Global asset manager and investor BlackRock says it has achieved first close on its Evergreen Infrastructure fund, having raised close to $1 billion, to invest in energy transition and energy security infrastructure in Europe and North America.
Transportation, digital infrastructure and circular economy also fall under the fund's ambit.
An open-ended infrastructure equity fund, Evergreen was announced in June 2022, promising investors 'consistent long-term cash yield and resilient inflation-linked, fully contracted returns by investing in a portfolio of core infrastructure businesses diversified across geographies and sectors.'
It will help portfolio companies in their decarbonization activities and actively track, assess and report on progress over time.
The founding partners for the Evergreen fund are several institutional investors such as Italy's largest bank Intesa Sanpaolo, Italian pension scheme for engineers and architects Inarcassa, among others. Around 50% to 60% of the total portfolio is expected to be allocated to assets in Western Europe including Italy.
Evergreen has already begun investing capital on behalf of its investors and signed definitive agreements to acquire US based commercial and industrial (C&I) solar and battery storage platform Lighthouse.
"In today's evolving energy landscape, companies are looking for capital that will partner with them as they adapt their businesses and navigate an accelerating long-term shift towards a lower-carbon economy," said Global Head of Infrastructure and Real Estate at BlackRock, Anne Valentine Andrews. "Evergreen's forward-looking lens, partnership approach, and focus on core businesses and assets is designed to help investors capitalize on these dynamics, while supporting the sustainable growth of essential infrastructure."
Back in April 2021, more than 100 institutional investors pooled in $4.8 billion for BlackRock Real Assets Fund for projects in the Americas, Europe and Asia (see BlackRock Fund Raises $4.8 billion For RE Fund).