Blackstone Inc. is seeking to raise at least $8 billion for its private credit fund focused on renewables and digital infrastructure investments, according to people familiar with the matter. The new fund will provide loans to companies in the energy transition marketplace, including energy security, power and utilities, data centers and chip financing, said the people, who asked to not be identified discussing confidential information. It is the fourth iteration of the fund. Blackstone declined to comment.

The prior version closed with $7.1 billion in 2023 and generated a net internal rate of return of 15% as of June 30, the people said. Blackstone, the largest alternative asset manager, has emerged as one of the biggest backers of artificial intelligence. Those AI bets continue to drive Blackstone’s performance, with nine out of the top 10 appreciating investments tied to data centers, energy, power and large language models.

The firm’s latest fundraising effort comes as the gap between large asset managers and their smaller counterparts widens. Blackstone hauled in over $260 billion in the past 12 months, up 24% from the prior period, according to Chief Financial Officer Michael Chae. Demand for private credit from institutions remained strong even as retail demand softened, Chae said at a Barclays Plc conference on Tuesday.