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South Dakota buys $35m stake in energy fund

by Jody Barhanovich

The $11.2 billion South Dakota Investment Council has acquired a $35 million stake in Blackstone Energy Partners II, according to a board meeting document.

The pension fund acquired the shares on the secondary market from an undisclosed seller. The council had initially committed $50 million to the fund in 2014.

Blackstone Energy Partners II is a global energy fund managed by Blackstone Group. The fund held a $4.5 billion final close in 2015. The fund had received commitments from numerous investors, including the New Jersey Division of Investment, the Teacher Retirement System of Texas and the State of Michigan Retirement Systems.

The fund’s predecessor, Blackstone Energy Partners, closed in September 2012 after raising $2.5 billion.

Blackstone recently agreed to acquire EagleClaw Midstream Ventures, which is backed by EnCap Flatrock Midstream, for about $2 billion. The deal is expected to close by the end of July 2017.

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