Blackstone, Canadian Pension Funds to Invest $3.1B for Mitsubishi’s LNG Canada Stake

The structure here is notable: institutional capital is buying into the holding-company layer rather than the project itself, and a large share of the headline figure is earmarked for a Phase 2 expansion rather than the existing asset. That suggests long-duration infrastructure money is willing to underwrite Canadian LNG optionality, not just operating cash flow. The gap between the $3.1 billion commitment and Mitsubishi's roughly $1.6 billion valuation of its stake is the detail worth watching, as it frames how Phase 2 risk is being priced and shared.