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Fund III is managed by BCP Credit, a New York private debt shop launched by BC Partners in 2017 with the hire of former Apollo executive Ted Goldthorpe.

The deal is one of the higher profile GP-led secondaries to emerge from the slowdown in activity in the second half of 2022.

The credit fund and a similarly-focused equity fund are both expected to close in 2023, suggesting Blackstone may soon have as much as $13bn of dedicated capital for near-term energy transition investing.

While capital raising across strategies 'tends to ebb and flow, the overall path of travel is towards more alternatives', says Blackstone’s president and COO.

Specific niche funds could gain traction as LPs look to diversify their private equity portfolios in the face of market volatility.

The firm’s Europe heads discuss portfolio diversification and how to manage evolution and generational change.

Despite reports that say the late-stage and growth segments of the venture industry face a tough road ahead, M33 Growth found strong demand for its third fund, which beat its target.

Adams’s promotion, the first such leadership appointment made internally, puts him in charge of the firm's deal origination team.

Many LPs are focusing on re-ups with existing relationships due to the current economic landscape. LPs with dedicated programs may serve as a valuable lifeline for emerging and diverse-owned managers.

Sherrese Clarke Soares formed HarbourView in 2021 with aspirations to grow the firm into a $20bn asset manager by 2026.