Blackstone is among the most sophisticated sponsors in market and they knocked it out of the park with QTS bet early so they deeply understand the data center space. That being said, we’re going to start to see more and more vehicles be raised (Brookfield-Radiant for example) that are chasing this opportunity. Everyone has data centers / AI / digital infrastructure as a big theme. Credit stepping up (IG, HY, and private credit) meaningfully too. Sure we’ll see SPACs… Story, Blackstone is launching a publicly traded vehicle to buy leased data centers, seeding it with sovereign wealth funds before opening to retail investors. Aims for tens of billions. Would compete directly with Digital Realty and Equinix. Blackstone says it won’t use it to exit existing fund positions, but some LPs are already asking that question.