Summary

BlackRock and Meta formalized a $14 billion joint venture for an El Paso data center the day before Meta's earnings, alongside a completed $12.5 billion bond.

• 💰 BlackRock and Meta formalized a $14 billion, 80/20 off-balance-sheet joint venture for an El Paso data center on July 28.
• 💰 BlackRock completed a $12.5 billion Meta data-center bond on July 28, alongside the El Paso joint venture.
• 📉 BlackRock's Meta data-center bond sale drew soft demand at $12.3 billion when first reported on July 24, before it was completed at $12.5 billion.
• 🤝 KKR joined the cohort of asset managers building AI infrastructure directly, per the thread's July 27 update.

👀 Which hyperscaler asset an asset manager buys next, and whether the sovereign-wealth-fund co-investor pattern continues, remains open.