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. It typically invests in early-stage, seed, middle market, mature, late venture, growth capital, emerging growth, turnaround, and later stage companies, and also provides capital markets services. Its real estate segment focuses on opportunistic and core+ investments, debt opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe, and Asia. The firm's corporate private equity business pursues transactions worldwide, including large buyouts, recapitalizations, special situations, distressed mortgage loans, mid-cap buyouts, buy-and-build platforms, and growth equity/development projects.
Blackstone expands AI and credit, but caps fund withdrawals
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AI data center push Blackstone announced $30 billion for AI data centers in Japan and sold Virginia data center stakes to Digital Realty for $3.5 billion, showing it is investing heavily in the AI boom and cashing out some profits.
This is a major new growth initiative and a large asset sale that could boost earnings and sentiment.
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Private credit expansion and strong results Blackstone expanded private credit through SablePointe and won an Oppenheimer upgrade citing $1.3 trillion in assets and 23% fee-earning growth, highlighting its scale and ability to attract more investor money.
These developments show business momentum and analyst confidence, which can support the stock price.
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Realized IPO gains Blackstone realized gains from the IPO filing of Jersey Mike's, a sandwich chain it owns, allowing it to lock in profits from a successful investment and return cash to fund investors.
This is a concrete positive event that demonstrates Blackstone's ability to generate returns from its portfolio.
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Liquidity stress in private credit fund Blackstone capped withdrawals at 5% after investors sought 10% redemptions from its flagship private credit fund, a sign of liquidity stress that could pressure shares despite other positive news.
This is the most notable negative event, indicating potential investor concerns and a risk to Blackstone's reputation and stock price.
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Blackstone's AI financing grows, but real estate and credit risks persist
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Blackstone leads $18B AI chip financing for Anthropic Blackstone is leading an $18 billion junior-debt tranche for Broadcom's AI chip financing, committing $9 billion from its funds. This deepens its role in AI infrastructure lending, likely generating fees and profits that support the stock.
This is a major new AI financing deal that directly boosts Blackstone's revenue and franchise.
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QTS data center in Iowa promises $200M tax revenue Blackstone's QTS plans a giant data center in Clinton, Iowa, expected to generate about $200 million in property tax revenue and thousands of jobs. This shows its data-center pipeline is still advancing, supporting future returns despite local opposition elsewhere.
It provides a concrete example of Blackstone's data-center expansion, a key growth driver.
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Apartment debt crunch hits Blackstone with default Blackstone defaulted in June on a $90 million loan tied to a Dallas apartment building, as U.S. apartment landlords face a $1.8 trillion debt wall and refinancing costs soar. This highlights ongoing stress in its real estate portfolio, weighing on the stock.
It reveals a specific Blackstone default and broader real estate headwinds that could hurt earnings.
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SEC opens private markets to retail investors The SEC approved a proposal to give retail investors greater access to private markets and allow performance fees up to 20%. This could bring more capital to Blackstone, but also raises scrutiny over liquidity mismatches and redemption limits.
It's a regulatory change that could expand Blackstone's retail fundraising but also invites closer oversight.
Q3 2026
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Blackstone rides AI boom to strong Q2, but bubble and credit risks build
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Q2 earnings beat on AI and energy bets Blackstone beat Q2 expectations with earnings per share up 26% and revenue up 24%, powered by AI, data center, and energy investments. It also launched the largest-ever data center REIT IPO and scored an oversubscribed Jersey Mike's IPO.
This shows the core financial performance and successful exits that drove positive sentiment in the quarter.
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Deepened AI exposure and deployed cash Blackstone deepened its AI exposure through Nvidia's $500 billion alliance, Broadcom/Anthropic chip deals, and an $18 billion Anthropic tranche. It deployed its $177 billion cash pile and unlocked value via Cirsa, Bumble (98% return), and other exits.
This highlights the major new investments and realizations that fueled growth and investor optimism.
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AI bubble fears and real estate debt wall Risks mounted as QTS scrapped a $100 billion Virginia campus, Schwarzman warned of AI exuberance, and analysts flagged AI bubble risk shifting into private credit and insurers. Blackstone also defaulted on a $90 million Dallas loan amid a $1.8 trillion real estate debt wall.
These are the key negative developments that created headwinds and tempered the positive news.
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Retail access expansion with liquidity concerns Blackstone expanded private credit into 401(k) plans, and new SEC retail-access rules bring capital but raise liquidity concerns. This follows last quarter's cap on withdrawals from its flagship private credit fund.
This shows a regulatory and strategic shift that could bring capital but also adds to liquidity worries.
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Climate Adaptation & Waterimpact 4
GFL Environmental Jumps 4% as Two Private Equity Consortia Submit Takeover Bids
GFL Environmental rose 4% on a report that two private equity groups have made offers for the company. GFL's special committee is evaluating the takeover offers with its adviser, according to traders who cited a CTFN report circulating on Friday that cited a source familiar with the matter. One group consists of private equity firms KKR, Blackstone, and Energy Capital Partners, while the other group includes Brookfield Asset Management and IFM Investors. The bids likely need to be at the top end of the $50 to $55 a share range that CTFN previously reported to get across the finish line, and GFL has also received interest from strategic buyers for certain markets or regions. GFL CEO Patrick Dovigi told Bloomberg TV last month that he is open to taking the company private at a higher valuation than it currently trades at, saying no decision has been made, and GFL is set to report Q3 results on Oct. 28.
Climate Adaptation & Water › Waste Management & Circular Economy Capital
GFL · Capital · Positive Two private equity consortia submitted takeover bids for GFL, with the special committee evaluating the offers.
BAM · Capital · Neutral Named as part of a consortium bidding for GFL, but no specific terms or outcome for Brookfield are given.
BX · Capital · Neutral Named as part of a private equity group bidding for GFL, with no deal terms or impact specific to Blackstone.
KKR · Capital · Neutral Named as part of a private equity consortium bidding for GFL, but no specific terms or outcome for KKR.
Energy Capital Partners · Capital · Neutral Named as part of a private equity group bidding for GFL, with no deal terms or impact specific to Energy Capital Partners.
IFM Investors · Capital · Neutral Named as part of a consortium bidding for GFL, but no specific terms or outcome for IFM Investors.
Broadcom Syndicate Gathers $60B AI Chip Financing for Anthropic
Broadcom's Wall Street syndicate is starting to gather $60B of fresh AI chip financing to benefit Anthropic PBC and other companies, according to Bloomberg News. Banks involved in the massive debt package are poised to send out syndication letters for a $42B Class A senior-secured tranche, the report said. Blackstone is said to be leading an $18B tranche of Class B junior debt, committing $9B from various funds with plans to syndicate the rest. The financing, which has been taking shape for weeks, is being closely watched across Wall Street and Silicon Valley for reassurance that investors are still keen to back AI's buildout amid a public backlash against data-center construction. Broadcom is looking to sell more chips and other data-center equipment, challenging Nvidia, while AI companies like Anthropic need ever more computing capacity.
AVGO · Capital · Positive Broadcom's syndicate is gathering $60B of AI chip financing, with Broadcom looking to sell more chips and data-center equipment.
BX · Capital · Positive Blackstone is leading an $18B junior-debt tranche, committing $9B from its funds.
Anthropic · Capital · Positive The $60B AI chip financing is intended to benefit Anthropic, which needs ever more computing capacity.
NVDA · Competition · Negative Broadcom is challenging Nvidia by selling more AI chips and data-center equipment.
US SEC Opens Private Markets to Retail Investors, Allows Performance Fees of Up to 20%
The US Securities and Exchange Commission, or SEC, approved a major proposal to give retail investors greater access to private markets, while allowing Registered Investment Advisers, or RIAs, to charge performance-based fees of up to 20%, a level close to the fees common in the hedge fund and alternative asset industry. The proposal, approved by the SEC on Wednesday, September 30, will expand the number and types of channels through which ordinary individuals can qualify as accredited investors, who are able to access assets and investment products not offered to the general public. SEC Chairman Paul Atkins said demand among investors to invest in private markets is rising, and access to sources of capital, one of the key mechanisms of the US business sector, should not be limited to only the wealthy or investors viewed as sophisticated. The move aligns with the approach of President Donald Trump's administration, which wants to ease regulatory restrictions in private markets. In August 2025, Trump signed an executive order titled Democratizing Access to Alternative Assets for 401(k) Investors, which opens the way for Americans to put more of their 401(k) retirement plan money into private equity and other alternative assets. However, the opening of the door to more retail money flowing into private markets comes at a time when the private asset industry is under intense scrutiny, particularly over the mismatch between the liquidity of assets and the expectations of retail investors. In February, Blue Owl Capital suspended cash repurchases under the quarterly cycle of its Blue Owl Capital Corporation II fund, which focuses on the US retail investor market, after redemption requests from investors surged. Other private credit fund managers, including Blackstone and Apollo, have used similar withdrawal restriction measures, and Jon Gray, President and Chief Operating Officer of Blackstone, told CNBC in March that such restrictions are a feature, not a bug, of private credit products, reflecting that redemption limits are part of the structure of products that invest in illiquid assets.
OBDC · Regulation · Negative Article cites Blue Owl's February suspension of cash repurchases in its retail-focused fund amid surging redemption requests, highlighting liquidity mismatch risks as retail access expands.
BX · Regulation · Neutral SEC move opens retail capital to private markets, but article notes Blackstone among private credit managers facing scrutiny over liquidity mismatches and redemptions.
APO · Regulation · Positive SEC approval expanding retail access to private markets and allowing performance fees up to 20% benefits alternative asset managers like Apollo.
Blackstone is launching Norla, a logistics investment platform focused on warehouses across the Nordic region, according to Reuters. Norla will include more than 200 warehouses, mainly last-mile logistics properties supporting e-commerce, with a combined area of more than 2M square metres. Based in Stockholm, the platform will operate across Sweden, Denmark and Finland and is expected to become operational next year. Norla will primarily comprise assets already owned by Blackstone funds, while also allowing for investments in third-party assets. The initial portfolio is expected to be worth about €3B, or $3.41B, according to the report.
BX · Capital · Positive Blackstone launches Norla logistics platform with a ~€3B initial portfolio of Nordic warehouses, expanding its real-estate investment footprint.
Norla · Capital · Positive Norla is the new Blackstone-backed logistics platform being launched, with 200+ warehouses and ~€3B initial portfolio value.
Citigroup Taps Wall Street Banks for Over $3B Banamex IPO
Citigroup is rounding up Wall Street banks as it seeks to raise more than $3B in an initial public offering for Mexico's Grupo Financiero Banamex, according to a media report. Bank of America, Goldman Sachs Group, and JPMorgan Chase are also participating in the deal, Bloomberg News reported, citing people familiar with the matter, adding that Citi and Banamex are planning for a listing in January. The banks are still assessing how much of Citigroup's remaining holdings in Banamex can be sold before an IPO, as further smaller stake sales are still possible, and talks are continuing with more banks potentially added and details subject to change. Last year, Citi sold a 25% stake in the Mexican retail bank to local billionaire Fernando Chico Pardo for about $2.3B, and earlier this year it sold 24% more of Banamex to General Atlantic and Blackstone.
C · Capital · Positive Citigroup is the subject, rounding up banks to raise over $3B via a Banamex IPO.
Grupo Financiero Banamex · Capital · Positive Banamex is the subject of a planned IPO raising over $3B, a major capital-markets event for the Mexican bank.
BAC · Capital · Positive Bank of America is participating in the over $3B Banamex IPO deal, a fee-generating mandate.
GS · Capital · Positive Goldman Sachs is participating in the over $3B Banamex IPO deal, a fee-generating mandate.
JPM · Capital · Positive JPMorgan Chase is participating in the over $3B Banamex IPO deal, a fee-generating mandate.
BX · Capital · Positive Blackstone earlier bought a 24% stake in Banamex, part of Citi's stake-sale process tied to the IPO.
Private credit funds showed signs of stabilizing in September as redemption requests from individual investors eased and investment performance improved after a difficult start to the year, the Financial Times reported Sunday. Flagship funds managed by Apollo Global, Ares and BlackRock reported lower withdrawal requests in the third quarter, while redemptions at Blackstone's large private credit fund held roughly steady. Ares Strategic Income Fund said investors requested withdrawals equal to 13.1% of shares during the third quarter, down from 14.4% in the prior period, while at Apollo's roughly $15 billion flagship debt fund redemption requests fell to 14.7% from 16.8%. Requests at BlackRock's HPS corporate lending fund declined to 11.5% from 13.3%, while Blackstone's $43 billion flagship private credit vehicle held steady at about 10%. Across 13 non-traded business development companies that have reported third-quarter results, investors requested $9.6 billion in withdrawals, or 10.1% of fund value, down from 11.2% in the second quarter, according to RA Stanger. Despite the improvement, the four vehicles fulfilled less than half of requested withdrawals on average as redemption limits remained in place, and limited inflows and constrained asset growth could keep management-fee expansion weak while softer performance is expected to reduce incentive fees.
APO · Capital · Positive Redemption requests at Apollo's ~$15B flagship private credit fund fell to 14.7% from 16.8%, signaling easing withdrawal pressure.
ARES · Capital · Positive Ares Strategic Income Fund's withdrawal requests dropped to 13.1% from 14.4%, indicating stabilizing private credit redemptions.
BLK · Capital · Positive BlackRock's HPS corporate lending fund saw redemption requests decline to 11.5% from 13.3%.
BX · Capital · Neutral Blackstone's $43B flagship private credit fund held roughly steady at about 10% redemptions, neither improving nor worsening.
Blackstone Launches BXPM Private Markets Fund for Non-U.S. Investors
Blackstone announced the launch of the Blackstone Private Markets Fund, or BXPM, a perpetual vehicle giving eligible non-U.S. investors simplified, single-allocation access to its private equity, infrastructure, real estate and credit platforms. BXPM is the first multi-strategy solution within Blackstone Portfolio Solutions, bundling exposure to businesses overseeing hundreds of billions of dollars across four private-market asset classes into one product. The launch broadens access to Blackstone's platform but does not materially change the near-term sensitivity of fee and realization income to market volatility, higher rates and slower deal exits. Among recent developments, the rumoured US$1.3 billion to US$1.5 billion sale of PGP Glass to Brookfield is most relevant, as it speaks directly to Blackstone's ability to execute exits and crystallize performance fees. Blackstone's narrative projects $22.5 billion revenue and $9.8 billion earnings by 2029, requiring 16.1% yearly revenue growth and a $6.7 billion earnings increase from $3.1 billion today, while the most pessimistic analysts project revenue of about US$22.4 billion and earnings of US$11.8 billion by 2029.
BX · Capital · Positive Blackstone launched BXPM, a new perpetual private-markets vehicle broadening access to its PE, infrastructure, real estate and credit platforms.
US Apartment Landlords Face $1.8 Trillion Debt Wall as Refinancing Costs Soar
U.S. apartment landlords are facing more than $1.8 trillion in debt coming due over the next decade, with nearly $300 billion maturing this year alone, according to Mortgage Bankers Association data cited by WSJ. About $757 billion of those loans mature from 2026 through 2028, including another $223 billion in 2027, and landlords are now refinancing at roughly twice the rates available five years ago. Apartment mortgage rates fell to around 3% in 2020 and 2021, fueling investment and a construction boom across the Sunbelt in markets including Phoenix, Denver, Atlanta and Austin, and some landlords are now selling at losses, returning buildings to lenders or restructuring their balance sheets. Bain Capital real estate head Ryan Cotton said lenders have gotten a lot more aggressive as distress appears, while TruAmerica Multifamily Investments CEO Bob Hart told WSJ one of his properties would need refinancing from 3.5% to about 6% and that he was considering selling rather than making a large additional payment. Blackstone defaulted in June on a $90 million loan tied to a Northern Dallas apartment building, multifamily loan delinquency in commercial mortgage-backed securities reached 7.1%, and apartment values fell about 3.5% in the past month and remain more than 20% below their 2022 peak. Distressed-property buyers are becoming more active, with Cityview buying directly from lenders that have taken control of properties and getting roughly a 40% discount on a newly renovated Dallas-area apartment complex that was foreclosed on.
BX · Capital · Negative Blackstone defaulted in June on a $90 million loan tied to a Northern Dallas apartment building amid the refinancing crunch.
TruAmerica Multifamily Investments · Capital · Negative TruAmerica CEO Bob Hart said one of his properties needs refinancing from 3.5% to about 6% and he is considering selling rather than making a large additional payment.
Bain Capital · Capital · Neutral Bain Capital's real estate head Ryan Cotton commented that lenders have gotten more aggressive as distress appears, a market observation rather than a company-specific event.
IDP Education has rejected an improved takeover proposal from Blackstone worth about A$694.7M, or $493.8M, saying the A$2.50-a-share cash offer substantially undervalues the business. Blackstone submitted the proposal on September 9, after IDP rejected an earlier A$2.30-a-share offer, and the latest bid represented a 56% premium to IDP's September 8 closing price. IDP Education said its board considered the proposal highly opportunistic given current industry conditions and its ongoing multi-year transformation program, and that the offer did not reflect the company's future earnings potential or the benefits of its transformation that are yet to be realized. IDP Education shares closed about 21% higher at A$2.16 on the Australian Securities Exchange on Tuesday.
IDP Education · Capital · Positive IDP rejected Blackstone's improved A$2.50/share offer as undervaluing the business, with shares closing about 21% higher.
BX · Capital · Neutral Blackstone's improved A$2.50/share takeover bid for IDP was rejected, leaving its acquisition attempt unsuccessful.
US Towns Weigh Data Center Construction as Cash-Strapped Municipalities Face a Choice
As data centers proliferate across the United States amid the spread of AI, financially struggling local towns are being forced to choose between economic growth and quality of life. In Clinton, Iowa, QTS, a Blackstone subsidiary, plans to build a giant data center that is expected to bring in about 200 million dollars in property tax revenue over its first decade along with thousands of jobs. For a city with an annual operating budget of 25 million dollars, the scale would transform its finances, but many residents oppose the project, citing concerns about noise, environmental degradation, and higher utility bills. According to Data Center Watch, about 75 data center projects worth a total of 130 billion dollars were canceled or delayed in the United States in the first quarter of this year amid resident opposition. According to the Pew Research Center, more than two-thirds of new projects are concentrated in rural areas, and with the issue emerging as a campaign topic in November's midterm elections, some states are moving to pause development.
Artificial Intelligence › AI Data Center & Build-out ▼Regulation
QTS Data Centers · Capital · Positive QTS, a Blackstone subsidiary, plans to build a giant data center in Clinton, Iowa, bringing ~$200M in property tax revenue and thousands of jobs.
BX · Capital · Positive Blackstone subsidiary QTS plans a giant data center in Clinton, Iowa, expected to generate ~$200M in property tax revenue and thousands of jobs.
Blackstone Explores ZO Skin Health Sale at Around $2 Billion Valuation
Blackstone is exploring a sale of ZO Skin Health that could value the physician-dispensed skincare brand at around $2 billion, Reuters reported this week, citing people familiar with the matter. Founded in 2007 by dermatologist Dr. Zein Obagi, ZO built its business not through influencers or department stores but through dermatologists and medical-aesthetics practices, and in 2012 it launched physician affiliate and revenue-sharing programs that let participating doctors earn commissions when patients replenished products through physician-linked virtual stores. Nearly 40% of ZO Skin Health customers at medical-aesthetics practices made a repeat ZO purchase in 2025, according to Guidepoint Qsight's 2026 Aesthetic Industry Impact Players report, the highest patient-retention rate among the leading professional-grade skincare brands in its analysis. By 2016, ZO said, it had become the No. 1 physician-dispensed medical skincare brand in the European Union, though as a private company it does not disclose annual sales; public filings from Cutera, ZO's former distributor in Japan, showed $34 million in revenue from ZO skincare products in Japan in 2023, down from $42.5 million in 2022, representing 16% and 17% of Cutera's total revenue, respectively. Blackstone acquired a majority stake in ZO in 2020, when Senior Managing Director Todd Hirsch called it one of the fastest-growing brands in the rapidly expanding professional skincare market.
ZO Skin Health · Capital · Neutral Blackstone is exploring a sale of ZO Skin Health that could value the private skincare brand at around $2 billion.
BX · Capital · Neutral Blackstone is exploring a sale of portfolio company ZO Skin Health at around a $2 billion valuation, a potential exit of its 2020 majority stake.
Cutera, Inc. · Demand · Negative Cutera's filings show ZO skincare product revenue in Japan fell to $34 million in 2023 from $42.5 million in 2022, a declining distribution contribution.
Goldman Sachs Arranges $22b AI Chip Financing Package Linked to Blackstone and Alphabet's Crux AI
Goldman Sachs Group is arranging a reported $22b AI chip financing package linked to Blackstone and Alphabet's Crux AI venture, working with Crux AI as part of a broader push to support capital-intensive AI infrastructure projects. The bank is simultaneously expanding its private equity alternatives platform with fresh fundraises across its global private markets franchise, including new West Street funds. Goldman Sachs Group, a US-based capital markets heavyweight with a reported $295.7 billion market cap, is leaning into both AI financing and alternatives as it seeks to tilt earnings toward steadier fee income and capital-light businesses. The reported $22b AI chip financing package plays directly into that capital-light financing thesis, keeping the bank close to high-demand AI infrastructure in the same way JPMorgan and Morgan Stanley pursue large tech-related financings. The missing piece, according to the report, is how consistently Goldman can turn these AI and alternatives mandates into durable, fee-based flows when analysts have already flagged pressure on expenses and some softness in fixed income trading.
Artificial Intelligence › AI Compute & Accelerator Silicon Capital
GS · Capital · Positive Goldman is arranging the reported $22b AI chip financing package and expanding its private markets/alternatives platform, tilting earnings toward fee income.
Crux AI · Capital · Neutral Crux AI is the venture tied to the $22b financing package, but the article gives no independent financial detail about Crux AI itself.
BX · Capital · Neutral Named as a partner in the $22b AI chip financing package, but no specific Blackstone terms or role detailed.
GOOG · Capital · Neutral Alphabet's Crux AI venture is linked to the $22b financing package, but Alphabet's own role and benefit are not specified.
KKR-Blackstone and Brookfield-IFM consortiums bid for GFL Environmental
Two competing private equity consortiums have emerged for GFL Environmental, setting up a bidding war over a target carrying $28 billion in combined equity value and debt, Bloomberg News reported Wednesday evening. KKR & Co., Energy Capital Partners, and Blackstone Inc. have formed one consortium, while Brookfield Asset Management and IFM Investors have teamed on a rival offer. GFL carries a market capitalization of roughly $18 billion alongside approximately $10 billion in debt, implying a total enterprise value approaching $28 billion. CEO Patrick Dovigi said on Bloomberg TV that he is open to taking the company private at a higher valuation than its current stock price and would roll his entire ownership stake into any transaction. GFL's special committee, formed in July after the company retained advisers following preliminary takeover interest, is expected to take time evaluating the competing proposals and could ask bidders to sharpen their offers, with a decision possible within weeks. At roughly $28 billion in enterprise value, a completed GFL transaction would rank just below the AES Corp. takeover, currently the largest announced North American LBO of 2026 at approximately $33 billion including debt.
GFL · Capital · Positive GFL Environmental is the takeover target of two competing consortiums, with CEO open to going private at a higher valuation.
BAM · Capital · Positive Brookfield Asset Management teamed with IFM Investors on a rival bid for GFL Environmental, a potential ~$28B take-private deal.
BX · Capital · Positive Blackstone Inc. formed a consortium with KKR and Energy Capital Partners to bid for GFL Environmental.
KKR · Capital · Positive KKR & Co. is part of a consortium bidding for GFL Environmental in a potential ~$28B take-private.
Energy Capital Partners · Capital · Positive Energy Capital Partners joined KKR and Blackstone's consortium bidding for GFL Environmental.
IFM Investors · Capital · Positive IFM Investors teamed with Brookfield Asset Management on a rival offer for GFL Environmental.
Crux AI Secures $22 Billion Debt Financing to Buy Google TPUs
Crux AI, the cloud venture backed by Google and Blackstone, has secured $22 billion in debt financing to buy Google-developed Tensor Processing Units, according to Bloomberg. Ten banks are reportedly providing the financing, including Goldman Sachs, Barclays, BNP Paribas and Bank of Nova Scotia, with the debt backed partly by the value of Google's TPUs and partly by customer contracts signed by Crux AI. Blackstone has separately committed an initial $5 billion in equity. Crux AI plans to bring its first 500 megawatts of data-center capacity online in 2027, a test of whether customers will adopt Google's chips on a much larger scale outside Google's own ecosystem. The $22 billion solves part of the funding problem, and investors will be watching how quickly Crux AI fills that first 500 megawatts.
Artificial Intelligence › AI Data Center & Build-out ▲Capital
Crux AI · Capital · Positive Crux AI secured $22B in debt financing plus $5B equity from Blackstone to buy Google TPUs and build data-center capacity.
GOOG · Demand · Positive Crux AI raised $22B in debt to buy Google-developed TPUs, a large-scale order for Alphabet's chips outside its own ecosystem.
BX · Capital · Positive Blackstone-backed Crux AI secured $22B debt and Blackstone separately committed an initial $5B in equity, deepening its AI infrastructure investment.
BARC.LSE · Capital · Neutral Named as one of the banks in the $22B Crux AI financing syndicate; only a passing participant mention.
BNS · Capital · Neutral Named as one of ten banks providing the $22B debt financing to Crux AI; role is incidental, no terms or impact specified.
GS · Capital · Neutral Listed among ten banks providing the Crux AI debt financing; no deal size or fee detail for Goldman given.
Broadcom CEO Tan Says AI Slowdown Debate Won't Dent Compute Demand
Broadcom CEO Hock Tan said on Mad Money on Sep. 14 that Anthropic CEO Dario Amodei's call for an intentional slowdown in advanced AI development does not change Broadcom's AI semiconductor forecasts. Amodei published an essay titled "We Must Pace the Frontier" on Sep. 12, 2026, drawing endorsements from OpenAI CEO Sam Altman and Elon Musk, and AVGO fell over 4.8% on Sep. 14 while the iShares Semiconductor ETF dropped 5.6%. Tan said demand for compute infrastructure for AI development, frontier models and inference remains very strong and durable, agreed that AI needs governance and safeguards, but pushed back on the framing that AI poses existential risk at current capability levels, saying it is not a live animal that will run wild by itself. Broadcom reported Q3 fiscal 2026 AI semiconductor revenue of $16.7 billion, up 221% year-over-year and 54% quarter-over-quarter, with total consolidated revenue of $29.6 billion, up 86% year-over-year, and free cash flow of $13.7 billion, or 46% of revenue. Q4 guidance calls for AI semiconductor revenue of $21.7 billion, up 236% year-over-year, and consolidated revenue of $34.8 billion, up 93% year-over-year, while full fiscal 2026 AI revenue is now expected to be $58 billion, raised from prior guidance of $56 billion. Tan guided fiscal 2027 AI semiconductor revenue to approximately $115 billion, doubling to approximately $230 billion in fiscal 2028, and reiterated confidence in exceeding $30 in EPS by fiscal 2028, with Anthropic on track to become Broadcom's largest XPU customer in 2027-2028 with visibility to 10 gigawatts of deployment by 2028. Tan also helped establish a $35 billion AI special-purpose vehicle platform with Apollo and Blackstone to support Anthropic's one-gigawatt deployment.
AVGO · Capital · Positive Broadcom reported blowout Q3 fiscal 2026 results with $29.6B revenue and $13.7B free cash flow, and guided fiscal 2027-2028 AI revenue to $115B/$230B.
AVGO · Demand · Positive Tan says AI compute demand remains strong and durable, with Q3 AI semiconductor revenue up 221% and fiscal 2026 AI revenue guidance raised to $58B.
Anthropic · Demand · Neutral Anthropic is on track to become Broadcom's largest XPU customer in 2027-2028 with visibility to 10GW of deployment, but the article centers on Broadcom's outlook and Amodei's slowdown essay.
APO · Capital · Positive Tan helped establish a $35B AI special-purpose vehicle platform with Apollo and Blackstone to support Anthropic's one-gigawatt deployment.
BX · Capital · Positive Tan helped establish a $35B AI special-purpose vehicle platform with Apollo and Blackstone to support Anthropic's one-gigawatt deployment.
Blackstone seeks at least $8B for fourth renewable and digital infrastructure credit fund
Blackstone is seeking to raise at least $8B for its private credit fund focused on renewables and digital infrastructure investments, according to a Bloomberg News report. The fund, the fourth iteration of the strategy, will provide loans to companies in the energy transition marketplace, including energy security, power and utilities, data centers, and chip financing. Separately, TXNM Energy, the parent company of PNM, and Blackstone Infrastructure said they have filed a motion with the NMPRC seeking authorization to file a revised version of their merger application. The draft revised application more than doubles direct customer rate credits, strengthens workforce commitments, and includes a nearly $5B commitment to invest in New Mexico's electric grid. The revised draft includes $220M in direct customer rate credits, more than doubling the direct rate credit commitment included in the original application.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Capital
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Capital
Cloud & Digital Infrastructure › Telecom Towers, Fiber & Colocation Capital
BX · Capital · Positive Blackstone is seeking to raise at least $8B for its fourth renewable and digital infrastructure credit fund.
Blackstone Infrastructure Partners · Capital · Positive Blackstone Infrastructure is part of the revised merger application filing with TXNM Energy and the $8B fund raise for infrastructure credit.
TXNM · Regulation · Positive TXNM Energy and Blackstone filed a motion with the NMPRC seeking authorization to file a revised merger application with doubled customer rate credits and a nearly $5B grid investment commitment.
Canada Seeks Investment in More Than 160 Projects Amid Trade War With US
Canadian Prime Minister Carney is aiming to attract investment in more than 160 projects as a key to weathering the trade war with the United States. According to the Prime Minister's Office, Carney, a former Goldman Sachs executive, held one-on-one meetings on the 14th with BlackRock CEO Larry Fink and Blackstone President Jon Gray, among others. According to government sources, the summit, mainly to be held on the 15th, will feature discussions on future investment, but it could take 12 to 18 months before large-scale deals materialize. Carney has pledged to attract 1 trillion Canadian dollars, or 721 billion US dollars, in investment over the next five years through deregulation and the promotion of mining, energy, technology, and infrastructure projects. At a welcome reception on the 13th, Carney said that some of the world's largest investors, who manage more than 120 trillion Canadian dollars in assets, are now looking at Canada differently than before.
Vista Equity explores options for Finastra, potential $12 billion sale
Vista Equity Partners is exploring strategic options for Finastra that could include a sale of the financial software provider. The private equity firm is working with bankers at Morgan Stanley on the review, which is in its early stages and could result in a sale of the company, Vista selling a stake in Finastra, or a combination with another industry player, according to a Reuters report citing people familiar with the matter. London-based Finastra has drawn initial interest from parties including other financial sponsors, with Blackstone among possible bidders looking at the firm. Vista, Finastra, Morgan Stanley and Blackstone all declined to comment to Reuters. One person familiar told Reuters Finastra could be worth as much as $12 billion in a sale, and the company is forecast to generate $650 million in EBITDA this year.
Enbridge to Buy Tallgrass Energy's Crude Oil Business for $2.55 Billion
Enbridge Inc. has agreed to buy Blackstone-owned Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its presence in the U.S. liquids pipeline market. The deal includes a 75% stake in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway system, around 8.4 million barrels of storage capacity and crude marketing operations. Pony Express can move roughly 460,000 barrels of crude per day between the Rockies and the Cushing, Oklahoma, hub, and the acquisition also gives Enbridge greater exposure to major producing regions including the Bakken, Powder River and Denver-Julesburg basins. Enbridge expects the assets to generate significant free cash flow and says the transaction should add to distributable cash flow per share in the first full year after closing, fitting its broader strategy of growing fee-based energy infrastructure backed by its C$41 billion secured growth backlog. Reuters reported that Enbridge plans to partly fund the deal through an equity offering, which could dilute existing shareholders, and the deal is valued at roughly 10–11 times forward EBITDA.
Energy Transition & Power Demand › Natural Gas Value Chain Capital
ENB · Capital · Positive Enbridge agrees to acquire Tallgrass's crude oil business for $2.55 billion, adding fee-based pipeline, storage and marketing assets that should be accretive to distributable cash flow per share.
Tallgrass Energy · Capital · Positive Tallgrass Energy is selling its crude oil business to Enbridge for $2.55 billion in cash.
BX · Capital · Positive Blackstone-owned Tallgrass Energy is selling its crude oil business for $2.55 billion, a profitable exit for the Blackstone portfolio company.
Brookfield in Advanced Talks to Buy PGP Glass From Blackstone for Up to $1.5 Billion
Brookfield is in advanced negotiations to acquire Indian glass-packaging company PGP Glass from Blackstone for between $1.3 billion and $1.5 billion, The Economic Times reported, citing multiple people familiar with the matter. The deal would mark an exit for Blackstone, which acquired PGP Glass, formerly known as Piramal Glass, from the Piramal Group for approximately $765 million in 2020 and has been exploring options since early 2024. Blackstone had also been preparing the company for a potential initial public offering in India this year, appointing Axis Capital, Bank of America and HSBC as lead bankers in February for an offering expected to raise between $400 million and $500 million, and separately appointing Jefferies to explore a sale. Brookfield previously competed with Platinum Equity for PGP Glass in a 2024 sale process that ended without an agreement, but has since returned to negotiations. PGP Glass designs, manufactures and decorates glass packaging for the cosmetics and perfumery, pharmaceutical, food and specialty beverage industries, with cosmetics and perfumery accounting for 37.5% of revenue in fiscal 2025 and specialty food and beverage packaging representing 41%.
Blackstone Nears Full Exit From Bumble After 98% IRR as Shares Fall 96% Since IPO
Blackstone Inc. is reportedly finalizing a full exit from Bumble Inc. after roughly doubling its money on the dating app, even as Bumble's shares have fallen about 96.1% since its 2021 IPO. Blackstone and venture firm Accel invested $2.1 billion in 2019 to acquire a majority stake in Bumble's parent company MagicLab at a $3 billion valuation, and Blackstone generated a 98% internal rate of return by systematically reducing its exposure, according to a Business Insider report. In late 2020 the firm used Bumble's debt to issue a $334 million dividend to itself, then cut its stake from 83.6% to 53.2% at the IPO, netting nearly $2 billion, and sold another $1 billion of stock in 2021 when shares traded above $50. A deal with UBS allowing sales of just under 5% of the company each quarter positions Blackstone to exit fully by early next year, and its remaining 22.4 million shares are now worth approximately $66.75 million, versus the $1.084 billion a similar volume of shares yielded in 2021. Blackstone has also vacated its two board seats, with Jonathan Korngold stepping down in June and Martin Brand in August, while Bumble faces a 16.4% year-over-year decline in paying users; M Science analyst Chandler Willison told Business Insider that a private equity group is the most obvious potential buyer for Bumble.
Firmus Signs OpenAI Deal Tied to NVIDIA and Blackstone AI Buildout
Firmus announced a September 8 agreement with OpenAI to contract dedicated computing capacity from two Malaysian sites under a multiyear partnership, a deal that connects fresh computing demand to two distinct public-market exposures. Firmus said its total contracted capacity across all customers now exceeds 900 megawatts, a figure the company cautioned must not be mistaken for the size of OpenAI's individual commitment. The company distinguished two operational sites from five under development, targeting availability over the next 24 months. Firmus plans to deploy NVIDIA Vera Rubin across Asia-Pacific, though the announcement provides no NVIDIA order value or revenue schedule. Blackstone's connection comes through financing: in February, Firmus announced a $10 billion debt facility led by funds managed by Blackstone Tactical Opportunities, Blackstone Credit & Insurance and affiliates, supported by Coatue, for the next phase of Project Southgate in Australia, a facility that does not specifically finance the new Malaysian sites.
Nvidia Partners With Apollo, BlackRock, KKR to Raise $500 Billion for AI Infrastructure
Nvidia is partnering with Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to raise over $500 billion in third-party capital for AI infrastructure, as Bank of America warns the sector may need about $1.2 trillion of external finance to support AI capital expenditures forecast to exceed $5 trillion between 2026 and 2030. Bank of America says major chip suppliers are taking on an unexpected role as credit intermediaries, helping remove financial risks that make massive AI data centers difficult or expensive to finance through minimum revenue commitments, take-or-pay contracts, and residual value guarantees. Broadcom's AI XPV Platform has secured senior notes and the remaining value of chips covering $31 billion of an initial $35 billion loan package arranged with Apollo and Blackstone, nearly 87% of the debt package, with the guaranteed portion priced at 5.75% against 8.5% for an unsecured second lien. In August, Nvidia said it would provide finance assistance for land, electricity, and construction at SB Energy's PORTS-Pike Technology Campus in Ohio, with a first rollout of 4.25 gigawatts of AI factory capacity expected to be used by OpenAI, and Nvidia also said it was investing $1.5 billion in SB Energy. Broadcom on Sept. 2 reported $16.7 billion in AI semiconductor sales for its fiscal third quarter, up 221% from a year earlier, and CEO Hock Tan said the company expects AI semiconductor revenue of about $21.7 billion in its fiscal fourth quarter, an increase of 236% year-over-year.
NVDA · Capital · Positive Nvidia is the lead partner raising $500 billion in third-party capital for AI infrastructure and is providing finance assistance and a $1.5 billion investment in SB Energy.
APO · Capital · Positive Apollo is named as a partner raising over $500 billion in third-party capital for AI infrastructure and arranged the $35 billion Broadcom loan package.
AVGO · Capital · Positive Broadcom's AI XPV Platform secured notes and chip residual value covering $31 billion of an initial $35 billion loan package, and it reported $16.7 billion in AI semiconductor sales up 221%.
BLK · Capital · Positive BlackRock is named as a partner in the effort to raise over $500 billion in third-party capital for AI infrastructure.
BX · Capital · Positive Blackstone is named as a partner raising over $500 billion for AI infrastructure and helped arrange the $35 billion Broadcom loan package.
SB Energy · Capital · Positive SB Energy receives Nvidia financing for land, electricity, and construction at its Ohio campus plus a $1.5 billion investment.
Anthropic Prepares Fall IPO After Raising $130 Billion From 300 Investors
Anthropic is preparing to go public later this fall in a debut that will test the artificial intelligence boom, with the AI model maker having raised $130 billion from 300 institutional investors, according to PitchBook data. Anthropic notched a $965 billion valuation in May, and bankers have discussed a deal that could surpass SpaceX's June listing as the world's largest, raising as much as $100 billion at a $2 trillion valuation, according to an August Wall Street Journal report. Amazon has deployed approximately $18 billion into Anthropic via preferred stock and convertible notes while retaining access to an additional $15 billion contingent on commercial milestones, and said in July the carrying value of its various Anthropic investments totaled $190.4 billion. Alphabet has invested $13.3 billion in Anthropic with another $30 billion in commitments contingent on milestones, and Anthropic has committed to purchasing five gigawatts of computing from Google Cloud. Salesforce's Anthropic stake carried a value of approximately $5.1 billion as of July 31, up by $3 billion since February, while Nvidia and Microsoft both joined Anthropic's Series G round in February and have committed up to $10 billion and $5 billion respectively. Other investors with billions riding on the listing include Menlo Ventures, United Arab Emirates sovereign wealth fund affiliate ATIC, the venture arm of Zoom, and Blackstone, which PitchBook estimates could make several billion dollars from the debut.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Demand
Anthropic · Capital · Positive Anthropic is preparing to go public this fall at a potential $2 trillion valuation after raising $130 billion from 300 investors.
AMZN · Capital · Positive Amazon has deployed ~$18B into Anthropic via preferred stock and convertible notes, with $15B more contingent on milestones, so the IPO would crystallize a large investment gain.
GOOG · Capital · Positive Alphabet has invested $13.3B in Anthropic with $30B more contingent on milestones, and the IPO would boost the value of that stake.
CRM · Capital · Positive Salesforce's Anthropic stake was worth ~$5.1B as of July 31, up $3B since February, so the listing would mark a large gain on its investment.
BX · Capital · Positive PitchBook estimates Blackstone could make several billion dollars from Anthropic's IPO debut.
MSFT · Capital · Positive Microsoft joined Anthropic's Series G round in February and committed up to $5B, so the IPO would lift the value of its investment.
Blackstone Explores $2 Billion Sale of ZO Skin Health
Blackstone Inc. is exploring a possible sale of ZO Skin Health, the medical-grade skincare company founded by dermatologist Dr. Zein Obagi, in a deal that Reuters reported could value the business at around $2 billion. The process is still in the early stages, and Blackstone is working with Citigroup and Raymond James on the potential sale. ZO sells cleansers, serums, and exfoliators mainly through doctors and skincare professionals, a physician-led distribution model that gives the brand a clinical, premium image and could attract strategic buyers. Reuters pointed to recent deals such as L'Oréal's $4.7 billion purchase of Kering's beauty business and Henkel's $1.4 billion acquisition of Olaplex as evidence that buyers will still spend heavily on brands with strong growth potential. The $2 billion figure remains only a reported target, and there is no guarantee Blackstone will reach that price or complete a deal, with weak buyer interest potentially forcing a discount or prompting the firm to hold the asset.
BX · Capital · Neutral Blackstone is exploring a ~$2B sale of ZO Skin Health, an M&A/divestiture event, but the deal is early-stage with no guarantee of completion or price.
C · Capital · Neutral Citigroup is named as an advisor working with Blackstone on the potential ZO Skin Health sale, but no fee or outcome is specified.
RJF · Capital · Neutral Raymond James is named as an advisor working with Blackstone on the potential ZO Skin Health sale, but no fee or outcome is specified.
Blackstone real estate chief Nadeem Meghji steps down
Nadeem Meghji is stepping down as global head of real estate at Blackstone, less than a year after taking sole charge, and will be replaced by co-heads David Levine and Giovanni Cutaia. Meghji, who joined Blackstone in 2008 and became sole global head in 2025 after Kathleen McCarthy's departure, is leaving to spend more time with his family. His exit is part of a broader pattern of senior departures, with roughly twelve senior managing directors having left the real estate group over the past three years. Blackstone's real estate portfolio is valued at more than $600 billion, and under Meghji's leadership, the firm built its data center strategy into a portfolio worth $185 billion as of July 2026.
AI Labs Diverge on IPO Strategies as Anthropic Drops Decart Deal
Anthropic's decision to abandon its roughly $6 billion acquisition of Decart in early September signals a strategic pivot among frontier AI labs as they prepare for public market entry, prioritizing operational simplicity over rapid capability expansion. OpenAI is framing its IPO around infrastructure, with a confidential S-1 filing with Goldman Sachs and Morgan Stanley following an $852 billion post-money valuation as of March 31, 2026, and a commitment to the $105 billion Nvidia-OpenAI Ohio facility featuring 4.25 GW of power and a 20-year lease, though CFO Sarah Friar has signaled a timeline shift toward 2027. Anthropic is targeting an October 2026 IPO at a roughly $965 billion post-money valuation, supported by a $65 billion Series H round, and has filed confidentially on June 1, 2026, while managing a $71 billion off-balance-sheet debt structure through Apollo and Blackstone and resolving a $1.5 billion copyright settlement. In contrast, Chinese firms DeepSeek and Moonshot AI are anchoring to domestic sovereign capital, with DeepSeek targeting a Shanghai STAR Market debut in 2027 at a $74 billion valuation backed by Tencent, CATL, and NetEase, and Moonshot AI filing a confidential A1 with the HKEX targeting a $50 billion valuation. The AI pricing war is fundamentally a tool for financial storytelling, as labs must prove their high-end capabilities can command a premium, with the EU AI Act adding a compliance cost baseline to all strategies.
Artificial Intelligence › Closed / Frontier Labs Capital
Artificial Intelligence › AI Compute & Accelerator Silicon ▲Demand
Anthropic · Capital · Neutral Anthropic dropped its ~$6B Decart acquisition and is targeting an October 2026 IPO at ~$965B valuation with a $65B Series H and $71B off-balance-sheet debt.
Decart AI · Capital · Negative Anthropic abandoned its roughly $6 billion acquisition of Decart, removing the expected deal.
DeepSeek · Capital · Positive DeepSeek is targeting a Shanghai STAR Market debut in 2027 at a $74B valuation backed by Tencent, CATL, and NetEase.
Moonshot AI (北京月之暗面科技有限公司) · Capital · Positive Moonshot AI filed a confidential A1 with HKEX targeting a $50B valuation IPO.
OpenAI · Capital · Positive OpenAI is framing its IPO around infrastructure with a confidential S-1 filing and an $852B post-money valuation.
GS · Capital · Positive Goldman Sachs is named as an underwriter on OpenAI's confidential S-1 filing ahead of its IPO.
TXNM Energy Prices $400M Equity Offering to Repay Term Debt
TXNM Energy, Inc. (NYSE:TXNM) priced an underwritten offering of 7,079,646 common shares at $56.50 each, raising approximately $400 million in gross proceeds, with net proceeds of about $396 million intended to repay most of its $400 million term loan. The offering, expected to close on or about September 2, replaces capital that regulators required the company to return after the New Mexico Public Regulation Commission voided a $400 million PIPE investment by Blackstone affiliate Troy TopCo in June 2025. TXNM borrowed the $400 million term loan in July 2026 to repay Troy TopCo, and this equity issuance was part of the original merger plan with Blackstone, which still offers $61.25 per share in cash. The term loan carries a 5.01% weighted average interest rate, so repaying it with equity saves about $19.8 million in annual interest, but the offering dilutes existing shareholders by approximately 6.4% and increases the share count by about 6.9% to 110,125,757 shares. The dilution could weigh on earnings per share if the Blackstone acquisition, now expected to close in the first half of 2027, is delayed or fails.
TXNM · Capital · Negative TXNM priced a $400M equity offering that dilutes shareholders ~6.4% and could weigh on EPS if the Blackstone deal is delayed or fails.
BX · Capital · Neutral Blackstone affiliate Troy TopCo's voided $400M PIPE and its pending $61.25/share cash offer for TXNM are central context, but the equity offering itself is TXNM's action.
Troy TopCo · Capital · Neutral Troy TopCo's voided $400M PIPE investment is the reason for the offering, but the article does not state a new impact on Troy TopCo itself.
Alphabet Inc. and Blackstone Inc.'s new cloud venture, known internally as Project Braid, has hit delays at major data-center locations intended to run Google's AI chips, underscoring obstacles to Big Tech's AI ambitions. The startup, launched with $5 billion from Blackstone, aims to rent Google AI processors to customers in 2027. Among the snags, Google scrapped a plan for Crusoe to build sites in Cheyenne, Wyoming, and took over the project after losing confidence in Crusoe's delivery, while another site lacked proper transformers and Texas froze new projects. Despite these challenges, CEO Benjamin Treynor Sloss said the venture is on track to deliver its targeted 500 megawatts next year, and executives have accepted a 50% chance of meeting delivery dates, down from 90% three years ago. The venture has identified 29 potential locations and is actively expanding its pipeline.
Blackstone Sells Up to $1.3 Billion Stake in India REIT
Blackstone Inc. has offered to sell up to 25% of India's Knowledge Realty Trust, a real estate investment trust it backs with local partner Sattva Group, in a deal that could raise as much as $1.3 billion. The floor price of 108 rupees per unit represented a 4.7% discount to the prior close and a 13% discount to net asset value. The offering, which ran for institutional investors on August 31 and retail investors on September 1, was fully subscribed and upsized, making it the largest share sale by a private shareholder in India via this method. If the oversubscription option is fully exercised, Blackstone's stake will fall to about 21.5% from 46.5%, making Sattva Group the trust's largest shareholder at 32%. Knowledge Realty Trust owns 29 properties across six Indian cities and has gained roughly 10% since its August 2025 listing.
BX · Capital · Positive Blackstone sells up to 25% of Knowledge Realty Trust for up to $1.3 billion, a major monetization of its stake.
Sattva Group · Capital · Positive Sattva Group becomes the trust's largest shareholder at 32% after Blackstone's stake sale.
Knowledge Realty Trust · Capital · Neutral Knowledge Realty Trust sees a large discounted unit sale by Blackstone, fully subscribed and upsized, but at a 13% discount to NAV.
Institutions Quietly Enter Blackstone and KKR Wealth Funds
Institutional investors are beginning to allocate capital to the evergreen private market funds that Blackstone and KKR originally built for wealthy individuals, according to the Financial Times. Evergreen funds allow investors to access capital at set intervals rather than locking it up for a decade-long private equity fund life. Blackstone's wealth business has seen institutions begin allocating to its evergreen products, though they currently make up only a small proportion of the capital raised, said Joan Solotar, who leads that business. KKR has separately raised the share of deals its evergreen K-Series funds can take from a longstanding 7.5% cap to as much as 20% in some cases, including its $8 billion European Fund VI. This institutional adoption could help Blackstone and KKR expand their wealth-management businesses beyond traditional individual investors, though institutional flows remain modest and may weaken if traditional private equity improves its ability to return capital.
Blackstone Joins $3 Billion Waymo Debt Deal, Prepares Hotel IPO
Blackstone has joined Waymo's first major debt financing, a $3 billion deal that marks the autonomous driving company's debut in the debt market, and is also preparing its hotel platform, Hotel Investment Partners, for a public listing in Spain. These moves extend Blackstone's reach into technology lending and public market monetization of hospitality assets. The asset manager, with a market value of about $171.2 billion, is leveraging its private credit and balance sheet capacity to tap into AI and infrastructure themes, while the HIP listing aims to crystallize value from its hospitality platform and recycle capital into areas like AI-focused assets and private credit. Execution risk remains a concern, as these complex deals need to land cleanly to offset analyst worries about earnings quality, leverage, and dividend cover.
BX · Capital · Positive Blackstone joins Waymo's $3B debt financing and prepares its Hotel Investment Partners platform for a Spain IPO, extending into tech lending and monetizing hospitality assets.
Hotel Investment Partners · Capital · Positive Blackstone is preparing Hotel Investment Partners for a public listing in Spain, crystallizing value from the hospitality platform.
Nvidia Backstops AI Boom as Buyer of Last Resort, Economist Says
Nvidia is investing billions across the AI industry that ultimately buys its chips, and prominent economist Tyler Cowen says that could make the boom more durable rather than proving it a bubble. Cowen told the Prof G Markets podcast that Nvidia acts as a kind of lender or buyer of last resort for the sector, with Microsoft, Alphabet, and Meta playing similar roles. He argued that new technologies often need help getting off the ground, and the huge capital flowing into AI gives it a better chance of succeeding. Nvidia has committed up to $10 billion to Anthropic and, in August, partnered with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR on platforms to mobilize over $500 billion for AI infrastructure. It also agreed to guarantee up to $105 billion of OpenAI-linked lease obligations at SB Energy's Ohio data-center campus and invest $1.5 billion in SB Energy, becoming the exclusive AI compute provider there. Cowen dismissed the bubble debate, comparing the boom to automobiles in the 1920s, and said investors should ask whether the product works, to which the answer is clearly yes. He cautioned that debt-financed data centers could cause bad macro consequences if the boom reverses, but the fallout would likely fall well short of the 2008 crisis.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▲Capital
Artificial Intelligence › AI Data Center & Build-out ▲Capital
Artificial Intelligence › Foundation Models & Research Labs ▲Capital
NVDA · Capital · Positive Nvidia's investments and guarantees across AI infrastructure and companies support its chip demand and market position.
SB Energy · Capital · Positive Nvidia invests $1.5B and guarantees $105B in leases, making it exclusive AI compute provider.
Anthropic · Capital · Positive Nvidia commits up to $10B to Anthropic, boosting its funding.
OpenAI · Capital · Positive Nvidia guarantees up to $105B of OpenAI-linked lease obligations, supporting its infrastructure.
BAM · Capital · Positive Nvidia partnered with Brookfield on platforms to mobilize over $500 billion for AI infrastructure, highlighting Brookfield's role in AI infrastructure investment.
BLK · Capital · Positive Nvidia partnered with BlackRock on platforms to mobilize over $500 billion for AI infrastructure, highlighting BlackRock's role in AI capital investment.
Broadcom met Wall Street's revenue expectations in Q2 CY2026, with sales up 85.5% year on year to $29.59 billion, but its Q3 revenue guidance of $34.8 billion came in 1.1% below analysts' estimates. Non-GAAP profit of $3.32 per share beat consensus by 2.5%. CEO Hock Tan highlighted that AI semiconductor revenue grew 221% year on year and 54% sequentially, driven by custom XPU shipments to customers like Anthropic, Google, and OpenAI, with XPUs representing 73% of AI revenue. However, management cautioned about supply chain bottlenecks, including substrate and memory capacity, and infrastructure hurdles such as land, power, and data center readiness, which could affect the pace of growth. CFO Amie O'Toole noted that as XPUs become a larger proportion of revenue, gross margins will face pressure, but operating leverage should sustain operating margins. The company also launched the XPV financing platform with Apollo and Blackstone to support over 20 gigawatts of compute infrastructure for OpenAI and Anthropic by 2028.
AVGO · Capital · Negative Q3 revenue guidance missed estimates, though Q2 beat and AI growth strong.
Anthropic · Demand · Positive AI semiconductor revenue growth driven by custom XPU shipments to Anthropic, and XPV platform supports compute infrastructure for Anthropic.
APO · Capital · Positive Launched XPV financing platform with Broadcom to support AI infrastructure.
BX · Capital · Positive Launched XPV financing platform with Broadcom to support AI infrastructure.
Virginia Community Defeats $100 Billion Data Center Project
A community in Virginia has successfully defeated the $100 billion Digital Gateway data center project after five years of opposition, sparking a nationwide movement against AI projects. The project, located in Prince William County near Manassas National Battlefield Park, planned to build 37 buildings and consume 3.5 gigawatts of electricity, equivalent to the city of Tampa. Developers Compass Datacenters (backed by Brookfield) and QTS (backed by Blackstone) withdrew in April and July respectively, after a court voided the approval process due to errors in public notices. Seven in ten Americans do not want to live near data centers, and at least 75 projects have been affected by opposition movements in the first quarter of 2026. President Trump has attacked the opponents, while New York State has suspended development and Texas has imposed a moratorium on new projects. The conflict is also fueled by land prices that have soared fivefold, with QTS offering $500,000 per acre and Compass offering double that for smaller parcels.
Waymo Prepares First-Ever Loan of Over $3 Billion from Pimco and Blackstone
Waymo, the self-driving vehicle business under Alphabet, is in the final stages of negotiating its first-ever debt financing, raising more than $3 billion from leading financial institutions such as Pacific Investment Management Company and Blackstone. The funds will be used to expand its fleet of self-driving taxis and cover rising artificial intelligence development costs. The loan, which is unrated, may carry an interest rate spread of more than 5 percentage points above the benchmark rate. Waymo has partnered with Goldman Sachs on the deal and aims to finalize it within the coming days. This fundraising comes amid intense competition in the robotaxi business with rivals such as Amazon's Zoox and Tesla. Earlier in February, Waymo raised $16 billion in a new funding round, boosting its valuation to $126 billion, nearly tripling in less than two years.
Lottomatica has agreed to acquire Spanish rival Cirsa in an all-share deal that will create the world's second-largest listed gaming and sports-betting operator. The transaction values Cirsa at about €2.8 billion, or roughly $3.2 billion, with Cirsa shareholders receiving 0.668 newly issued Lottomatica shares for each Cirsa share. Upon completion, current Lottomatica shareholders will own about 67.5% of the combined company, while Cirsa shareholders will hold around 32.5%. Blackstone, which controls Cirsa, is expected to own about 24% of the enlarged company and will appoint two directors to the 13-member board. The merged business will keep the Lottomatica name, remain headquartered in Rome, and maintain a secondary base in Barcelona, with listings in Milan and expected trading on Spanish exchanges. The combined group is projected to generate around €2 billion in pro forma adjusted EBITDA and more than €4.4 billion in annual revenue, with about €115 million in annual pretax cash synergies. Cirsa plans to pay a €262 million extraordinary dividend before the merger, and Lottomatica plans to propose a further €744 million capital return after completion, targeting up to €4 billion in total capital distributions over the first three years. Completion is expected in the second quarter of 2027, subject to approvals.
Cirsa Enterprises SA · Capital · Positive Cirsa is being acquired by Lottomatica in an all-share deal valuing it at about €2.8 billion, with its shareholders receiving Lottomatica shares and a €262 million pre-merger dividend.
BX · Capital · Positive Blackstone, which controls Cirsa, will own about 24% of the enlarged Lottomatica-Cirsa company and appoint two directors after the all-share merger.
Broadcom's AI Chip Financing Deal Could Reach $100 Billion
A Broadcom-backed financing vehicle is in talks to raise $70 billion to $80 billion in debt for a chip-financing deal supporting AI companies like Anthropic, with the total arrangement potentially reaching $100 billion. The proposed structure includes a junior tranche of around $30 billion to $35 billion and a senior tranche estimated between $45 billion and $60–70 billion. This funding scales up a model Broadcom unveiled in June to enable 20 gigawatts of AI computing capability, equivalent to the output of 20 nuclear power plants, for clients such as Anthropic and OpenAI. In the earlier version, Apollo and Blackstone led the financing, with Broadcom backstopping portions of the senior debt to achieve investment-grade ratings. Meanwhile, Broadcom's credit default swaps have widened significantly despite a muted equity market reaction, and hedge fund ownership of Broadcom fell slightly from 173 funds in the first quarter to 170 in the second, with Fisher Asset Management holding a $5.7 billion stake.
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.
Artificial Intelligence › AI Compute & Accelerator Silicon ▲Demand
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Capital
NVDA · Capital · Negative Nvidia shares fell after the deal was reported, erasing $70B in market value, amid skepticism about AI spending and circular financing concerns.
APO · Capital · Positive Apollo is one of six partners in Nvidia's $500B AI compute financing platform, directly expanding its investment opportunities.
BAM · Capital · Positive Brookfield is a partner in the financing platform, gaining access to large-scale AI infrastructure deals.
BLK · Capital · Positive BlackRock is a partner in the $500B AI compute financing initiative, enhancing its asset management business.
BX · Capital · Positive Blackstone is a partner and sees AI compute demand surge sevenfold, with prior experience financing AI infrastructure.
GS · Capital · Positive Goldman Sachs is a partner in the financing platform, positioning it to earn fees from large AI infrastructure deals.
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.
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