Investors are looking to private equity firms to help combat the Islamic state.
The New York Times reports that the Wall Street investment firm Pershing Square Capital Management, along with private equity firm Blackstone, are investing more than $1.5 billion into a new private equity fund to invest in the fight against the terror group.
In addition to Pershing, Blackstone is also investing in a new fund that is targeting the Middle East, according to the Times.
“The only thing that separates the Islamic Republic from the world is our resolve,” said the investment strategist for the Pershing Group, which is based in Dallas.
“But when you put that same resolve, that same passion, into building a new generation of global leadership, you’re going to have an incredible opportunity.”
The investment fund, called Pershing Strategic Partners, has raised $500 million in venture capital since launching in September.
It has invested in companies such as the Blackstone Group, BlackRock, and Wells Fargo.
In June, the fund announced a new funding round that is worth $2 billion.
Blackstone’s chief investment officer, Michael Steinberg, told the Times that the group has not yet decided whether it will join the fund.
“We have been very focused on building a global portfolio of businesses that are going to create jobs,” he said.
“That’s our number one priority right now.
But the other thing that we are focused on is building a team that’s going to be able to deliver that.”