The Benefits of Standing by the President Blackstone has noted that it has a long-running relationship with Saudi Arabia, which had invested in Blackstone before, and said Mr. Schwarzman’s support for the president had nothing to do with the infrastructure deal, which it believes would have happened regardless of who was president. A Blackstone spokeswoman said that while a federal plan “would be helpful, our business is not at all dependent upon it since state and local governments — which build the vast majority of projects — are already pursuing billions of dollars in public-private partnerships.” Some of the other investment firms that were in discussions about a Saudi partnership, including Brookfield and the Carlyle Group, had more experience in managing infrastructure funds and are still in talks with the Saudis according to the people who were not authorized to speak about a private deal. “It’s a great privilege to be asked to help the country — even if it occasionally comes with some degree of criticism.” Mr. Trump’s visit to Saudi Arabia pushed the Blackstone deal forward so that it could be announced while the president was there, two people briefed on the agreement said. In addition to Mr. Schwarzman’s prominence, the Saudi sovereign wealth fund was drawn to the firm’s record of generating huge investment returns and building new business lines, from real estate to hedge funds, according to the people with knowledge of the deal.
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