A directional reversal worth noting. PIF, with roughly $900B, held Lazard-arranged meetings in New York with Apollo, Blackstone, Brookfield, Carlyle, KKR and Stonepeak — raising capital rather than deploying it. Its AI arm HUMAIN is raising a $2.5B data-centre fund and targeting a 2029 dual listing. An adviser's framing: "PIF has been explicit that portfolio companies must reduce their draw on the sovereign." The Gulf's role in global capital markets is changing shape.