BlackRock Real Assets has raised €186m for its third multi-manager infrastructure fund.

The first close of the Global Infrastructure Solutions 3 (GIS 3) attracted investors from Switzerland, Germany and Liechtenstein. 

GIS 3 is targeting a portfolio of funds and co-investments in Europe, North America and what it describes as growth markets.

The euro-denominated, closed-ended fund has an 18-month capital raising period and a 15-year life.

Andrew Stephens, head of UK intermediated institutional clients at BlackRock, said: “Relative to other investors, a natural advantage for pension funds is their greater ability to hold less liquid assets such as infrastructure, due to their long term investment horizons.”

Infrastructure spending is, he said, a key focus for a number of governments, both in the UK and globally.

“Demand for capital is set to increase, providing significant deployment opportunities for investors,” Stephens said.

Eight investments have either closed or are in closing.