BlackRock Real Assets announced today it successfully achieved a US$4.8 billion final close of Global Renewable Power Fund III (GRP III). Accordingly, the asset owner fulfilled commitments from over 100 institutional investors. For instance, they included leading public and private pension funds, insurance companies, endowments, foundations, and family offices from over 18 countries globally.
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BlackRock on reaching final close for GPR III
Today, BlackRock Real Assets announced it achieved a US$4.8 billion final close of Global Renewable Power Fund III. Accordingly, the asset fund acquired commitments from over 100 institutional investors. In fact, they include leading public and private pension funds, insurance companies, endowments, foundations, and family offices. Besides, they all come from over 18 countries globally.
Indeed, GRP III is the third vintage of BlackRock’s Global Renewable Power fund series and the asset manager’s fifth fund. Consequently, it invests in global climate infrastructure assets, primarily in renewable power generation, across the Americas, Europe, and Asia.
Thus, GRP III seeks to deliver attractive returns with positive and measurable environmental and social impact. Accordingly, the fund invests across the spectrum of renewable power. Besides, it supports clean infrastructure globally, including energy storage and distribution and electrified transport.
Thus far, BlackRock’s Global Renewable Power platform has invested in over 250 wind and solar projects across 13 countries on four continents. Also, the team consists of 54 professionals with 20 years of investment and technical expertise. Furthermore, the group manages over $9 billion of client capital, emphasizing globally diversified portfolios.
Reception and forecasts
According to a press release, BlackRock’s investment conviction is that “integrating sustainability can help investors build more resilient portfolios and achieve better long-term, risk-adjusted returns.”
Moreover, David Giordano, Global Head of BlackRock Renewable Power, commented, “We are delighted with the success of this fundraiser. Indeed, it is a testament to the strong global demand for renewable power assets. Also, it helps our team’s ability to build resilient portfolios that help clients meet their financial and sustainability objectives. By sourcing, building, and optimizing assets throughout their lifecycle, we believe that renewable power can generate attractive risk-adjusted returns. Besides, it can create stable cash yields for investors with low correlation to the economic cycle.”
Also, Jim Barry, Chief Investment Officer of BlackRock Alternative Investors and Global Head of BlackRock Real Assets, commented, “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 also for private markets. Thus, it will create significant opportunities for front-footed investors. Finally, BlackRock is committed to growing its sustainable private market offerings across asset classes, including climate infrastructure.”