Blackstone Raising Cleantech Fund

The Blackstone Group is raising a dedicated cleantech fund, peHUB has learned.

The firm announced this morning that it has formed a dedicated cleantech investment group, but did not mention the fund. It will be led by James Kiggen, who previously focused on growth-stage and late-stage cleantech deals for AllianceBernstein. For example, he worked on A123Systems and Powerspan. The Blackstone fund will follow a similar model  which is more venture capital than buyout — with average investments of between $30 million and $50 million.
peHUB had reported back in May that Blackstone may begin raising industry sector-specific funds.

A firm spokesman declined comment.