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Saudis pledge $20 billion to U.S.-focused infrastructure fund

AP Photo/Richard Drew, File

Saudi Arabia on Saturday made a tentative commitment of $20 billion to a new infrastructure investment fund that would be managed by The Blackstone Group, the private equity and real estate giant led by Trump economic advisor Steve Schwarzman. The overall fund target is around $40 billion, with Blackstone saying on a media call last month that its past infrastructure investments have generated net returns of around 40%.

Why it matters: Most of the money would be earmarked for U.S. infrastructure projects, and likely would benefit from a Trump infrastructure plan that is expected to heavily leverage public-private partnerships.