Fourth vintage of global diversified
infrastructure fund seeks to capitalize on the long-term trends of
Decarbonization, Decentralization, and Digitalization
First closing secures commitments representing
over half of targeted fundraise
BlackRock Alternatives (“BlackRock”), through its Infrastructure
business, has raised US$4.5 billion in initial investor commitments
for BlackRock Global Infrastructure Fund IV (“Infra IV” or the
“Fund”), achieving over half of its targeted size at first closing.
The Fund, which invests in essential infrastructure assets
globally, secured initial commitments from a diverse group of
institutional investors, including public and private pension
funds, sovereign wealth funds, insurance companies and family
offices. These clients are based around the world, including from
the United States, Asia, Europe and the Middle East. Over 75
percent of the commitments in the Fund are from investors who have
invested in prior vintages of the strategy.
The Fund is the fourth vintage of BlackRock’s flagship global
diversified infrastructure equity fund series and builds on the
strategy of the Global Energy & Power Infrastructure Funds.
Infra IV seeks to deliver resilient cashflow and long-term capital
appreciation to investors and is managed by the same global team of
more than 60 infrastructure experts as its three predecessor funds.
The group is led by Mark Florian and a senior team with 20 years of
average industry experience,1 most of whom have been investing
together for over a decade.
Demand for investment in infrastructure – essential for energy,
industry, transport and other basic needs – is expected to
significantly increase over the long term.2 Leveraging the team’s
expertise, including unique sourcing, innovative deal construction,
and active management, as well as BlackRock’s global platform,
Infra IV seeks to build a diversified portfolio of essential,
contracted infrastructure assets and businesses worldwide that are
well-positioned to capitalize on three long-term, structural trends
being accelerated by the global energy transition –
Decarbonization, Decentralization and Digitalization (“3Ds”).3
Guided by the 3Ds, Infra IV will target investments across five
sectors: Energy & Environmental, Low Carbon Power, Regulated
Utilities, Transportation & Logistics, and Digital
Infrastructure.
Over the coming decades, the energy transition will impact every
part of the global economy, presenting significant investment
opportunities for infrastructure investors.4 The Fund’s portfolio
management team has deep experience investing in a range of
infrastructure assets aligned with the transition, including carbon
capture, renewable power, energy efficiency and renewable fuels.
Infra IV will continue to target investments in climate solutions,5
while also supporting the infrastructure needed to ensure a stable,
affordable energy supply during the transition.
“Since the inception of our funds 14 years ago, we have
continually evolved our franchise alongside the growing market
opportunity in infrastructure created by the changing ways we live,
work, and connect,” said Mark Florian, Global Head of Diversified
Infrastructure. “The positive initial response from our investors
is a testament to BlackRock’s differentiated sourcing capabilities,
disciplined investment approach and commitment to creating value
for our clients.”
Infra IV, which is targeting $7.5 billion, succeeds Global
Energy & Power Infrastructure Fund III (“GEPIF III”) and
recognizes that the global energy transition is driving changes in
many sectors beyond energy and power. GEPIF III held a final close
of US$5.1 billion in 2020 and has since fully deployed its
investors’ capital into companies and projects across the global
power, midstream, utility, digital and transportation sectors.
These investments include, among others: Vanguard Renewables, a
U.S.-based producer of renewable natural gas from agriculture and
organic food waste; GasLog, a global provider of more efficient
liquefied natural gas shipping services; Vopak, the operator of
critical industrial storage facilities and shipping terminals;
Calisen, a leading owner and installer of smart meters in the UK;
Kellas Midstream, the owner and operator of key midstream energy
infrastructure; and Navigator CO2, a developer of industrial-scale
carbon capture pipeline system.
“Driven by long-term structural trends and macroeconomic
conditions – as well as investors’ growing interest in strategies
that allow them to help drive the global energy transition forward
– infrastructure investing will continue to be an important
component of many of our clients’ portfolios as well as a key
growth driver for BlackRock,” said Anne Valentine Andrews, Global
Head of BlackRock Infrastructure & Real Estate. “The success of
Infra IV’s fundraise to date reflects this strong investor demand
for an asset class that can provide income, inflation-mitigation
and diversification against a challenging macro environment.”
BlackRock Alternatives’ infrastructure platform currently
manages over US$50 billion in client assets across infrastructure
equity, infrastructure debt, listed securities and solutions
strategies.6 The team of over 230 infrastructure specialists offers
investors proven global investment sourcing and sophisticated
solutions to customize, manage and scale infrastructure exposure
across sectors and asset classes. BlackRock is also an early mover
in energy transition investing, having started investing in
renewable power in 2012. The infrastructure platform has since
built a leading suite of strategies designed to help clients invest
in climate solutions and accelerate the transition to a low carbon
economy.
About BlackRock Alternatives
BlackRock Alternatives serve investors seeking outperformance in
real estate, infrastructure, private equity, credit, hedge funds
and alternative solutions. We strive to bring our investors the
highest quality investments by drawing upon our global footprint,
superior execution capabilities and position as a preferred
partner. BlackRock manages $313 billion in alternative investments
and commitments on behalf of clients worldwide as of September 30,
2022.
RISK WARNINGS
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
suddenly and substantially. Levels and basis of taxation may change
from time to time. Tax treatment depends on the individual
circumstances of each client and may be subject to change in the
future.
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
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fluctuations in value.
Liquidity Risk. The Fund’s investments may have low
liquidity which often causes the value of these investments to be
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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
values. The valuation of such securities and other assets is
inherently subjective and subject to increased risk that the
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
Fund will be able to fully invest its committed capital.
Redemption risk. The Fund’s investments are generally
illiquid and therefore an investment in the Fund is intended for
long-term investors able to accept the risks associated with an
illiquid investment and who are able to commit their funds for the
duration of the Fund Redemptions, to the extent they are permitted,
may be limited, postponed or altogether suspended in certain
circumstances.
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____________________ 1 BlackRock, 15 August 2022. Members are
subject to change. Representative of professionals with titles of
Directors or above. 2 BlackRock Investment institute and
World Bank, 2017. “Infrastructure: taking the long views.” October
2022.
https://www.blackrock.com/corporate/literature/market-commentary/weekly-investment-commentary-en-us-20221010-infrastructure-taking-the-long-view.pdf
3 2022 Global Real Assets Outlook. January 2022.
https://www.blackrock.com/ca/institutional/en/literature/whitepaper/2022-global-real-assets-outlook.pdf
4 The IEA estimates that $125 trillion of investment is needed
globally by 2050 to reach net zero, including $4 trillion per year
into renewable power. “Net Zero by 2050,” International Energy
Agency, May 2021,
https://www.iea.org/reports/net-zero-by-2050 5 Such as
renewable energy and energy efficiency, which may include wind,
solar and waste-to-energy power production, as well as smart
metering 6 AUM as of October 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221024005921/en/
Media contacts Christopher Beattie (AMRS) +1 646 231-8518
christopher.beattie@blackrock.com Venetia Hendy (EMEA) +44 777 649
6563 venetiaceleste.hendy@blackrock.com
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