Blackstone has closed Blackstone Energy Transition Partners V at its $8.7bn hard cap. The fund was significantly oversubscribed and is more than 50% larger than its predecessor. The strategy dates back to 2012, when Blackstone raised just over $2.5bn for Blackstone Energy Partners, its first dedicated energy-focused private equity fund.
David Foley led that fund too, and at the time he noted its success “in an otherwise difficult fund raising environment.” Blackstone says that, as of 30 June, BET P’s energy transition investments had generated a 34% net IRR since 1997. However, that figure excludes upstream oil and gas investments, even though earlier vintages were not managed to exclude them. Today the strategy generally avoids owning or extracting hydrocarbon reserves.
Source: PE Insights · Summarized by HeadlinesBriefing