Blackstone Inc. has closed its energy transition credit fund at $7.1 billion, making it the largest energy transition private credit fund ever raised, according to the firm’s Aug. 10 announcement.
Last year, New York-based Blackstone said there is an opportunity to invest $100 billion in energy transition and climate change solution projects during the next decade across its businesses.
“The energy transition is impacting large sectors of the economy and is resulting in a growing need for efficient private capital,” said Robert Horn, global head of Blackstone’s sustainable resources group. “We believe our experience and scale will enable Blackstone Credit to deliver flexible solutions to companies driving this historic transition and generate compelling returns for our investors.”
Blackstone is managing the Blackstone Green Private Credit Fund III on its sustainable resources platform, which provides private credit to renewable energy, infrastructure and energy transition ventures. The platform covers enterprises across North America, Europe and Asia with investment across the credit spectrum in investment grade credit, non-investment grade credit, preferred and convertible securities.
Blackstone launched its sustainable resources platform in January 2022, bringing together its ESG and portfolio operations to source capital to companies driving the broader energy transition.
More than 90% of global emissions are covered by government net zero commitments, the firm said. Some $100 trillion may be needed through 2050 to decarbonize the global economy.
Since 2019, Blackstone has committed more than $15 billion toward investments it says are consistent with the broader energy transition.
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