mixed shelf debt offering that could raise up to $5 billion in four tranches, and Argus upgraded Sandisk to Buy from Hold with a $1,600 price target.
Broadcom Plunges 5% as AI Financing Vehicle Could Hit $370 Billion
Broadcom shares fell more than 5% on Friday after BofA analyst Tom Curcuruto estimated the chipmaker's AI chip-financing vehicle could reach $370 billion of senior debt by mid-2029 at a 20-gigawatt scale, including roughly $150 billion of new issuance in 2027 alone. The financing vehicle, not Broadcom itself, would raise the debt, but Broadcom has agreed to backstop some customer lease obligations, with maximum exposure of up to $29 billion on the initial transaction. The structure began in June when Apollo and Blackstone led a $35 billion financing for Broadcom's AI XPV Platform, funding more than 1 gigawatt of compute capacity for Anthropic, while the broader platform is designed to support more than 20 gigawatts for frontier AI labs through 2028. Broadcom generated $10.8 billion of AI semiconductor revenue last quarter and has guided to $16 billion for the current quarter, with Polymarket traders giving a 94% chance of topping $15 billion and a 78% chance of exceeding $16 billion.
Blackstone Joins NVIDIA and Major Financial Firms in Global AI Infrastructure Funding Alliance
Blackstone has entered a new partnership with NVIDIA and major financial institutions to fund global AI infrastructure platforms. The alliance is focused on creating large-scale compute financing platforms to support growing demand for AI-focused data centers and related infrastructure. The collaboration is intended to mobilize substantial capital and could open new long-term revenue sources linked to AI infrastructure financing. Blackstone is one of the largest alternative asset managers in the US, with a focus on private equity, real estate, credit and multi-asset strategies that pool institutional and individual capital. The partnership connects Blackstone's $177 billion of dry powder to a concrete, capital-hungry theme where scale matters, while also testing risks such as tariff, construction-cost and regulatory concerns, and competition from Apollo, KKR and BlackRock within the same NVIDIA framework.
The Williams Companies reported second-quarter 2026 revenue of US$3,053 million and net income of US$827 million, while announcing the acquisition of Momentum Midstream, a power financing joint venture with Blackstone, and a cash dividend of US$0.525 per share. The company also raised its long-term EBITDA growth target and full-year 2026 guidance, positioning the Momentum Midstream deal to expand its Haynesville and Gulf Coast footprint linked to Transco and LNG export growth. Williams' narrative projects US$15.6 billion revenue and US$3.9 billion earnings by 2029, requiring 8.8% yearly revenue growth and about a US$1.1 billion earnings increase from US$2.8 billion today. Analysts' cautious views assume revenue growth of only about 8.0% annually and earnings slipping toward US$2.8 billion by 2029, highlighting divergent expectations around the company's growth and capital priorities.
Nvidia Stock Falls on AI Financing Concerns and Microsoft Chip Threat
Nvidia shares fell 2.1% in afternoon trading as investors reacted to concerns over a massive $500 billion financing plan for AI infrastructure and rising competition from major customers. The chipmaker is reportedly working with financial firms including Apollo Global and Blackstone to fund data centers and power generation needed for the AI boom, raising questions about its reliance on external funding for growth. Billionaire Mark Cuban warned that Nvidia's financing efforts, which subsidize customer purchases, could make the market fragile, while Microsoft's development of its own Maia 300 AI chip presents a significant competitive threat that could reduce Nvidia's market share. The stock was trading at $217.51, down 2.8% from the previous close.
Nvidia partners with Goldman Sachs, BlackRock to fund AI build-out
Nvidia is partnering with BlackRock, Goldman Sachs, Blackstone, and other major Wall Street firms to fund its AI build-out. Monachil Capital Partners managing partner and chief investment officer Ali Meli highlighted that projected capital expenditure for next year is north of $1 trillion for hyperscalers alone, with power, energy, and real estate pushing the total much higher. Meli said Nvidia may backstop the residual value of GPUs to help customers obtain financing, but the key risk is whether GPUs retain value, noting H100 prices have fallen from $40,000 to $50,000 three years ago to about $8,000 in the secondary market. He also questioned whether end users are startups burning capital or paying customers, and warned that open weight models and cheaper tokens could accelerate GPU depreciation.
PPL Sees Data Center Demand Pipeline Rise to 31.8 GW in Pennsylvania
PPL Corporation reported that potential data center demand in its Pennsylvania service territory reached nearly 31.8 gigawatts, up 3.5 gigawatts from the prior quarter, with nearly 11 gigawatts covered by signed electric service agreements and more than 6.5 gigawatts under construction. In Kentucky, the economic development pipeline now indicates potential load growth of 13.7 gigawatts through 2032, up from 12.9 gigawatts, including 11.6 gigawatts of data center opportunities. The company plans to invest $23 billion through 2029 to modernize infrastructure and is advancing its Invitium Energy joint venture with Blackstone to develop new generation for data centers. PPL currently carries a Zacks Rank #4, or Sell.
NVIDIA CEO Jensen Huang Unveils $500 Billion AI Infrastructure Financing Framework
NVIDIA CEO Jensen Huang announced a financing framework with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize more than $500 billion in third-party capital for AI factory buildouts. Huang stated that GPU compute has become bankable infrastructure, with one-year H100 rental rates rising from roughly $1.70 per GPU-hour in October 2025 to $2.35 by March 2026, and B200 Blackwell cloud pricing ranging from about $5.30 to $7.05. NVIDIA may provide residual-value support covering up to 25% of an opportunity. Amazon shares fell 2.4%, Microsoft dropped about 1%, and Alphabet lost nearly 2% as the capital pool could empower neoclouds and frontier labs to challenge hyperscalers, which are already tracking combined 2026 capital spending near $745 billion. CoreWeave, in which NVIDIA holds a $2 billion equity stake, saw its shares rise 1% after reporting first-quarter revenue growth of 111.6% year over year and a backlog of nearly $100 billion.
Nvidia signs MOUs with six Wall Street firms to mobilize over $500 billion for AI infrastructure
Nvidia announced memoranda of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize over $500 billion in third-party capital for AI infrastructure. The company retains an option to backstop up to roughly 25% of the financing, or about $125 billion, creating correlated risk if underlying AI projects underperform. The $500 billion figure represents non-binding MOUs and is a multiyear target, not committed capital. A key structural risk is the mismatch between data center GPUs, which become obsolete in three to five years, and infrastructure-style lending tenors that typically match assets with 30- to 50-year useful lives. Nvidia's stock declined about 3% following the announcement.
Anthropic files for IPO targeting $965 billion valuation backed by seven compute corridors
Anthropic has confidentially filed for an IPO targeting a $965 billion post-money valuation, with Morgan Stanley, Goldman Sachs, and JPMorgan leading the underwriting for an offering expected in October. The company has built a global compute infrastructure spanning seven distinct corridors across three continents, funded through a mix of off-balance-sheet special purpose vehicles, strategic equity investments, and credit substitution mechanisms. This includes a multi-billion dollar agreement with AWS for Trainium chips, Google TPU capacity financed via SPVs arranged by Apollo and Blackstone with Broadcom providing a residual value backstop on roughly $30 billion of senior tranches, a ~$1.25 billion monthly lease for SpaceX Colossus 1 through May 2029, up to $5 billion in strategic equity from AMD alongside 2 GW of Instinct MI450 capacity starting in H1 2027, and a $10 billion, six-year deal with Volta Infra in Norway backed by a $1.3 billion standby letter of credit from J.P. Morgan. Revenue scaled from $10 million ARR in early 2023 to $47 billion by May 2026, with Claude Code contributing approximately $8 billion and enterprise API comprising 80 to 85 percent of the mix, implying a 20.5x annualized revenue multiple.
H&R REIT to be acquired by GOREIT and asset purchasers in C$6.7 billion deal
H&R Real Estate Investment Trust has agreed to be acquired by GO Residential Real Estate Investment Trust and a consortium of co-purchasers in a cash-and-unit transaction valued at approximately C$6.7 billion, including assumed debt. Under the court-approved plan of arrangement, H&R unitholders will receive C$4.28 per unit in cash plus 0.5688 GO REIT units per H&R unit, representing a total value of C$12.01 per H&R unit. The consortium includes funds affiliated with Blackstone Real Estate, Crestpoint Real Estate Investments, PSP Investments, and a company controlled by members of the family of Tom Hofstedter, CEO of H&R. The deal concludes H&R's multi-year strategy to simplify its portfolio and focus on high-quality residential assets, and gives H&R unitholders a 66.9% ownership stake in GO REIT on a pro forma basis. H&R units last closed at C$10.89 in Toronto.
Wall Street consortium with Nvidia assembles $500 billion AI infrastructure fund
A consortium of Apollo Global, Blackstone, BlackRock Global Infrastructure Partners, Brookfield Asset Management, Goldman Sachs, and KKR is assembling a $500 billion funding package in partnership with Nvidia to underwrite artificial intelligence infrastructure. The capital will cover chips, power generation, and data centers, marking a shift toward treating compute capacity as a long-term utility. The group brings together firms managing trillions in combined assets, including Blackstone with over $1 trillion and Brookfield with over $900 billion. The move follows earlier phases of AI financing, from single-company special purpose vehicles to tech-company networks, and now to institutional-grade consortiums. The deal was first reported by the Financial Times and confirmed by Reuters, though specific terms and the debt-equity mix remain undisclosed.
Blackstone bid for TXNM Energy sparks debate over public ownership of New Mexico utilities
Blackstone's proposed acquisition of TXNM Energy, the parent of major New Mexico utilities, has ignited a debate over whether the state should instead explore taking a majority public stake. Critics argue that electricity is an essential monopoly service and question why a Wall Street investment giant should own it if the operation is a worthy investment. The deal still requires regulatory approval, and opponents are using the review to push for study of public-power models or stronger conditions on any sale. They warn that private-equity ownership could pressure cost-cutting, rate increases, or financial engineering over public service, affecting monthly bills, maintenance, and the clean energy transition. Supporters of a larger state role say a utility should answer more directly to residents to align decisions with reliability, affordability, and climate goals.
Firmus raises $2 billion to accelerate Project Southgate rollout
Australian AI infrastructure startup Firmus Technologies has secured full commitments for a $2 billion strategic equity investment round to advance its Project Southgate AI Factory rollout across Australia. The round includes follow-on participation from Coatue and Nvidia, as well as new investment from funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles, collectively referred to as Blackstone, along with global trading and technology firm Jane Street. The funding will support the next phase of Project Southgate in Australia and help prepare for expansion into other Asia-Pacific markets, bringing the company's total new equity raised over the past year to more than $3 billion and its post-money valuation above $10.5 billion. Firmus is developing AI infrastructure based on Nvidia's DSX AI Factory Reference Architecture to speed up deployment, improve tokens per watt, and boost resiliency at scale. The company also announced a long-term partnership with Nvidia to establish a dedicated AI campus in Batam, Indonesia, intended to provide large-scale AI computing resources for enterprise, independent software vendor, and AI-native clients worldwide.
Williams raises full-year EBITDA guidance after 6% second-quarter gain
Williams Companies raised its full-year adjusted EBITDA guidance to a range of $8.3 billion to $8.5 billion after second-quarter EBITDA rose 6% year over year to $1.92 billion. The company also placed Phase 1 of its Socrates Power Innovation project into service, delivering 200 megawatts of utility-scale power, and established a Power Innovation financing joint venture with Blackstone that provides $5.34 billion of committed capital. Williams announced the $5.5 billion acquisition of Momentum Midstream, which adds roughly 6 billion cubic feet per day of gathering capacity and more than 4 billion cubic feet per day of take-or-pay pipeline capacity in East Texas and Louisiana. Alongside the acquisition, the company unveiled the Shelby Connector and Delta Access pipeline projects, with initial capacities of up to 750 million cubic feet per day and 2.25 billion cubic feet per day, respectively. Williams also raised its long-term EBITDA growth target to more than 11% compounded annually through 2030.
Nvidia to invest up to $3 billion in power developer Lancium
Nvidia has agreed to invest up to $3 billion in Lancium, the developer behind the Stargate data center campus in Abilene, Texas, according to The Information. The deal involves an initial $2 billion commitment for an approximate 20% equity stake, with an additional $1 billion contingent on Lancium hitting specific grid hookup milestones, potentially pushing Nvidia's ownership to around 30% at a roughly $10 billion enterprise value. The investment is a direct hedge against power scarcity that threatens the deployment of Nvidia's next-generation Vera Rubin architecture. Lancium, founded in 2018 and backed by Blackstone with over $500 million, is building the 1.2 GW Stargate 1 campus designed for approximately 400,000 Nvidia AI chips. The move adds power-infrastructure equity to the compute landlord thesis, following earlier vendor-financed and credit-funded mechanisms.
Blackstone leads $16 billion Kuwait Oil deal and backs AI data center firm Firmus
Blackstone led a consortium in a $16,000 million lease and leaseback agreement with Kuwait Oil Company and provided fresh backing to AI data center firm Firmus. The stock trades at $137.13, with a 30-day return of 15.60% and a year-to-date decline of 13.65%. The three-year total shareholder return stands at 53.35%, contrasting with a one-year decline of 15.52%. Blackstone holds $177 billion of dry powder for opportunistic investments and has a strategic alliance with Wellington and Vanguard to develop integrated public-private investment solutions.
Blackstone leads consortium in $16 billion Kuwait pipeline joint venture
Blackstone, alongside Brookfield and KKR, has entered a $16.00 billion lease-and-lease-back joint venture with Kuwait Oil Company covering its entire domestic and export pipeline network. The deal adds long-term, tariff-based infrastructure exposure at scale for Blackstone. Separately, Blackstone's private credit arm is reportedly in talks to acquire HSBC's A$30.00 billion Australian loan portfolio, and its vehicles joined a $2.00 billion funding round for AI data center company Firmus. These moves underscore Blackstone's strategy of pairing energy infrastructure with private credit and AI-related data center financing.
GeneDx Holdings reaffirms 2026 outlook and raises equity from Blackstone
GeneDx Holdings Corp. reaffirmed its full-year 2026 revenue outlook and announced a private placement of 81,967 Class A shares at US$61.00 each with participation from a Blackstone affiliate. The company reported second-quarter revenue of US$114.44 million and a net loss of US$17.74 million. The equity raise brings in approximately US$5.0 million in fresh capital. The reaffirmed guidance and new funding come as the genomic testing company pushes into broader pediatric and NICU markets.
Hackers Create 72 Fake Websites Targeting Blackstone, KKR, and CME Employee Data
A ransomware group attempted to attack dozens of major US financial and business firms by creating at least 72 fake websites to steal passwords and authentication data from employees at targeted companies such as Blackstone, Apollo Global Management, KKR, Bain Capital, Bridgewater Associates, TPG, CME Group, and Moody’s. The hackers called employees’ personal mobile phones, posing as IT support, and tricked them into updating passkeys or multi-factor authentication, then directed them to fake websites with credible-sounding names like “passkeyhelpdesk” or “secure-passkey.” Google said that over five weeks, the cybercriminal group set up digital traps for more than 200 companies, including non-financial firms like Uber, Zillow, Levi Strauss, and law firms Paul Hastings and Greenberg Traurig. In some cases, companies paid ransoms, but it has not been confirmed whether the attempted attacks on the named firms were successful.
Anthropic SPVs Stack $71 Billion in Chip-Lease Debt in 60 Days
Anthropic has secured $71 billion in chip-lease debt through special purpose vehicles in roughly 60 days, keeping the obligations off its corporate balance sheet. The structure relies on a Broadcom residual value backstop that effectively lends Broadcom's investment-grade credit rating to senior tranches, including approximately $6 billion in Senior A1 notes and approximately $24 billion in Senior A2 notes from a $35 billion deal closed in June 2026 arranged by Apollo Global Management and Blackstone Credit and Insurance. A $4.5 billion Class B tranche without the backstop trades at roughly 8.5 percent, highlighting the value of the credit enhancement. A preliminary $36 billion second deal led by Blackstone is in early investor talks, targeting data centers in New York, Texas, Louisiana, and Indiana, and if finalized would push total structured-credit exposure to Google hardware above $71 billion. The financing is separate from Anthropic's planned October 2026 IPO, which targets a valuation anchored at the $965 billion post-money from its $65 billion Series H raise, with Morgan Stanley, Goldman Sachs, and JPMorgan leading the underwriting.
Rio Tinto’s $3 billion asset sale draws interest from Blackstone, KKR, Apollo, and Stonepeak
Rio Tinto’s planned sale of infrastructure assets is attracting interest from major private equity firms including Blackstone, Apollo Global Management, KKR, and Stonepeak, according to The Australian. The deal is expected to total between $2 billion and $3 billion, with Morgan Stanley managing the sale process. The assets span infrastructure holdings in Canada and the Pilbara region of Western Australia, though the final shape of the transaction remains fluid. Regulatory scrutiny in Australia could pose a hurdle for offshore buyers, potentially making the Canadian assets the first to be sold.
Blackstone acquires HSBC’s Australian loan book and DarkVision Technologies
Blackstone has agreed to buy HSBC’s Australian loan book and has also acquired DarkVision Technologies, a company specializing in advanced infrastructure inspection technology. The HSBC transaction expands Blackstone’s presence in Australian credit markets, while the DarkVision deal adds a technology-driven inspection business to its portfolio. Blackstone shares last closed at $127.75, down 19.6% year to date and 22.3% over the past year, with three-year and five-year returns of 35.4% and 31.8% respectively. The acquisitions highlight management’s strategy of shaping exposure across credit and technology-linked infrastructure, adding new geographies and sectors that could influence how the portfolio responds to different economic conditions.
Blackstone, KKR, and Brookfield Form $16 Billion Kuwait Oil Pipeline Joint Venture
Blackstone, KKR, and Brookfield have formed a $16 billion infrastructure joint venture to acquire a 49% minority stake in Kuwait's total domestic and export crude pipeline network, marking the largest foreign direct investment in the country's history. The 20.5-year lease-and-lease-back agreement, divided equally among the three partners, covers 13 core pipelines spanning roughly 320 kilometers, with Kuwait Oil Company retaining a controlling 51% equity stake and exclusive operational power. The investor group will receive volume-based tariff payments, providing consistent cash flow regardless of crude price fluctuations, while the deal unlocks $7.85 billion in immediate upfront proceeds for Kuwait Petroleum Corporation to support its goal of boosting oil production capacity to four million barrels per day by 2035. The transaction aligns with strong second-quarter 2026 results for both Blackstone and KKR, with Blackstone's infrastructure assets under management growing 40% year-over-year to $90 billion and KKR's infrastructure and energy real-assets strategy reaching $114 billion, or about 15% of its total AUM.
KKR Reports Record Q2 Earnings and Joins $16 Billion Kuwait Infrastructure Deal
KKR & Co. Inc. reported record second-quarter 2026 results with net income of US$700.48 million and diluted EPS from continuing operations of US$0.70, alongside record fee-related earnings and a record monetization quarter that beat analyst estimates. Separately, Kuwait Oil Company announced a US$16.00 billion lease-and-lease-back joint venture with a consortium including KKR, Blackstone and Brookfield, described as the largest foreign direct investment in Kuwait's history. The deal highlights KKR's growing infrastructure footprint and its ability to secure long-duration, tariff-based exposure in a landmark transaction.
Leveraged loan dividend recaps surge to $9.11 billion in July
Dividend recapitalizations in the leveraged loan market surged to $9.11 billion in July, the highest monthly volume since September 2025 and nearly matching the prior five months combined. The spike was led by a $6.5 billion financing package for Blackstone-backed Carrix and a $4.8 billion deal for Morton Salt, both among the largest recap transactions on record. The increase comes as new LBO and M&A issuance fell to just $5.72 billion through July 28, the second-lightest month of 2026, while private equity firms face a persistent exit backlog with 29% of portfolio companies held for six or more years. Year-to-date dividend recap volume stands at $26.1 billion, trailing the pace of 2024 and 2025, and the average dividend size has dropped to a four-year low of $350 million. Despite wider spreads earlier in the year, average yields on these deals are at a four-year low of 7.30%, and investors are accepting higher leverage, with 22% of deals levered at 6x or greater.
HSBC to sell Australian retail banking business to Blackstone for 36 billion Australian dollars
British banking giant HSBC has announced it will sell its Australian home loan and personal lending portfolio to US investment giant Blackstone for 36 billion Australian dollars, or 25.3 billion US dollars. Subject to regulatory and competition approvals, the deal is expected to close in the first half of 2027, with HSBC gradually exiting the Australian retail banking business. The portfolio will be acquired by Burgo Bidco, a special purpose vehicle wholly owned by funds managed by Blackstone affiliates. HSBC has been scaling back globally since the global financial crisis, and this exit was decided as part of efforts to simplify the business and improve returns under Chief Executive Officer Georges Elhedery, who took office in September 2024. The bank will continue to invest in its corporate and institutional banking operations in Australia and New Zealand.
Jersey Mike's opens at $21 per share, valuing chain just under $1 billion
Jersey Mike's made its public debut on Thursday, opening at $21 per share on the New York Stock Exchange under the ticker JMKE, giving the sandwich chain a valuation just shy of $1 billion. The company, backed by Blackstone and the Abu Dhabi Investment Authority, offered more than 43 million shares, with the opening price coming in just below its IPO price of $23. Systemwide sales increased 13% year over year to reach $4.3 billion in 2025, while same-store sales grew by 50% between 2020 and 2025. The chain, which franchises 99% of its roughly 3,300 US locations, plans to open 7,500 more domestic stores and has agreements for 300 stores in Canada by 2034 and an initial 300 stores in the UK and Ireland, with a long-term goal of approximately 15,000 stores globally.
Jersey Mike's IPO Prices at $23 a Share, Below Blackstone's 2024 Buyout Valuation
Jersey Mike's priced its initial public offering at $23 per share, raising roughly $1 billion in the largest US consumer listing of the year. The deal was ten times oversubscribed and landed in the middle of its $21-to-$25 range, but the resulting valuation of about $7.3 billion sits below the $8 billion Blackstone paid for majority control in 2024. Shares begin trading Thursday under the ticker JMKE, with Blackstone retaining roughly 86% of voting power. The IPO arrives as the Nasdaq entered correction territory and as comparable franchise-heavy concepts like Wingstop face sharp declines in same-store sales and stock price.