Blackstone nears $8.5B energy fund close, backed by Louisiana pension

The Teachers' Retirement System of Louisiana committed $50 million to Blackstone Energy Transition Partners (BETP) V.

Blackstone expects to hold a final close for the fund this month. The firm is targeting a hard cap of $8.5 billion.

The fund aims for a 20% net internal rate of return. Investments focus primarily on North America. A smaller allocation targets European markets.

The predecessor fund, BETP IV, closed at $5.6 billion. That vehicle finalized its fundraising in February 2025. This commitment reflects rising institutional demand for energy transition assets.