BlackRock Real Assets has raised $4.8bn (€4.1bn) for its third global renewable power fund after receiving commitments from over 100 institutional investors.
The manager said backers of the Global Renewable Power Fund III (GRP III) fund at its final close, include leading public and private pension funds, insurance companies, endowments, foundations and family offices from over 18 countries globally.
As previously reported, Illinois State Universities Retirement System, the City and County of Swansea Pension Fund, North East Pension Fund and the Border to Coast Pensions Partnership all committed to the fund.
GRP III so far completed three investments comprising an onshore wind in Europe, solar in Asia, and distributed solar generation in the US.
BlackRock said GRP III seeks to deliver attractive risk-adjusted returns with positive and measurable environmental and social impact by investing “across the spectrum of renewable power and supporting infrastructure globally, including energy storage, distribution and electrified transport”.
Jim Barry, CIO of BlackRock Alternative Investors and global head of BlackRock Real Assets, said: “GRP III invests in the sustainable infrastructure of the future. As the world strives toward net-zero carbon emissions by 2050, the transition will have dramatic impacts not only for public equities but for private markets as well, creating significant opportunities for front-footed investors.
“BlackRock is committed to growing its sustainable private market offerings across asset classes, including climate infrastructure.”
GRP III is the third vintage of BlackRock’s Global Renewable Power fund series and the fifth fund overall.
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