Blackstone Closes $8.7B Energy Transition Fund

Blackstone has closed Blackstone Energy Transition Partners V at $8.7 billion, reaching its hard cap. The oversubscribed fund is more than 50% larger than its predecessor. Its investment period began in June, and it has already financed three platform companies and completed three acquisitions.

The platforms—Kindle, Fisterra and Viridon—support management teams developing and operating power generation assets and electric transmission lines.

The acquisitions include Flow Control Holdings, which supplies engineered components for applications including data center liquid cooling; Dresser Utility Solutions, a provider of measurement, control and repair products for gas and water utilities; and DarkVision, which provides technology-enabled infrastructure inspection services.

“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,” said David Foley, global head of Blackstone Energy Transition Partners.

Since January 2025, the broader strategy has committed more than $11 billion in new equity investments across electrical equipment manufacturers, technical services, energy analytics and efficient natural gas-fired power plants.

The firm has also pursued exits from mature investments, including an agreement to sell battery storage developer Aypa Power, a majority-interest sale in infrastructure manufacturer Sabre Industries and the completed initial public offering of specialty contractor Legence.

Blackstone reported a 34% net internal rate of return for its energy transition investments since 1997.