Blackstone’s Infrastructure Fund for Individuals Tops $1 Billion

Blackstone Inc. is betting individuals will turn the firm into a bigger force in roads, ports and data centers.

The alternative asset manager gathered more than $1 billion for a new infrastructure fund for wealthy individuals, one of the largest initial hauls for such a vehicle.

The fundraising, disclosed in a filing Wednesday, is another sign that Blackstone is moving further from its roots as a private equity firm backed by institutional investors such as pensions and endowments.

Blackstone now oversees about a fifth of its $1.1 trillion of assets for individuals and banks’ wealth clients, underscoring how the industry ...