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.
At $1.5bn, the fund’s target is twice that of its predecessor – Michael Bonte-Friedheim and Shane Swords explain why they believe bigger is better.
Even amid a tougher fundraising environment, climate funds are 'still very, very topical', says head of sustainable investing for private markets Ken Pontarelli.
The climate-focused team has raised $2.6bn from external investors, which will combine with around $900m from General Atlantic's main growth equity programme.