BlackRock Global Energy and Power Infrastructure Fund has achieved a $5.1 billion fundraise for Global Energy & Power Infrastructure Fund III (GEPIF III), making it the most substantial alternative fundraise in the company’s history.
The final value of $5.1 billion exceeded the original fund target of $3.5 billion and a hard cap of $4.5 billion.
The main aim of GEPIF III is to generate high returns on investments in essential energy infrastructure businesses and assets. The investments cater to energy sub-sectors, which include the power sector, including the power generated from renewable sources such as solar, wind, hydro, and natural gas, while at the same time excluding power generated from coal.
The investments also cater to the midstream sector, which includes energy transportation and storage and the utility sector.
In July last year, BlackRock Real Assets had announced its plans to expand its renewable power portfolio in Asia. The company had announced its intention to buy a 115 MW solar portfolio comprising 14 projects in Taiwan from New Green Power (NGP) and J&V Energy.
The acquisition was BlackRock’s second renewables investment in Taiwan after it had acquired the entire equity interest in a 59 MW solar portfolio comprising 28 projects in Taiwan from J&V Energy Technology Company.
BlackRock, one of the leading providers of financial technology, managed nearly $7.43 trillion in assets on behalf of investors worldwide as of December 31, 2019.
The success of the fundraise reflects the search for diversified returns in a yield-starved environment, which continues to be front of mind for investors.
Reference- Mercom India, BlackRock website & PR