Blackstone Wraps Fifth Energy Fund
Blackstone announced the closing of its fifth energy transition fund (BETP V) with a total of $8.7 billion, surpassing its target by more than 50%, making it the largest of its kind in the company's history. The fund focuses on building large energy companies that provide clean, reliable power to meet the growing global demand. Since 1997 through June 2023, it has achieved a net internal rate of return of 34%. The fund launched in June 2025, with new investments in power generation and infrastructure, as well as acquisitions of energy efficiency and infrastructure services companies, with an investment commitment exceeding $11 billion since January 2025. The company has also executed some exits, such as selling the Aypa Power platform, its stake in Sabre Industries, and completing the initial public offering of Legence, all to bolster its strategy in the sustainable energy sector.
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