Global investment firm Blackstone has raised $7.1bn (€6.47bn) for a green energy transition credit fund.

Blackstone Green Private Credit Fund III (BGREEN III) closed at its hard cap target, making it the largest energy-transition private credit fund ever raised, the firm said.

BGREEN III is managed by the Sustainable Resources Platform of Blackstone’s credit business which focuses on providing private debt to the renewable energy, infrastructure and energy-transition sectors.

Dwight Scott, global head of Blackstone Credit, said: “Blackstone has built a premier platform focused on private credit in the energy-transition and infrastructure markets. We are grateful for the trust from our limited partners and look forward to investing in this favorable market environment.”

Robert Horn, global head of the sustainable resources group for Blackstone’s credit business, said: “The energy transition is impacting large sectors of the economy and is resulting in a growing need for efficient private capital.

“We believe our experience and scale will enable Blackstone Credit to deliver flexible solutions to companies driving this historic transition and generate compelling returns for our investors.”

To read the latest edition of the latest IPE Real Assets magazine click here.