Global Infrastructure Debt Fund is the largest
first-vintage high yield infrastructure debt fund, tripling initial
target
Positions BlackRock Real Assets as leading
global infrastructure manager with investment capabilities across
the capital structure 1
BlackRock Real Assets has achieved a US$1.67 billion final
fundraise for the Global Infrastructure Debt Fund (“GID” or the
“fund”), inclusive of US$150 million in co-investments. The fund
has seen commitments from over 20 institutional investors,
including leading global insurance companies, public and private
pension funds, and family offices, from the United States, Canada,
Japan, and Korea, representing more than three times the initial
fundraising target.
BlackRock Real Assets established its infrastructure debt
investment capability in 2013 and has an extensive track record
across both investment grade and high yield infrastructure debt.
Today, the GID team manages US$16.6 billion in global client
commitments, which represents approximately one quarter of
BlackRock Real Assets’ total client commitments.
GID is BlackRock’s first commingled fund offering in the
high-yield infrastructure debt market, complementing the firm’s
existing capabilities across the capital structure in senior debt
and equity. The fund sits alongside US$1.3 billion managed through
investment grade commingled funds. GID targets infrastructure
investments in essential real assets located primarily in developed
markets and backed by visible cash flow streams. The fund’s focus
on essential assets helps deliver uncorrelated income and portfolio
resilience, especially amidst global market uncertainty resulting
from the pandemic.
The successful fundraise demonstrates the continued appeal of
infrastructure debt investments for institutional investors, due to
their potential for attractive income and portfolio diversification
benefits. With regulatory and budget pressures limiting traditional
bank and government lending in infrastructure, the opportunity for
private investment has increased, with institutions looking to
partner with experienced firms such as BlackRock, whose scale and
resources provides access to a global opportunity set.
Jeetu Balchandani, Global Head of Infrastructure Debt at
BlackRock, commented, “We are delighted with the success of our
inaugural high yield fundraise. It is a testament to the team’s
ability to deliver strong performance for our clients, leveraging
our unique direct origination capability to meet the ever-growing
desire for resilient infrastructure asset exposure. The team is
working hard to close several attractive investment opportunities
across key sectors, including digital infrastructure, which has
emerged as a star of the pandemic. With an extensive forward
investment pipeline, we believe we are poised to take advantage of
opportunities across all major markets.”
Anne Valentine Andrews, Global Head of BlackRock Real Assets,
added, “As one of the largest infrastructure debt platforms in the
world, we have natural and direct access to multiple origination
channels and the ability to invest at scale to influence deal terms
and pricing for the benefit of our clients. The Global
Infrastructure Debt Fund continues to provide investors with the
agility and resiliency they seek, which has made this an especially
important fundraise through the pandemic.”
As one of the world’s largest dedicated infrastructure debt
providers, BlackRock Infrastructure Debt seeks to be positioned as
a preferred lender for sponsors and borrowers seeking custom fit
financing solutions on a direct basis, leveraging the team’s 20+
years of buy- and sell-side experience across senior members to
both structure and execute deals. BlackRock’s infrastructure debt
platform is differentiated as a true fiduciary manager that
exclusively invests third party capital, ensuring that client
objectives are at the center of all investment decisions.
As of March 31, 2021, BlackRock’s Infrastructure Debt platform
has invested in over 125 projects across 18 countries in 4
continents. The 28-person team is based in New York, London,
Bogota, and Hong Kong, enabling access to diverse opportunities for
clients across the globe.
About BlackRock
BlackRock’s purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate.
About BlackRock Real Assets
In today’s dynamic and complex global investing market,
BlackRock Real Assets seeks to help clients access real assets that
could help meet their investment goals by providing a distinct
range of well defined, outcome orientated strategies, along the
investment risk-return spectrum.
BlackRock Real Assets’ dedicated teams of industry and sector
specialists deliver global reach, with deep local expertise. They
have decades of relevant experience, are deeply embedded in their
operating industries by sector and geography and have developed
strong partnership networks over time. BlackRock’s culture of risk
management, knowledge sharing and investment discipline sets
BlackRock Real Assets apart and underpins all that they do. With
over 390 professionals in 30 offices managing over US$63 billion in
client commitments as of March 31, 2021, BlackRock Real Assets
partners with clients to provide solutions tailored to individual
portfolio needs such as income, growth, liquid or balanced real
assets outcomes.
Disclosures
Capital at risk. The value of investments and the income
from them can fall as well as rise and are not guaranteed.
Investors may not get back the amount originally invested. Past
performance is not a reliable indicator of current or future
results and should not be the sole factor of consideration when
selecting a product or strategy. Changes in the rates of exchange
between currencies may cause the value of investments to diminish
or increase. Fluctuation may be particularly marked in the case of
a higher volatility fund and the value of an investment may fall
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Infrastructure Funds. Infrastructure Funds invest
exclusively or almost exclusively in equity or debt, or equity or
debt related instruments, linked to infrastructure assets.
Therefore, in addition to risks associated with investment in such
equity or debt instrument, the performance of an Infrastructure
Fund may be materially and adversely affected by risks associated
with the related infrastructure assets including construction and
operator risks, environmental risks, legal and regulatory risks;
political or social instability; governmental and regional
political risks; sector specific risks; interest rate changes;
currency risks; and other risks and factors which may or will
impact infrastructure and as a result may substantially affect a
fund’s aggregate return. Investments in Infrastructure assets are
typically illiquid and investors seeking to redeem their holdings
in an Infrastructure Fund can experience significant delays and
fluctuations in value.
Liquidity Risk. The Fund’s investments may have low
liquidity which often causes the value of these investments to be
less predictable. In extreme cases, the Fund may not be able to
realise the investment at the latest market price or at a price
considered fair.
Valuation risk. The Fund will be exposed to securities
and other assets that will not have readily assessable market
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information utilised to value such assets or to create the price
models may be inaccurate or subject to other error. Due to a wide
variety of market factors and the nature of the securities and
assets to which the Fund will be exposed, there is no guarantee
that any value determined will represent the value that will be
realised on the eventual disposition of the Fund’s investments or
that would, in fact, be realised upon an immediate disposition of
such investment.
Lack of available investments. The Fund will be competing
for exposure to investments in a highly competitive market, against
other funds, as well as individuals, financial institutions,
strategic players and other investors, some of which may have
greater resources than the Investment Manager. There can be no
assurance that the Fund will be able to locate, attain and exit
investments that satisfy its investment objectives, or that the
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____________________ 1 Based on third-party capital under
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