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Ng Han Gua / AP

Earnings call for listed private equity firms are usually sleepy affairs, but this The Blackstone Group's phoner this Thursday could be different. Two big questions:

  1. Will Blackstone's mega-infrastructure fund ambitions be hampered by Trump-related changes since it was first announced?
  2. Can Blackstone really scale its retail investor base by lowering its wealth threshold?

Infrastructure: Blackstone in May announced that it was raising up to $40 billion for its first-ever infrastructure fund, including a $20 billion commitment from Saudi Arabia. Now we've got a Bloomberg report that the vehicle won't begin investing until it secures around $10 billion in outside commitments — which would temporarily reduce the Saudi check, given that it's basically a 1:1 match.

  • The earnings call question will be how fundraising has been affected by what appears to be a stalled U.S. infrastructure plan that was supposed to heavily leverage public-private partnerships. Back in May, the Trump Administration was still talking about infrastructure as a 2017 priority, and Blackstone boss Steve Schwarzman was still leading a presidential council of CEOs. Neither of those are still operable.

Retail: The WSJ has a front-pager today about how Blackstone is lowering its threshold for individual investors to participate some affiliated feeder funds, from $5 million in liquid assets to $1 million: "There were 7½ times more U.S. households with $1 million to $5 million in assets at the end of 2016 than there were households with $5 million to $25 million, according to market research firm Spectrem Group."

  • The earnings call question will be how Blackstone plans to attract these investors at scale, in an era in which low-fee index fund have become conventional gospel. Particularly given increased competition within this niche, with The Carlyle Group and Oppenheimer today announcing the launch a joint venture that will offer access to global private credit opportunities for those with at least $1 million in liquid assets. And, if it doesn't really scale, is this just viewed as the price of stage-setting for (maybe) someday being allowed to access the defined-contribution market?

Go deeper

Former Georgetown tennis coach pleads guilty to accepting admissions bribes

Gordon Ernst (left) former head tennis coach at Georgetown, is pictured outside the John Joseph Moakley United State Courthouse in Boston on March 25, 2019. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

A former Georgetown University head tennis coach has pleaded guilty Tuesday to bribery charges related to facilitating the admission of prospective applicants.

Why it matters: Gordon Ernst solicited and accepted bribes from William Singer, ringleader of the cheating scheme uncovered by Operation Varsity Blues, and families in exchange for helping prospective applicants get into Georgetown as student athletes, according to the Justice Department.

3 hours ago - Health

CDC says some immunocompromised people can get fourth COVID shot

Photo: Noriko Hayashi/Bloomberg via Getty Images

The Centers for Disease Control and Prevention said in updated guidelines Tuesday that some immunocompromised people who have received either Pfizer or Moderna's COVID-19 vaccines will be able to get a fourth shot.

Details: People over 18 who are "moderately to severely immunocompromised" and have received three doses of an mRNA vaccine may get a fourth shot (of either the Pfizer, Moderna, or Johnson & Johnson vaccines) at least six months after getting their third Pfizer or Moderna dose, per the CDC.

4 hours ago - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A price tag of $500 billion to $555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.