Blackstone Credit: Powering the Energy Transition

Blackstone Credit’s Sustainable Resources Platform focuses on investing in and lending to companies that support the energy transition and climate change solutions.

Our Investments^*

Blackstone Credit seeks to create long-term value for our investors by investing in large sectors of the economy that are participating in the energy transition or mitigating the impact of climate change, including residential solar and home efficiency, renewable generation and battery storage, products and services that enable decarbonization, sustainability-linked loans, and more. 

* The above examples may not be representative of all investments of a given type or of investments generally, and it should not be assumed that BXC will make comparable or equally successful investments in the future.

Updates & Insights

Key Risk Factors

Notwithstanding its investment objective and intended sustainability reporting, BGREEN III is not committing to making any “sustainable investments” within the specific meaning of that term under Article 2(17) of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 (“SFDR”). It is possible that BGREEN III may make such sustainable investments, but, at this stage BGREEN III is not able to commit to monitoring whether its investments fall within the definition of a sustainable investment under SFDR, and consequently BGREEN III is not able to commit to making any sustainable investments. As a result, BGREEN III is intended to be classified as an Article 8 “light green” financial product for the purposes of SFDR.

Conflicts of Interest. There may be occasions when the Fund’s general partner and/or the investment advisor, and their affiliates will encounter potential conflicts of interest in connection with such Fund’s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of such Fund’s limited partner group. There can be no assurance that Blackstone will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to the Fund.

Diversification; Potential Lack Thereof. Diversification is not a guarantee of either a return or protection against loss in declining markets. The number of investments which a Fund makes may be limited, which would cause the Fund’s investments to be more susceptible to fluctuations in value resulting from adverse economic or business conditions with respect thereto. There is no assurance that any of the Fund’s investments will perform well or even return capital; if certain investments perform unfavorably, for the Fund to achieve above-average returns, one or a few of its investments must perform very well. There is no assurance that this will be the case. In addition, certain geographic regions and/or industries in which the Fund is heavily invested may be more adversely affected from economic pressures when compared to other geographic regions and/or industries.

Highly Competitive Market for Investment Opportunities. The activity of identifying, completing and realizing attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance that the Fund will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that the Fund will be able to fully invest its committed capital. There is no guarantee that investment opportunities will be allocated to the Fund and/or that the activities of Blackstone’s other funds will not adversely affect the interests of such Fund.

Leverage; Borrowings Under a Subscription Facility. The use of leverage or borrowings magnifies investment, market, and certain other risks and may have a significant impact on returns, resulting in the partial or total loss of capital invested.

No Assurance of Investment Return. Prospective investors should be aware that an investment in the Fund is speculative and involves a high degree of risk. There can be no assurance that the Fund will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met (or that the returns will be commensurate with the risks of investing in the type of transactions described herein). The portfolio companies in which a Fund may invest (directly or indirectly) are speculative investments and will be subject to significant business and financial risks. The Fund’s performance may be volatile. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment. The Fund’s fees and expenses may offset or exceed its profits.

No Operating History. Prospective investors should note that the Fund has not yet commenced operations and therefore has no operating history upon which prospective investors may evaluate its performance. Past activities of investment vehicles managed or sponsored by Blackstone provide no assurance of future success. Moreover, the prior investment results of the existing Blackstone Credit funds are provided for illustrative purposes only and not to imply that such results will be obtained in the future.

ESG. ESG initiatives described in these Materials related to Blackstone’s portfolio, portfolio companies, and investments (collectively, “portfolio companies”) are aspirational and not guarantees or promises that all or any such initiatives will be achieved. Where Blackstone pursues ESG initiatives for portfolio companies, there is no guarantee that Blackstone will successfully create positive ESG impact while enhancing long-term shareholder value and achieving financial returns. There can be no assurance that any of the ESG initiatives described in these Materials will exist in the future, will be completed as expected or at all, or will apply to or be implemented uniformly across Blackstone business units or across all portfolio companies within a particular Blackstone business unit. Blackstone may select or reject portfolio companies or investments on the basis of ESG-related investment risks, and this may cause Blackstone’s funds and/or portfolio companies to underperform relative to other sponsors’ funds and/or portfolio companies which do not consider ESG factors at all or which evaluate ESG factors in a different manner. The selected investment examples, case studies and/or transaction summaries presented or referred to in these Materials are provided for illustrative purposes only and should not be viewed as representative of the present or future success of ESG initiatives implemented by Blackstone or its portfolio companies or of a given type of ESG initiatives generally. There can be no assurances that Blackstone’s investment objectives for any Fund will be achieved or that its investment programs will be successful.

Forward-Looking Statements. Certain information contained in the Materials constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology or the negatives thereof. These may include financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10‐K for the most recent fiscal year ended December 31 of that year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Materials and in the filings. Blackstone undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.

Illiquidity and Variable Valuation. A Fund is intended for long-term investment by investors that can accept the risks associated with making highly speculative, primarily illiquid investments in privately negotiated transactions. There is no organized secondary market for investors’ interests in any Fund nor is there an organized market for which to sell a Fund’s underlying investments, and none is expected to develop. Withdrawal and transfer of interests in a Fund are subject to various restrictions, and similar restrictions will apply in respect of the Fund’s underlying investments. Further, the valuation of a Fund’s investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be sold.

Trends. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

Private Equity International (PEI), Private Equity Real Estate (PERE), Real Estate Capital (REC), Private Debt Investor (PDI) and Infrastructure Investor selected award winners by researching news sources to compile a list of finalists, vetting those finalists and soliciting votes from readers. Blackstone has not investigated and does not know the makeup of voters. A different set of voters may have achieved different results. Blackstone does not know whether it has been rated by this or any other third party in any way that would conflict with these awards. There may be other categories for which Blackstone, its funds or its portfolio companies were nominated but not awarded. The awards may not be representative of a particular investor’s experience or the future performance of any Blackstone fund or transaction. There is no guarantee that similar awards will be obtained by Blackstone with respect to existing or future funds or transactions. This information is provided solely for informational purposes. It should not be relied upon as any indication of future performance of Blackstone or any of its funds or portfolio companies.

Past performance is not necessarily indicative of future results, and there can be no assurance that a fund will continue to achieve comparable results or that a fund will be able to implement its investment strategy or achieve its investment objectives or avoid substantial losses.