Kirk Falconer
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.
Fund IV is expected to reach its target and cap by the summer of 2023, sources told affiliate title Buyouts.
Because of the perceived greater flow of climate-related opportunities this year, TPG is targeting more fundraising in both 2023 and 2024.
XDO Fund is presently in the market with a target of $300m, Buyouts reported. Its hard-cap is $400m.
TPG's Rise Fund platform, overseeing $14bn in assets, was earning a net IRR of 25% as of December 2021.
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.
Private equity energy investors embrace the promise but also the challenges of the transition from fossil fuels to the burgeoning renewables movement.
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