BlackRock Real Assets has so far raised 40% of a $2.5bn fundraising target for its latest global renewable power fund.
The manager said the Global Renewable Power III fund (GRP III) received a total of $1bn (€0.9m) in capital commitments at the first close from over 35 institutional investors in North America, Europe and Asia.
GRP III, the third vintage of BlackRock’s global renewable power fund series, seeks to invest across the spectrum of climate infrastructure assets, with a focus on renewable power generation, and energy storage and distribution, the manager said.
David Giordano, global head of BlackRock Renewable Power, said: “As global power generation shifts from two-thirds fossil fuels to two-thirds renewables over the next few decades, renewables are increasingly becoming a standalone allocation for investors and one of the most active sectors in infrastructure.
“Led by an experienced team of renewable power sector specialists, we are well-positioned to source the best investment opportunities presented by the energy transition for our clients.”