Blackstone is targeting at least $8bn for the latest vintage of its private credit strategy focused on renewable energy and digital infrastructure, as the alternative asset manager continues to expand its financing activities across sectors benefiting from the energy transition and AI boom, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as saying that the fourth iteration of the fund will provide loans to businesses operating across energy security, power and utilities, data centres and semiconductor financing.
Blackstone has reportedly not commented on the fundraising.
The previous fund in the series raised $7.1bn in 2023 and had generated a 15% net internal rate of return as of 30 June, according to the people.
The new vehicle comes as Blackstone continues to increase its exposure to infrastructure supporting the rapid expansion of AI. Data centres, power generation and related infrastructure have become significant contributors to the firm’s investment performance, with nine of its 10 best-performing investments linked to areas including data centres, energy, power and large language models.
Blackstone’s fundraising drive also comes against a backdrop of continued institutional demand for private credit. While retail investor demand has moderated, institutions have continued to allocate capital to the asset class.
The firm’s overall fundraising momentum has remained strong. Blackstone raised more than $260bn during the 12 months through the latest period, representing a 24% increase from the preceding 12 months, according to chief financial officer Michael Chae.
