US alternative asset manager Blackstone has announced the final close of its Blackstone Energy Transition Partners V at $8.7 billion, 50 percent higher than the previous interaction.

The oversubscribed fund seeks to support energy companies that deliver low-carbon energy at scale. BETP V commenced its investment period in June and has already funded three platform companies, including independent power producer Kindle Energy, Spanish energy transition firm Fisterra, and private electric transmission utility Viridon.

The fund has also acquired three companies that focus on energy efficiency and resiliency. These include Flow Control, a US provider of flow control solutions and components for data center liquid cooling, Dresser Utility Solutions, a US provider of measurement (meters), control (regulators, pressure relief valves), and infrastructure repair products for gas and water utilities, and DarkVision, a Canadian provider of technology-enabled asset inspection services.

“We believe there is a generational opportunity for experienced investors in the energy transition to provide solutions to the challenges posed by growing demand for electricity,” said David Foley, global head of Blackstone Energy Transition. “By backing exceptional management teams with flexible, patient equity capital to increase manufacturing capacity, recruit and train skilled labor, and construct new critical energy infrastructure assets, BETP is delivering those solutions and, in the process, building these companies to scale, creating jobs and generating lasting value for our investors. We are deeply grateful for the trust of our investors and look forward to deploying BETP V in investments that advance the transition to a more affordable, reliable and cleaner energy future.”

The asset manager also said that it had successfully monetized several of its mature investments undertaken by its predecessor funds. This included a deal to sell US battery storage firm Aypa Power, the sale of a majority stake in Sabre Industries, a manufacturer of highly engineered critical infrastructure for power utilities, telecom and data centers, and the completion of the initial public offering (IPO) of Legence, a mechanical contracting and engineering services firm for mission-critical data center and other markets.

Blackstone has completed several data center-focused deals over 2026. In May, the firm completed an IPO of its data center real estate investment trust. The company also announced a $5.34bn investment into US natural gas firm Williams to fund the development of five behind-the-meter projects to meet growing power demand from the data center market in North America.

However, things have not all been smooth sailing for the asset manager. In September, it was reported that Blackstone’s data center joint venture with Google was hit with delays. Known internally as Project Braid, the JV was formed in May of this year and saw Google and Blackstone planning to launch a new cloud platform offering Google's Tensor Processing Units. Blackstone said it would invest $5bn in equity capital from its funds, and the two aim to bring 500MW of capacity online in 2027, with plans to expand over time.