Blackstone expects to hold the final close for its latest energy-transition-focused private equity fund this month, targeting its $8.5bn (€7.3bn) hard cap, according to documents prepared for the Teachers’ Retirement System of Louisiana.
Louisiana Teachers has backed Blackstone Energy Transition Partners (BETP) V with a $50m commitment.
The fund targets a 20% net internal rate of return (IRR), with 85% of investment focused on North America, mostly in the US, and 15% targeted at Europe.
BETP V fund held its first close in June.
Blackstone closed the predecessor vehicle, BETP IV, at its hard cap of $5.6bn in February 2025.
Louisiana Teachers has also approved a $50m commitment to the I Squared Global Infrastructure Fund IV.
According to board documents, I Squared has set a final close for the fund in December.
The fund targets a $15bn fundraise with an $18bn cap, and aims for net IRRs of 11 to 16% across transaction sizes ranging from $300m to $1.5bn.
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