Blackstone closes second energy fund at $4.5 bln

The Blackstone Group said Monday it raised $4.5 billion for its second energy-focused private equity fund.

The limited partners for Blackstone Energy Partners II include U.S. state pension funds, corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations and family offices. Demand for Blackstone Energy Partners II, which was oversubscribed, surpassed the pool’s $4.5 billion hard cap, Blackstone said.

BEP’s previous fund closed in September 2012 at $2.4 billion. BEP I generated an average IRR of 38.20 percent and an average multiple of 1.65x as of Sept. 20, 2014, performance data from alternative asset data provider Bison said.

As in the case of its previous fund,  BEP II will focus on companies, assets and development projects worldwide in the energy and natural resources sector. Blackstone said it has deployed over $8 billion in this space, said the company.

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