Commenting on Saudi Arabia's investment in an infrastructure floated by Blackstone Group LP , Citi said in a note that the impressive infrastructure initiative alters the narrative. Accordingly, the firm upgraded shares of Blackstone. The News Blackstone announced on May 20 it has signed a memorandum of understanding with the Public Investment Fund of Saudi Arabia, or PIF, regarding the launch of a new investment vehicle related to infrastructure. The company said an anchor $20 billion contribution would come from PIF. Apart from PIF's contribution, Blackstone expects to mobilize another $20 billion from other investors.Read more