Blackstone CEO says PIF infrastructure returns doubled

Blackstone Group CEO Stephen Schwarzman said its infrastructure partnership with Saudi Arabia’s Public Investment Fund (PIF) initially aimed at an average return of 9%, but ultimately delivered 17.5%.

Speaking at the Saudi-US Investment Forum, he described Riyadh’s infrastructure and road upgrades as “remarkable.” He added that the city has grown eightfold since his first visit in 1991.

Schwarzman said Blackstone is prioritizing two things: data and developing and owning data centers.

The US private equity company is working to secure multiple sites for data centers over the next five years.

PIF signed final agreements with Blackstone in October 2017 to launch a joint fund focused on the US infrastructure sector. The PIF committed up to $20 billion as an initial investment, according to Argaam's data.