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Laxman Pai, Opalesque Asia: American multinational investment management corporation BlackRock Inc. has raised $4.8 billion for a new fund to invest in renewable power assets around the world - almost double its initial target.
The total for the firm's GRP III was almost three times the size of GRP II, which closed in July 2017 at $1.7 billion.
BlackRock Real Assets closed on its third global renewable power fund (GRP III), drawing money from over 100 institutional investors, including leading public and private pension funds, insurance companies, endowments, foundations, and family offices from over 18 countries globally.
Institutional investors making commitments to the fund in recent months included Border to Coast Pensions Partnership, Leeds, England, which brings together £45 billion ($62.2 billion) in local authority pension fund assets, and the $19.5 billion Illinois State University Retirement System, Champaign, with commitments of $125 million and $100 million, respectively.
According to a press release from the New York asset manager, GRP III is the third vintage of BlackRock's Global Renewable Power fund series and the fifth Fund overall, which invests in global climate infrastructure assets, primarily in renewable power generation, across Americas, Europe, and Asia.
"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 s...................... To view our full article Click here
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