American private equity giant Blackstone has Gresham Partners helping round up deep-pocketed Australian investors for its third green private credit fund.
American private equity giant Blackstone has Gresham Partners rounding up deep-pocketed Australian investors for its third big green private credit fund.Gresham’s fund-raising arm, Gresham Distribution Partners, has been lining up high-net-worth types and their gatekeepers for meetings over the next couple of weeks, to help Blackstone make its pitch.
On offer were units in an Australia-domiciled fund that would feed into the bigger Blackstone Green Private Credit Fund III , which wants to raise $US6 billion to $US7 billion by May to invest in green debt deals . The fund will have a North America and European focus. Blackstone had raised $US4.4 billion of its target by December 31, and potential Australian investors were told the fund’s predecessor, BGREEN II, had cut cheques for 24 borrowers and was travelling at an eye-watering 25.7 per cent net internal rate of return at September’s end.
The fund’s investment team would include 37 investors with a sustainable resources focus, plus support from Blackstone’s ESG unit. The fund sprung out of Blackstone’s early 2022 bet on investing at least $100 billion in energy transition and climate change solutions in the next 10 years.It will be interesting to see whether Aussie high-net-worths have a nibble.
What would be even more interesting would be if BGREEN’s billions come to play in Australian deal making.
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