Blackstone has announced the final close of Blackstone Energy Transition Partners V (BETP V) at $8.7 billion — more than 50 percent 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 percent net internal rate of return since 1997. 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.
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 generat
