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Blackstone prepares to repeat $2.5bn energy fundraise in 2014

19 Dec 2013

lightbulb_lrgPrivate equity giant Blackstone could be back in the market for its second $2.5bn energy fund next year after a stellar fundraise for its debut vehicle dedicated to the sector in late 2012.

Reuters was first to report the news, citing people familiar with the New York-headquartered firm’s plans.

Blackstone closed its first dedicated energy-focused private equity fund on $2.5bn in September last year, exceeding its $2bn target.

Blackstone said the fund would make control and control-oriented investments in the energy and natural resources sector alongside its $16bn diversified global private equity fund Blackstone Capital Partners VI.

Blackstone, which made its first investment in the energy industry in 1997 through the acquisition of oil refiner Premcor, had raised $1bn for the vehicle by October 2011.

Despite never raising an energy-specific fund, the buyout house has had plenty of exposure to the sector over the years.

Earlier this week the firm bought three Texas-based gas-fired power stations with a combined capacity of 1,295MW from Centrica’s North American affiliate Direct Energy.

Direct Energy secured a three year call option for an equivalent amount of capacity with Blackstone as part of the deal.

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