Blackstone (NYSE: BX) today announced the final close of Blackstone Energy Transition Partners V (“BETP V”) at $8.7 billion – more than 50% larger than its predecessor vehicle. The significantly oversubscribed fund reached its hard cap and builds on the strong performance of the strategy’s prior vintages.

Blackstone Energy Transition Partners (“BETP”) seeks to build energy companies at scale 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, reflecting the strength of its differentiated strategy. In 2025, BETP was named IJ Investor’s “Fund Manager of the Year – Equity” for North America, recognizing its leadership in delivering investment performance at scale.

David Foley, Global Head of Blackstone Energy Transition Partners, 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. 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 V began its investment period in June and has already funded three distinct platform companies (Kindle, Fisterra and Viridon) backing proven management teams to develop and operate new power generation and electric transmission lines, and has also made three acquisitions focused on energy efficiency and resiliency, including:

  • Flow Control Holdings – a rapidly growing, leading U.S. provider of highly engineered flow control solutions and components for data center liquid cooling, a more energy efficient alternative to air cooling

  • Dresser Utility Solutions – the leading North American provider of measurement (meters), control (regulators, pressure relief valves) and infrastructure repair products for gas and water utilities

  • DarkVision – a provider of innovative, technology-enabled asset inspection services that enhance the safety, reliability and productivity of critical energy infrastructure

Since January 2025, BETP has committed over $11 billion in new equity investments across the energy transition ecosystem. This includes transactions in critical energy equipment manufacturers (Maclean Power Systems, Delta Star, Power Grid Components, Arlington Industries, Advanced Cooling Technologies), essential services (Alliance Technical Group, Shermco), energy data analytics (Enverus) and highly-efficient natural gas-fired power infrastructure (Hill Top Energy Center, Wolf Summit Energy, and Potomac Energy Center).

In addition, BETP has successfully monetized several of its mature investments in predecessor funds over the same period, including:

  • Reaching an agreement to sell Aypa Power, a leading North American battery storage platform with a 6.0 GW portfolio of storage assets

  • Selling a majority interest in Sabre Industries, a leading manufacturer of highly-engineered critical infrastructure for power utilities, telecom and data centers

  • Completing the IPO of Legence (NASDAQ: LGN), a premier provider of specialty mechanical contracting and engineering services for mission critical data center, healthcare and high-specification C&I end markets

About Blackstone Energy Transition Partners:

Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, a leading energy investor with a successful long-term record, having committed over $34 billion of equity globally across a broad range of sectors within the energy industry. The strategy generally excludes investments in the ownership of hydrocarbon reserves and the extraction thereof. (The returns shown above similarly exclude such upstream investments despite the fact that earlier fund vintages were not managed to exclude such investments.) Blackstone Energy Transition Partners’ investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, Blackstone Energy Transition Partners builds stronger, larger scale enterprises, creates jobs and generates lasting value for its investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

About Blackstone:

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

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