Blackstone pullout reflects loss of patience from commercial investors

It has been known for some time that Blackstone Group was unhappy with Black Rhino Group, but the announcement that the global investor will pull out of its African energy and infrastructure vehicle is a reminder that international money won’t wait around. Blackstone had talked up the potential for $5bn of investment, working alongside Nigerian billionaire Aliko Dangote; it is now selling Black Rhino to management. With some $482bn of assets under management at end-2018, Blackstone has decided it can find richer pickings elsewhere.