BlackRock’s latest global renewable power fund has received a $100m (€84.6m) capital commitment from the Illinois State Universities Retirement System (SURS).

Illinois SURS disclosed on its website that it has made the real assets commitment by investing capital in the BlackRock Global Renewable Power Fund III, a fund which had announced raising $1.5bn as at May this year.

According to sources, Power Fund III is seeking to raise $2.5bn in total. BlackRock raised $1.65bn in July 2017 for the predecessor Power Fund II fund.

BlackRock’s latest fund will focus on renewable power generation and energy storage and distribution and will be investing in the OECD regions of North America, Europe, Asia, Australia and Japan.

In May, BlackRock said it had at the time raised $1.5bn for the fund, adding that more than 40 institutional investors were invested in GRP III.

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