BlackRock Real Assets (NYSE:BLK) has completed the first close of its latest energy and power infrastructure fund, Global Energy & Power Infrastructure Fund III (GEPIF III).
GEPIF III focuses on equity investments in the mid-market energy and power infrastructure value chain primarily in developed countries.
GEPIF III has secured USD1.5 billion in commitments from prominent institutional investors in North America, Middle East, Europe and Asia, subject to certain post-closing conditions. This first close marks an important milestone for the fund and for BlackRock Alternative Investors, which offers clients comprehensive alternative investing capabilities from real assets to private credit, private equity and hedge fund solutions.
Capitalising on investment opportunities arising from the evolving macroeconomic fundamentals and global trends in the energy sector, the GEPIF III team seeks to invest in energy infrastructure projects that will generate current income and long-term capital appreciation, and have cash flows with a general positive correlation to inflation, which can enhance long-term returns.
“We believe that we can create attractive risk-adjusted returns in the energy and power space for our investors,” says Mark Florian, Head of the Global Energy & Power Infrastructure team, BlackRock Real Assets. “As the world undergoes a structural shift in how it powers industry, homes and transportation, there is significant need for new energy infrastructure and the capital to finance it. Our core philosophy has always been to make investments that we believe minimise risk and promote capital preservation, while providing an opportunity to enhance an asset or expand a business.”
According to BlackRock’s 2018 Global Rebalancing Survey, more than 60 per cent of institutional investors intend to increase their total allocation to real assets this year, more than any other asset class.
“The strength of our energy and power franchise enhances our ability to provide clients with comprehensive solutions as alternatives play an increasingly important role in their portfolios,” says Jim Barry, Global Head of BlackRock Real Assets. “With the dynamic of growing investor interest combined with ample infrastructure investment opportunities, we believe that we are well positioned to meet our clients’ needs for long-term sustainable outcomes.”
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