Alternative asset management and financial services company Blackstone Group is aiming to raise up to $3 billion for its first energy fund, Bloomberg reports. With this fund raising the New York–based firm hopes to become the largest diversified private-equity firm investing in the industry.

Blackstone, which commenced energy investing in 1997 by buying oil refiner Premcor, already has $1 billion investments lined up for the fund. The fund’s $3 billion target is higher than those of natural-resources funds proposed by Kohlberg Kravis Roberts & Co. and Apollo Global Management.

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