Blackstone鈥檚 open-ended infrastructure fund secured over $4bn (鈧�3.3bn) in new commitments during the fourth quarter of 2025, the company reported during its earnings conference call.
Jonathan Gray, Blackstone鈥檚 president and COO, said Blackstone Infrastructure Partners (BIP) grew 40% year-over-year to $77bn.
鈥淭his was underpinned by exceptional investment performance,鈥� he said, adding that the BIP strategy has generated 18% net returns annually since inception seven years ago.
Gray said: 鈥�2025 was one of our best years yet with broad-based gains across digital, energy and transportation infrastructure. Our QTS data centre business was again the largest single driver of returns for BIP as well as in real estate.鈥�
The infrastructure sector also recorded significant valuation gains.
Michael Chae, vice-chairman and COO, said: 鈥淚nfrastructure led the way with 8.4% appreciation during the fourth quarter and 24% for the full-year in 2025.
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