April 16 (Renewables Now) - The real assets division of BlackRock Inc (NYSE:BLK) has achieved final close on a global energy and power infrastructure fund, getting total commitments of USD 5.1 billion (EUR 4.68bn).
The Global Energy & Power Infrastructure Fund III (GEPIF III) was initially expected to raise USD 3.5 billion and had an original hard cap of USD 4.5 billion.
BlackRock said on Wednesday this was the largest alternative investment fundraising campaign in the company’s history. GEPIF III targets investments in the power sector, such as in renewables and natural gas, while but coal-fired generation is excluded. It will also invest in the utility sector and the midstream sector, including energy transportation and storage.
More than 50 institutional investors, including public and private pension funds, sovereign wealth funds and non-profit entities from the US, Europe, Asia and the Middle East, supported the fund. Around 70% of the total commitments came from investors who participated in the prior edition of BlackRock’s Global Energy & Power Infrastructure Fund.
“The current market volatility has underscored the value of our commitment to delivering solutions that can help our clients match their long-term liabilities and support their beneficiaries. Investor demand for this fundraise reinforces our belief that infrastructure will play an increasingly important role in portfolio construction moving forward,” said Edwin Conway, global head of BlackRock Alternative Investors.
(USD 1.0 = EUR 0.9183)