– Blackstone Energy Transition Partners V (BETP V) closed at $8.7bn, more than 50% larger than its predecessor fund.
– The fund was significantly oversubscribed, reached its hard cap and builds on the strategy’s prior performance.
– BETP’s energy transition investments have generated a 34% net IRR since 1997, as of June 30.
– David Foley, Global Head of BETP, said: “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.”
– BETP V has already funded three platform companies: Kindle, Fisterra and Viridon, focused on power generation and electric transmission.
– The fund has also acquired Flow Control Holdings (data centre liquid cooling), Dresser Utility Solutions (gas and water utility products) and DarkVision (energy infrastructure inspection).
– Since January 2025, BETP has committed more than $11bn in new equity investments across energy equipment, essential services, energy data analytics and natural gas-fired power infrastructure.
– BETP has agreed to sell Aypa Power, a battery storage platform with a 6.0 GW portfolio, and sold a majority stake in Sabre Industries to TPG.
– BETP also completed the IPO of Legence, a provider of specialist mechanical contracting and engineering services for data centres, healthcare and other critical facilities.
