Blackstone raises $12bn for fifth energy transition fund

Blackstone has closed the fifth Blackstone Energy Transition Partners fund at $12 billion (US$8.7bn), more than 50% larger than its predecessor vehicle.

The Blackstone Energy Transition Partners V (BETP V) began its investment period in June and has already funded three distinct platform companies, including Kindle, Fisterra and Viridon, while also making three acquisitions focused on energy efficiency and resiliency.

Blackstone Energy Transition Partners global head David Foley said the significantly oversubscribed fund reached its hard cap and builds on the strong performance of the strategy's prior vintages.

"We believe there is a generational opportunity for experienced investors in the energy transition to provide solutions to the challenges posed by growing demand for electricity," Foley said.

"By backing exceptional management teams with flexible, patient equity capital to increase manufacturing capacity, recruit and train skilled labor and construct new critical energy infrastructure assets, BETP is delivering those solutions and in the process building these companies to scale, creating jobs and generating lasting value for our investors.

"We are deeply grateful for the trust of our investors and look forward to deploying BETP V in investments that advance the transition to a more affordable, reliable and cleaner energy future."

BETP seeks to build energy companies that deliver cleaner, more reliable and more affordable energy to meet growing global needs. BETP's energy transition investments have generated, as of June 30, a 34% net IRR since 1997.

Since 2025, BETP has committed over $16 billion (US$11bn) in new equity investments across the energy transition ecosystem, including critical energy equipment, essential services, energy data analytics, and natural gas-fired power infrastructure.