BGREEN: Outside of credit, other major fund Closings in the third quarter included our European real estate flagship, which has raised over €4 billion to date. Over half of our investment activity in real estate this year has been in Europe, given greater dislocation and pressure on sellers in the region. We also raised $1.2 billion in tactical opportunities, $1.1 billion for secondaries vehicles and an additional $500 million for our corporate private equity flagship. We previously highlighted several other growth avenues with favorable momentum. We’ve been innovating and planting seeds in these areas, which have now blossomed into major businesses at Blackstone. Our infrastructure platform has grown to $40 billion in only five years, including 28% growth in the last 12 months.
Performance has been extraordinary with 17% net returns annually since inception for our BIP vehicle. Given the immense funding needs for infrastructure projects globally and our performance, we believe this could be a $100 billion business over time. Key areas of focus include digital infrastructure, such as QTS, along with the energy transition. BIP’s largest investment in Q3 was a wind and solar portfolio from AEP, which is part of a broader renewable asset strategy. Other signs significant investments by the firm recently in energy transition include additional capital in the nation’s largest private renewables developer and a stake in a major U.S. utility to support its transition to green energy. And in credit, we committed $600 million in Q3 through a platform we’re building to provide preferred equity financing to leading renewable companies.
With BIP and our dedicated credit and private equity energy transition vehicles, we are extremely well positioned to benefit from the massive tailwinds in this rapidly growing sector. In Life Sciences our BXLS business had a terrific quarter and is experiencing strong momentum. Our funds appreciated 11.7% with notable positive developments for several lifesaving medications and technologies including an anticoagulant drug to help prevent strokes, a treatment for hypertension and a next generation implantable defibrillator. We’re also being actively deploying capital, most recently to help fund a leading biotech firm focused on treatments for rare diseases. We plan to start raising our next life sciences flagship vehicle early next year. Finally, in private wealth, we raised $3.3 billion in our perpetual vehicles in the third quarter, led by BCRED.
For BREIT while sales remain muted due to the environment at $724 million, we repurchase requests have declined materially, down nearly 30% from Q2 and nearly 60% from the January peak. BREIT’s larger share classes delivered 12% net returns since inception approximately seven years ago, nearly four times the public REIT index. Meanwhile, all investors have been submitting repurchase requests during the proration period have been substantially redeemed in six months or less. BREIT’s semi liquid vehicle has worked exactly as intended by providing liquidity for investors in a deliberate and thoughtful way, while protecting performance. Blackstone has established the largest private wealth alternative platform in the world. Now in addition to our perpetual strategies in real estate and credit, we’re extending our leading franchise to include private equity with the launch of a new perpetual vehicle BXPE.
This diversified vehicle will leverage the firm’s unique breadth of investment capabilities across the PE spectrum, including buyout, secondaries, tactical opportunities, life sciences and other opportunistic strategies. We are working with several distributors and expect inflows to start early next year. We’re excited to add this new vehicle to our product lineup and remain optimistic about our long-term growth trajectory in this vast and under penetrated channel. In closing, despite the markets near-term challenges, we remain focused on delivering for our investors over the long-term. We are executing our asset light brand heavy strategy with minimal net debt and no insurance liabilities and we have powerful momentum across a multitude of growth channels of enormous size.
With that, I will turn things over to Michael.
BCRED,: Outside of credit, other major fund Closings in the third quarter included our European real estate flagship, which has raised over €4 billion to date. Over half of our investment activity in real estate this year has been in Europe, given greater dislocation and pressure on sellers in the region. We also raised $1.2 billion in tactical opportunities, $1.1 billion for secondaries vehicles and an additional $500 million for our corporate private equity flagship. We previously highlighted several other growth avenues with favorable momentum. We’ve been innovating and planting seeds in these areas, which have now blossomed into major businesses at Blackstone. Our infrastructure platform has grown to $40 billion in only five years, including 28% growth in the last 12 months.
Performance has been extraordinary with 17% net returns annually since inception for our BIP vehicle. Given the immense funding needs for infrastructure projects globally and our performance, we believe this could be a $100 billion business over time. Key areas of focus include digital infrastructure, such as QTS, along with the energy transition. BIP’s largest investment in Q3 was a wind and solar portfolio from AEP, which is part of a broader renewable asset strategy. Other signs significant investments by the firm recently in energy transition include additional capital in the nation’s largest private renewables developer and a stake in a major U.S. utility to support its transition to green energy. And in credit, we committed $600 million in Q3 through a platform we’re building to provide preferred equity financing to leading renewable companies.
With BIP and our dedicated credit and private equity energy transition vehicles, we are extremely well positioned to benefit from the massive tailwinds in this rapidly growing sector. In Life Sciences our BXLS business had a terrific quarter and is experiencing strong momentum. Our funds appreciated 11.7% with notable positive developments for several lifesaving medications and technologies including an anticoagulant drug to help prevent strokes, a treatment for hypertension and a next generation implantable defibrillator. We’re also being actively deploying capital, most recently to help fund a leading biotech firm focused on treatments for rare diseases. We plan to start raising our next life sciences flagship vehicle early next year. Finally, in private wealth, we raised $3.3 billion in our perpetual vehicles in the third quarter, led by BCRED.
For BREIT while sales remain muted due to the environment at $724 million, we repurchase requests have declined materially, down nearly 30% from Q2 and nearly 60% from the January peak. BREIT’s larger share classes delivered 12% net returns since inception approximately seven years ago, nearly four times the public REIT index. Meanwhile, all investors have been submitting repurchase requests during the proration period have been substantially redeemed in six months or less. BREIT’s semi liquid vehicle has worked exactly as intended by providing liquidity for investors in a deliberate and thoughtful way, while protecting performance. Blackstone has established the largest private wealth alternative platform in the world. Now in addition to our perpetual strategies in real estate and credit, we’re extending our leading franchise to include private equity with the launch of a new perpetual vehicle BXPE.
This diversified vehicle will leverage the firm’s unique breadth of investment capabilities across the PE spectrum, including buyout, secondaries, tactical opportunities, life sciences and other opportunistic strategies. We are working with several distributors and expect inflows to start early next year. We’re excited to add this new vehicle to our product lineup and remain optimistic about our long-term growth trajectory in this vast and under penetrated channel. In closing, despite the markets near-term challenges, we remain focused on delivering for our investors over the long-term. We are executing our asset light brand heavy strategy with minimal net debt and no insurance liabilities and we have powerful momentum across a multitude of growth channels of enormous size.
With that, I will turn things over to Michael.
