Two major events are shaking up the asset-management world. Blackstone Inc. raised $1.3 billion for its first retail private equity fund, targeting those who have at least $5 million to invest. Separately, BlackRock Inc. is buying Global Infrastructure Partners for $12.5 billion, a major foray into alternative investments. The acquisition will make it the second-largest manager of private infrastructure assets.

After blowing past major milestones — the pair now manages over $1 trillion and $10 trillion, respectively — Blackstone and BlackRock need to show investors they still have a good story to tell. The two deals showcase just that.