Blackstone Hauls in $8.7 Billion for Energy Transition Fund

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Bloomberg Intelligence hosted by Paul Sweeney and Michael Ball

- Paul Gulberg, Bloomberg Intelligence Senior Equity Analyst, discusses the latest at Blackstone. Blackstone Inc. has raised $8.7 billion for a fund dedicated to cleaner energy, Blackstone Energy Transition Partners V, which is about 55% larger than its predecessor. The strategy invests in a broad range of sectors within the energy industry but generally excludes oil companies, and has already deployed a quarter of its capital into six investments. The new fund has attracted nearly one-third of its money from new investors, with Blackstone committing $150 million to the fund, according to David Foley, global head of the firm’s energy transition business.

-Alex Rajbhandari, Bloomberg US Insurance Reporter, discusses the Bloomberg Big Take story: “For Three Buffets, a $150 Billion Puzzle Over Father’s Riches.” Description: The fate of one of the world’s greatest fortunes will be decided — by three very different siblings, living three very different lives, who didn’t expect to be, or necessarily even want to be, the ones doing the deciding. Warren Buffett, chairman emeritus of Berkshire Hathaway Inc., is worth $150 billion, according to the Bloomberg Billionaires Index. Until recently, a longtime favorite of his, Bill Gates, was taking care of giving most of the money away through his behemoth global foundation. Then came the revelations about Gates’ relationship with Jeffrey Epstein, followed by his divorce from Melinda French Gates and the cleaving of the Gates fortune. After the separation, Buffett removed himself from the foundation’s board of directors, but kept sending them checks. This past July, he changed course. Without much warning, Susie, Howard and Peter became much bigger stewards of his fortune.

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses US airlines plan for 4Q capacity growth. According to Bloomberg Intelligence: US airlines' 4Q capacity growth appears too high to achieve the 25-30% higher fares needed to offset elevated fuel costs, constraining profit recovery. At capacity increases well above US GDP growth expectations of 2.1%, it's tough to see fares rise more than 20%, though plans will likely get reduced.

-Ed Ludlow, Bloomberg Tech Host, discusses top tech stories. Anthropic PBC plans to put 5% of its shares into a new public benefit fund to address "the public good", including mitigating AI's impact on the job market. The new Anthropic Public Benefit Fund could allow the company to pursue its mission "in new ways", such as using some of the money to address "labor market impacts". Anthropic said the new fund will be a wholly owned LLC and will grow as the company grows, with none of the Anthropic equity held by the LLC used for lobbying or political giving.

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