Blackstone Group has begun investing capital from its second energy fund, Blackstone Energy Partners II, which is “effectively closed” with $4.5 billion, said David I. Foley, senior managing director in the private equity group and CEO of Blackstone Energy Partners, Blackstone’s energy unit.
The fund was oversubscribed and is at its hard cap of $4.5 billion, Mr. Foley said. Blackstone executives began raising the fund in May, closing on $4.4 billion in December.
The fund will invest on an 50/50 basis alongside one of Blackstone’s diversified private equity funds, Blackstone Capital Partners VII.
Investors in Blackstone Energy Partners II include the $132 billion Texas Teacher Retirement System, Austin; New Jersey Division of Investment, which manages investments for the $76.8 billion New Jersey Pension Fund, Trenton; and $19 billion New Mexico State Investment Council, Santa Fe.