Blackstone announced the final close of its fifth energy transition fund, Blackstone Energy Transition Partners V (BETP V), at $8.7 billion. The significantly oversubscribed fund reached its hard cap. It is more than 50% larger than its predecessor, reflecting investor appetite for opportunities in the shift toward cleaner, more reliable energy sources. Blackstone said the close signals strong confidence in its strategy.
The fund aims to invest in and build large-scale energy companies focused on meeting growing global energy needs. Blackstone said its energy transition investments have generated a 34% net IRR since 1997.
BETP V has begun its investment period. It has funded platforms for new power generation and transmission and acquired companies focused on energy efficiency and resiliency, including a provider of liquid cooling for data centers.