Blackstone announced this week that its GSO unit had raised $7 billion for a so-called “rescue debt” fund that will lend to distressed businesses, and $1.75 billion for an infrastructure secondaries fund that will buy stakes in other infrastructure funds from investor who want to sell out.

That was the good news. But The New York Times reported that Blackstone has missed fundraising deadlines for the $40 billion infrastructure fund it announced last year. Saudi Arabia’s massive Public Investment Fund agreed to match the contributions of other investors dollar-for-dollar up to $20 billion. But so far only two investors, the Pennsylvania Public School Employees’ Retirement System and the Parochial Employees’ Retirement System of Louisiana, have agreed to invest. They have committed $500 million and $75 million, respectively, the Times reported, citing data from Prequin.

 

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