Blackstone to Invest ‘Hundreds of Millions’ in Waterworks
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Blackstone Group LP, the biggest manager of such alternative assets as private equity and property, has created a venture to invest in municipal and industrial water projects worldwide.
Global Water Development Partners will be led by Usha Rao-Monari and Lars Thunell, both formerly of the World Bank’s International Finance Corp. unit, and is looking to invest “hundreds of millions” of dollars, said Oriane Schwartzman, a spokeswoman for the asset manager. “We just see a great opportunity -- mainly in Africa, Asia and Latin America.”