The credit fund and a similarly-focused equity fund are expected to close in 2023, so Blackstone may soon have up to $13bn of dedicated capital for near-term energy transition investing.
The global transition fund, soon to close at $15bn, will be “just the first fund in what we believe will be a very attractive growth avenue,” Brookfield managing director Natalie Adomait said.
The fund was unveiled last year by the private market affiliate of Xponance and Investcorp’s Strategic Capital Group to support diversity, equity and inclusion in the alternative asset industry.