Blackstone has raised $5.6bn for its latest global energy transition private equity fund.
The manager said the Blackstone Energy Transition Partners IV ( BETP IV) fund, which reached its hard cap, raised 33% more than its predecessor.
As previously reported, the Minnesota Board of Investment was considering a $50m commitment to BETP IV, its second investment after an initial $150m commitment made early last year.
With a focus on a diversified infrastructure portfolio, the global fund aims to make 10-15 investments, each with an average equity commitment of $300-$500m.
Blackstone said the fund’s current investments so far include Energy Exemplar, Sediver, Westwood Professional Services, Trystar, Lancium and Potomac Energy Center.
David Foley, global head of Blackstone Energy Transition Partners, said: “We believe there is immense opportunity to deliver attractive returns to our limited partners through investments that benefit from the growing demand for electricity, grid reliability and energy efficiency.
“We are appreciative of this vote of confidence from our investors and are excited to continue partnering with outstanding management teams to build leading companies that are helping support a more reliable, affordable and secure transition to a cleaner energy future.”
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