Last week, Blackstone closed its record energy transition private credit fund be green three at its hard cap of $7.1 billion. The largest fund of its kind ever raised joining Bloomberg markets, Blackstone credit, global head of sustainableresources. Rob Horn outlined several opportunities the firm is pursuing including consumer solar and infrastructure.

We're just thrilled with the close of our private credit fund be green $7 billion. That's the largest fund ever raised of its kind. And we're just so excited because of the market opportunity to help transform this 100 year old system, this 100 year old energy system that we have. It's a $100 trillion market opportunity, which is the size of the market cap of all public companies on earth. So it's just immense. And in this particular strategy, we're focused on doing that in private credit where we have an excellent market environment.

Ok. So private credit. Sure, it makes sense where because as you said, it's an enormous opportunity and you could go as far as you know, greening a lithium mine, like you could go that far up the supply chain. So where are the best opportunities with the best returns. Absolutely. And what's so fascinating about this opportunity is it really gets at the backbone of society. So how we all got to work today, how we power our homes and buildings, how we power our data centers, what we eat our agricultural system, a couple of areas.

We're particularly interested in consumer, residential solar as a firm. We've invested over $3.5 billion in that area, the supply chain. So all the stuff that's going to be needed to build renewables and autos. We invested in port infrastructure that serves the very first offshore wind farm here in New York. So lots of really interesting opportunities, Rob I'm getting 5% on A US two year. What kind of rates of return should I expect of this kind of investment?Well, we're seeing an excellent opportunity in private credit today with higher, higher base rates, higher spreads. And what's so fascinating about the sheer size of the energy transition. Any time Blackstone has the ability to power a transformation like this, we're helping companies double triple their value and in that process, we can make really excellent returns. So oil companies don't like them anymore. They're getting out of those kind of assets. Does that mean that it's a lower return compared to traditional oil and gas investing or what?

So oil and gas companies are really just playing a different game. They are actually investing in the energy transition what they've said is they want to invest in the areas where they have an advantage. So carbon capture hydrogen molecules, if you will, instead of electrons, they're also responding to the current commodity cycle at Blackstone. We really think about investing thematically over the long term. What we see in the energy transition is companies growing faster than the economy with higher margins with hard assets. And we see excellent opportunities.