Blackstone Energy Transition Partners
An overview of this group and their mandate would be nice to hear as there isn’t a lot posted on this site. Any insight into comp/culture/hiring process would also be great.
Blackstone Energy Transition Partners (ETP) is a specialized group within Blackstone focused on investments in the energy transition space. Here's a breakdown based on the most helpful WSO content:
Overview and Mandate
Compensation
While specific compensation details for Blackstone ETP aren't explicitly outlined in the WSO dataset, Blackstone is known for offering competitive pay packages across its divisions. Private equity roles at Blackstone typically rank among the highest in the industry, with strong base salaries, bonuses, and co-investment opportunities.
Culture
Hiring Process
If you're considering applying, it's crucial to highlight your expertise in energy transition, infrastructure, or related fields, as well as your ability to thrive in a high-performance environment.
Sources: Did 2021 on-cycle recruit, joined a MF PE firm that I'm not that excited about..., Energy PE Recruiting, Blackstone Infrastructure?, Blackstone Investor Day Takeaway, Renewable Energy PE Overview
Don’t know a ton about the fund itself but am in the infra space and see them as a strong competitor (ECP / GIP / KKR / APO type). The space is growing very quickly because of AI, reindustrialization, aging grid is catching up, etc. They’ve deployed capital pretty quickly and are already fundraising for fund 5. Their previous funds have had some home runs (their ownership in legence will probably cover the fund) but looking at pitchbook they haven’t had major exits yet aside from that (?). Other funds are starting to catch on so would expect some return compression as prices get pushed up.
Think from a junior perspective likely a good place to land if you like the industry. An advantage of them relative to a normal infra gig is they’re chasing PE returns so they look at normal corporate buyouts + situational asset buyouts as well which can bode well if you would like to pivot to vanilla or infra afterwards.
They flipped Sabre to TPG Rise recently... which wasn't as blow out as Legence but still at least 3x. They'll do really well on Geosyntec in 2-3 years as well.
TPG rise btw has been very active.. buying up everything in the space it seems.
Awful returns though
Not very involved in the space but interesting to see ECP listed next to GIP / KKR / APO - are they really that well regarded in the sector? Does culture match what I would expect of the other big names?
You really should have been shocked at APO, not ECP. ECP is a phenomenal fund and are very much in line with BETP as a UMM player operating in the energy transition space. They look at a decent variety of investments and have great deal flow. Their recent sale of Calpine completed one of the most profitable PE deals of all time.
Apollo infra is interesting but unproven. Typically smaller check sizes, MM focused, but in typical Apollo fashion have various fund vehicles to invest throughout the capital structure if a vanilla buyout doesn’t make sense. More asset oriented as well (look at some of their deals, very unique stuff) with a wider industry focus than BETP/ECP. I’d still consider them a great shop just not a strict PE focus.
The others are more established general infra funds but are looking at the same assets in auctions as the above guys, so from a competitive perspective I think most would see them in the same camp (happy to hear other opinions though)
These guys are legit, long-tenured team w/ a great track record that has naturally transitioned from traditional energy to a broad renewables focus (pragmatic approach which incl. investing in gas infrastructure). Fund IV is the best performing active fund at BX right now
do they exist in London?
Absolute sweatshop
I've been getting hit up by recruiters pretty consistently for Asso/Senior Asso. roles for this group, makes one wonder if there's retention issues at junior level (aka if it's a hellscape to work at), though based on the above comments sounds like they're growing and know what they're doing.
What sort of fund/bank do you work at?
MM energy/infra focused fund
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