Three of the world’s largest alternative asset managers just wrote a very large check to Kuwait. Brookfield Asset Management, KKR, and Blackstone have agreed to acquire a 49% stake in a joint venture tied to the Kuwait Petroleum Corporation’s national oil pipeline, in a deal valued at roughly $16 billion.
That makes it the largest foreign investment in Kuwait’s history. The deal delivers approximately $8 billion in upfront cash to the state, while KPC keeps majority ownership and operational control of the 320-kilometer pipeline network.
What the deal actually looks like
The joint venture structure keeps Kuwait at 51% with day-to-day operations. The three investors split the remaining 49%.
Goldman Sachs, while mentioned in connection to the transaction due to its growing presence in Kuwait, does not appear to be participating as a direct equity investor in this particular deal. Its involvement likely relates to advisory or broader regional engagement rather than a co-investment alongside the three principals.
