Blackstone Raises $5.6 Billion for Energy Transition-focused Private Equity Fund

Alternative asset manager Blackstone announced that it has raised $5.6 billion for its energy transition-focused private equity fund, Blackstone Energy Transition Partners IV, closing the fund at its hard cap.

Blackstone Energy Transition Partners invests globally across sectors in the energy industry, helping energy companies to build enterprises at scale that can deliver clean, reliable and affordable energy. The platform invests across the energy transition value chain in areas including high quality equipment, service and technology providers, and large-scale infrastructure projects that contribute to decarbonization.

Backstone launched BETP IV in 2022, and at $5.6 billion the fund is approximately 33% larger than its predecessor vehicle. Notable investments to date include grid reliability software platform Energy Exemplar, electrical insulator solutions company Sediver, renewables and power infrastructure-focused engineering and consulting firm Westwood Professional Services, and backup power solutions provider Trystar.

In 2022, Blackstone said that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade.

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.”