Blackstone closes fifth energy transition fund at $8.7 billion hard cap

Blackstone Energy Transition Partners V hit its $8.7 billion hard cap a year after launch, over 50% above the $5.6 billion prior vintage. It makes control-oriented equity investments in transition equipment, services and large-scale infrastructure, generally avoiding hydrocarbon reserves. Blackstone cites a 34% net IRR since 1997, underscoring LP appetite for transition assets.