European founding partners commit almost US$1
billion to core infrastructure equity strategy
Open-ended fund makes first investment in U.S.
C&I solar platform
BlackRock’s Evergreen Infrastructure fund has secured almost
US$1 billion in client commitments from European founding partners.
The Fund has already begun to commit capital and has signed
definitive documentation to acquire, subject to customary closing
conditions, a U.S. commercial and industrial (C&I) solar and
battery platform well positioned for the energy transition.
Announced in June 2022, Evergreen Infrastructure is a core,
open-ended infrastructure equity fund that focuses on investing in
infrastructure businesses in Europe and North America aligned with
the themes of energy transition and energy security. It seeks to
deliver 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. In addition to energy transition and
energy security, the Fund will also focus on thematic sectors
including transportation, digital infrastructure and the circular
economy.
Its open-ended structure enables the Fund to be a long-term
partner for infrastructure businesses looking for financing to
support their evolution and growth through the decades-long energy
transition. It will work with portfolio companies to help implement
decarbonization activities and actively track, assess, and report
on progress over time. Evergreen Infrastructure will also track
Temperature Alignment Key Performance Indicators, which will help
the portfolio management team align the Fund, on an aggregate
basis, to a 1.5°C temperature rise scenario.
“We are pleased to have completed Evergreen Infrastructure’s
first close,” said Anne Valentine Andrews, Global Head of
Infrastructure and Real Estate at BlackRock. “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.
Evergreen’s forward-looking lens, partnership approach, and focus
on core businesses and assets is designed to help investors
capitalise on these dynamics, while supporting the sustainable
growth of essential infrastructure.”
The cornerstone commitments to Evergreen Infrastructure come
from several European institutional investors as part of the Fund’s
European Founding Partners programme. They include Intesa Sanpaolo
S.p.A., Italy’s largest bank, and Inarcassa, the first pillar
pension scheme for Italian engineers and architects, among others.
Western Europe, including Italy, is a key region for the Fund, with
50-60% of the total portfolio expected to be allocated to the
region.
“We are very pleased to be part of a project that underscores
the ongoing importance of developing cutting-edge infrastructure
with a strong focus on energy transition and sustainability,” said
Flavio Gianetti, Executive Director of M&A and Group
Shareholdings at Intesa Sanpaolo. “BlackRock's new fund will
span Europe and North America, regions teeming with opportunities
for the construction or revitalization of sustainable
telecommunications, digital, energy, gas storage, and renewable
energy infrastructure.”
“Our commitment to ESG," said Inarcassa President Giuseppe
Santoro, "has gone through many improvements in sustainable
investments in recent years. By choosing financial policies that
secure the pension future of our members, we are not only seeking
to maximise returns; by joining BlackRock’s Evergreen
Infrastructure fund we are entering a network of institutional
investors who are active in supporting the transformation of an
evolving, low-carbon economy, while promoting the wellbeing of
communities and the environment.”
Evergreen Infrastructure has already begun to commit capital on
behalf of its investors, who are poised to benefit from exposure to
an advanced pipeline of attractive investment opportunities in
Europe and North America. The Fund has signed definitive
documentation to acquire, subject to customary closing conditions,
Lighthouse, a U.S. C&I solar and battery storage platform with
an operating portfolio spanning six U.S. states that capitalises on
the growing demand for distributed renewable energy, which is
supported by the recently enacted U.S. Inflation Reduction Act.
Led by portfolio managers James Berner and David O’Brien,
Evergreen Infrastructure builds on and extends BlackRock’s $48
billion infrastructure platform.1 With over 230 professionals in
offices around the world, BlackRock’s infrastructure business
possesses global reach with local expertise and pioneering
experience as early investors in the energy transition. BlackRock
was named the “Global Energy Transition Investor of the Year” by
Infrastructure Investor for 2022,2 which speaks to the global
breath and scale of the platform and its differentiated sourcing
capabilities. The team is backed by BlackRock’s global corporate
network, industry-leading risk management, and deep expertise in
transition investing.
About BlackRock Private Markets
BlackRock’s private markets platform serves investors seeking
outperformance in infrastructure, private debt, private equity,
real estate and multi-alternatives solutions. We strive to bring
our investors the highest quality opportunities by drawing upon our
global footprint, superior execution capabilities, proprietary
technology and position as a preferred partner. As of September 30,
2023, BlackRock manages US$317 billion in liquid and illiquid
alternative investments and commitments on behalf of clients
worldwide.
Disclaimers
Risks
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.
Infrastructure funds risk
Infrastructure Funds invest exclusively or almost exclusively in
equity or debt, or equity or debt related instruments, linked to
infrastructure assets. Therefore, 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
Given the uncertainty inherent in the valuation of assets that
lack a readily ascertainable market value, the value of such assets
as reflected in the Fund’s net asset value may differ materially
from the prices at which the Fund would be able to liquidate such
assets.
ESG Risk
The environmental, social and governance (“ESG”) considerations
discussed herein may affect an investment team’s decision to invest
in certain companies or industries from time to time. Results may
differ from portfolios that do not apply similar ESG considerations
to their investment process.
Lack of available investments
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.
Restriction on Withdrawal
The Fund is not intended to be a short-term investment and has
no certainty of returns. Commitments to the Fund are generally not
transferable or redeemable and Investors will be committed to the
Fund for its duration and may not be able to withdraw from their
participation prior to the expiry of the Fund
Important Information
This material is for distribution to Professional Clients (as
defined by the Financial Conduct Authority or MiFID Rules) only and
should not be relied upon by any other persons.
In the UK and Non-European Economic Area (EEA) countries:
this is Issued by BlackRock Investment Management (UK) Limited,
authorised and regulated by the Financial Conduct Authority.
Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: +
44 (0)20 7743 3000. Registered in England and Wales No. 02020394.
For your protection telephone calls are usually recorded. Please
refer to the Financial Conduct Authority website for a list of
authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by
BlackRock (Netherlands) B.V. is authorised and regulated by the
Netherlands Authority for the Financial Markets. Registered office
Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel:
31-20-549-5200. Trade Register No. 17068311 For your protection
telephone calls are usually recorded.
This document is marketing material.
For distribution in the European Economic Area (EEA): This
material has been created for use by prospective Professional
Investors in Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Hungary, Italy, Ireland, Luxembourg, Malta, Netherlands,
Norway, Poland, Portugal, Slovakia, Sweden.
As at the date of this document, the Fund has been notified,
registered or approved (as the case may be and howsoever described)
in accordance with the local law/regulations implementing the AIFMD
for marketing to professional investors into the above-mentioned
member state(s) of the EEA (each a “Member State”).The fund may
terminate marketing at any time. Investors should understand all
characteristics of the Fund’s objective and read the Fund’s Private
Placement Memorandum before investing.
For Investors in Germany:
Shares of the Fund may in particular not be distributed or
marketed in any way to German retail or semi-professional investors
if the Fund is not admitted for distribution to these investor
categories by the Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht).
For Investors in the UK: In the UK this document is
directed only at persons who are professional clients or eligible
counterparties for the purposes of the Financial Conduct
Authority’s Conduct of Business Sourcebook. The opportunity to
invest in the Fund is only available to such persons in the UK and
this document must not be relied or acted upon by any other persons
in the UK.
For Investors in Switzerland:
For Qualified Investors only. This document is marketing
material.
This document shall be exclusively made available to, and
directed at, qualified investors as defined in Article 10 (3) of
the CISA of 23 June 2006, as amended, at the exclusion of qualified
investors with an opting-out pursuant to Art. 5 (1) of the Swiss
Federal Act on Financial Services ("FinSA").
For information on art. 8 / 9 Financial Services Act (FinSA) and
on your client segmentation under art. 4 FinSA, please see the
following website: www.blackrock.com/finsa.
For investors in Israel: BlackRock Investment Management
(UK) Limited is not licenced under Israel's Regulation of
Investment Advice, Investment Marketing and Portfolio Management
Law, 5755-1995 (the “Advice Law”), nor does it carry insurance
thereunder.
This document is provided for informational services only and is
not intended to serve, and should not be treated as Investment
Advice.
BlackRock could have a direct or indirect benefit from
investments made by investors in Israel in the products mentioned
in this document, or in other products managed by third parties
with whom BlackRock is involved in a business contract. In
particular, BlackRock manages the traded foreign funds mentioned in
this document, and therefore derives a benefit from investments of
Israeli investors in them (inter alia, by charging a "management
fee" as specified in the prospectus and in the Annex to the
prospectuses of such funds). Therefore, BlackRock has a
"Connection" to such products, might have a personal interest in
their sale, and might prefer such products over other products.
Accordingly, any advice BlackRock provides, is considered, for the
purpose of the Investment Advice Law, as Investment Marketing (and
not Investment Advising). For complete information about
BlackRock's "affiliation" with financial assets (including the
types of financial assets and the names of the entities that issue
or manage them), you can contact BlackRock at www.blackrock.com
This Document, as well as any products and services described
herein, are directed at and intended exclusively for individuals or
corporations that fall within at least one category in each of the
First Schedule of the Investment Advice Law ("Qualified
Clients").
BlackRock does not hold a license and is not insured as required
under the Investment Advice Law.
Nothing in the fund's past returns can ensure a similar return
in the future. Investment in the products mentioned in this
document is subject to the risks described in the fund prospectus
(including the risk of loss of investment funds). For a concise
description of the unique risks for the products mentioned in this
document, see the risk section in the annex to the prospectus
intended for investors in Israel, and published on the distribution
website of the Israeli Securities Authority and the Tel Aviv Stock
Exchange. Furthermore, although BlackRock invests reasonable
efforts to ensure the accuracy of the data presented in this
document, it does not guarantee their accuracy, is not responsible
for it, and should not be relied upon when making an investment
decision. Therefore, investors considering investing in the
products mentioned in this document should examine the full offer
documents of the relevant product (and in particular, the
prospectus and the annex to the prospectus as stated above, and the
risks described therein), and consult experts on their behalf
regarding the viability of the investment.
The Fund and Fund Manager are not subject to the laws and
regulations to which Israeli mutual funds are subject".
For investors in the Caribbean, any funds mentioned or
inferred in this material have not been registered under the
provisions of the Investment Funds Act of 2003 of the Bahamas, nor
have they been registered with the securities regulators of
Bermuda, Dominica, the Cayman Islands, the British Virgin Islands,
Grenada, Trinidad & Tobago or any jurisdiction in the
Organisation of Eastern Caribbean States, and thus, may not be
publicly offered in any such jurisdiction. The shares of any fund
mentioned herein may only be marketed in Bermuda by or on behalf of
the fund or fund manager only in compliance with the provision of
the Investment Business Act 2003 of Bermuda and the Companies Act
of 1981. Engaging in marketing, offering or selling any fund from
within the Cayman Islands to persons or entities in the Cayman
Islands may be deemed carrying on business in the Cayman Islands.
As a non-Cayman Islands person, BlackRock may not carry on or
engage in any trade or business unless it properly registers and
obtains a license for such activities in accordance with the
applicable Cayman Islands law.
For Investors in Guatemala; This communication and any
accompanying information (the “Materials”) are intended solely for
informational purposes and do not constitute (and should not be
interpreted to constitute) the offering, selling, or conducting of
business with respect to such securities, products or services in
the jurisdiction of the addressee (this “Jurisdiction”), or the
conducting of any brokerage, banking, or other similarly regulated
activities (“Financial Activities”) in the Jurisdiction. Neither
BLACKROCK, nor the securities, products and services described
herein, are registered (or intended to be registered) in the
Jurisdiction. Furthermore, neither BLACKROCK, nor the securities,
products, services, or activities described herein, are regulated,
or supervised by any governmental or similar authority in the
Jurisdiction. The Materials are private, confidential and are sent
by BLACKROCK only for the exclusive use of the addressee. The
Materials must not be publicly distributed and any use of the
Materials by anyone other than the addressee is not authorized. The
addressee is required to comply with all applicable laws in the
Jurisdiction, including, without limitation, tax laws and exchange
control regulations, if any.
In Latin America, for institutional investors and
financial intermediaries only (not for public distribution). This
material is for educational purposes only and does not constitute
investment advice or an offer or solicitation to sell or a
solicitation of an offer to buy any shares of any fund or security
and it is your responsibility to inform yourself of, and to
observe, all applicable laws and regulations of your relevant
jurisdiction. If any funds are mentioned or inferred in this
material, such funds may not been registered with the securities
regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama,
Peru, Uruguay or any other securities regulator in any Latin
American country and thus, may not be publicly offered in any such
countries. The securities regulators of any country within Latin
America have not confirmed the accuracy of any information
contained herein. No information discussed herein can be provided
to the general public in Latin America. The contents of this
material are strictly confidential and must not be passed to any
third party.
In Argentina, only for use with Qualified Investors under
the definition as set by the Comisión Nacional de Valores (CNV)
In Peru, this private offer does not constitute a public
offer, and is not registered with the Securities Market Public
Registry of the Peruvian Securities Market Commission, for use only
with institutional investors as such term is defined by the
Superintendencia de Banca, Seguros y AFP.
In Chile, the sale of each fund not registered with the
CMF is subject to General Rule No. 336 issued by the SVS (now the
CMF). The subject matter of this sale may include securities not
registered with the CMF; therefore, such securities are not subject
to the supervision of the CMF. Since the securities are not
registered in Chile, there is no obligation of the issuer to make
publicly available information about the securities in Chile. The
securities shall not be subject to public offering in Chile unless
registered with the relevant registry of the CMF.
In Colombia, the sale of each fund discussed herein, if
any, is addressed to less than one hundred specifically identified
investors, and such fund may not be promoted or marketed in
Colombia or to Colombian residents unless such promotion and
marketing is made in compliance with Decree 2555 of 2010 and other
applicable rules and regulations related to the promotion of
foreign financial and/or securities related products or services in
Colombia.
In Uruguay, the Securities are not and will not be
registered with the Central Bank of Uruguay. The Securities are not
and will not be offered publicly in or from Uruguay and are not and
will not be traded on any Uruguayan stock exchange. This offer has
not been and will not be announced to the public and offering
materials will not be made available to the general public except
in circumstances which do not constitute a public offering of
securities in Uruguay, in compliance with the requirements of the
Uruguayan Securities Market Law (Law Nº 18.627 and Decree
322/011).
For investors in Central America, these securities have
not been registered before the Securities Superintendence of the
Republic of Panama, nor did the offer, sale or their trading
procedures. The registration exemption has made according to
numeral 3 of Article 129 of the Consolidated Text containing of the
Decree-Law No. 1 of July 8, 1999 (institutional investors).
Consequently, the tax treatment set forth in Articles 334 to 336 of
the Unified Text containing Decree-Law No. 1 of July 8, 1999, does
not apply to them. These securities are not under the supervision
of the Securities Superintendence of the Republic of Panama. The
information contained herein does not describe any product that is
supervised or regulated by the National Banking and Insurance
Commission (CNBS) in Honduras. Therefore any investment described
herein is done at the investor’s own risk. This is an individual
and private offer which is made in Costa Rica upon reliance on an
exemption from registration before the General Superintendence of
Securities (“SUGEVAL”), pursuant to articles 7 and 8 of the
Regulations on the Public Offering of Securities (“Reglamento sobre
Oferta Pública de Valores”). This information is confidential, and
is not to be reproduced or distributed to third parties as this is
NOT a public offering of securities in Costa Rica. The product
being offered is not intended for the Costa Rican public or market
and neither is registered or will be registered before the SUGEVAL,
nor can be traded in the secondary market. If any recipient of this
documentation receives this document in El Salvador, such recipient
acknowledges that the same has been delivered upon his request and
instructions, and on a private placement basis.
For existing investors: You have received this document
because, according to our records, you are currently an existing
investor within the fund. If you are not an investor in the named
fund or you are not the intended recipient or have received this
document in error, please notify the sender immediately and destroy
the message in its entirety (whether in electronic or hard copy
format), without disclosing its contents to anyone.
In the United States, Distributed by BlackRock
Investments, LLC
In Canada, this material is intended for permitted
clients as defined under Canadian securities law, is for
educational purposes only, does not constitute investment advice
and should not be construed as a solicitation or offering of units
of any fund or other security in any jurisdiction. Investors should
read the relevant offering documents carefully including the
investment objective and risk factors relating to the fund before
investing.
In Mexico, for institutional and qualified investors use
only. Investing involves risk, including possible loss of
principal. This material is provided for educational and
informational purposes only and does not constitute an offer or
solicitation to sell or a solicitation of an offer to buy any
shares of any fund or security. This information does not
consider the investment objectives, risk tolerance or the financial
circumstances of any specific investor. This information does not
replace the obligation of financial advisor to apply his/her best
judgment in making investment decisions or investment
recommendations. It is your responsibility to inform yourself of,
and to observe, all applicable laws and regulations of Mexico. If
any funds, securities or investment strategies are mentioned or
inferred in this material, such funds, securities or strategies
have not been registered with the Mexican National Banking and
Securities Commission (Comisión Nacional Bancaria y de Valores, the
“CNBV”) and thus, may not be publicly offered in Mexico. The CNBV
has not confirmed the accuracy of any information contained herein.
The provision of investment management and investment advisory
services (“Investment Services”) is a regulated activity in Mexico,
subject to strict rules, and performed under the supervision of the
CNBV. These materials are shared for information purposes only, do
not constitute investment advice, and are being shared in the
understanding that the addressee is an Institutional or Qualified
investor as defined under Mexican Securities (Ley del Mercado de
Valores). Each potential investor shall make its own investment
decision based on their own analysis of the available information.
Please note that by receiving these materials, it shall be
construed as a representation by the receiver that it is an
Institutional or Qualified investor as defined under Mexican law.
BlackRock México Operadora, S.A. de C.V., Sociedad Operadora de
Fondos de Inversión (“BlackRock México Operadora”) is a Mexican
subsidiary of BlackRock, Inc., authorized by the CNBV as a Mutual
Fund Manager (Operadora de Fondos), and as such, authorized to
manage Mexican mutual funds, ETFs and provide Investment Advisory
Services. For more information on the Investment Services offered
by BlackRock Mexico, please review our Investment Services Guide
available in www.blackrock.com/mx. This material represents an
assessment at a specific time and its information should not be
relied upon by the you as research or investment advice regarding
the funds, any security or investment strategy in particular.
Reliance upon information in this material is at your sole
discretion.
BlackRock México is not authorized to receive deposits, carry
out intermediation activities, or act as a broker dealer, or bank
in Mexico.
For more information on BlackRock México, please visit:
www.blackRock.com/mx. BlackRock receives revenue in the form of
advisory fees for our advisory services and management fees for our
mutual funds, exchange traded funds and collective investment
trusts. Any modification, change, distribution or inadequate use of
information of this document is not responsibility of BlackRock or
any of its affiliates. Pursuant to the Mexican Data Privacy Law
(Ley Federal de Protección de Datos Personales en Posesión de
Particulares), to register your personal data you must confirm that
you have read and understood the Privacy Notice of BlackRock México
Operadora. For the full disclosure, please visit
www.blackRock.com/mx and accept that your personal information will
be managed according with the terms and conditions set forth
therein. BlackRock® is a registered trademark of BlackRock, Inc.
All other trademarks are the property of their respective
owners.
Any research in this document has been procured and may have
been acted on by BlackRock for its own purpose. The results of such
research are being made available only incidentally. The views
expressed do not constitute investment or any other advice and are
subject to change. They do not necessarily reflect the views of any
company in the BlackRock Group or any part thereof and no
assurances are made as to their accuracy.
If you are an intermediary or third-party distributor, you must
only disseminate this material to other Professional Investors as
permitted in the above specified jurisdictions and in accordance
with applicable laws and regulations.
THE INFORMATION CONTAINED HEREIN, TOGETHER WITH THE PERFORMANCE
RESULTS PRESENTED, IS PROPRIETARY IN NATURE AND HAS BEEN PROVIDED
TO YOU ON A CONFIDENTIAL BASIS, AND MAY NOT BE REPRODUCED, COPIED
OR DISTRIBUTED WITHOUT THE PRIOR CONSENT OF BLACKROCK.
© 2023 BlackRock, Inc or its affiliates. All Rights reserved.
BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO
WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its
affiliates. All other trademarks are those of their respective
owners.
1 As of 30 September 2023. “Q3 2023 Earnings Release
Supplement.” BlackRock, October 13, 2023.
https://s24.q4cdn.com/856567660/files/doc_financials/2023/Q3/BLK-3Q23-Earnings-Supplement.pdf
2 Award winners determined by only votes by Infrastructure Investor
readers. Shortlists were compiled independently by II’s editorial
team, based on industry submissions. Time period covered by the
award is 19 November 2021 – 22 November 2022. All award nominations
are inherently subjective. “2022 awards: Send us your submissions!”
Infrastructure Investor, 8 November 2023,
https://www.infrastructureinvestor.com/2022-awards-send-us-your-submissions/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231115151975/en/
Curtis Chou curtis.chou@blackrock.com +1 (646) 231-1031
BlackRock (NYSE:BLK)
Historical Stock Chart
From Jun 2024 to Jul 2024
BlackRock (NYSE:BLK)
Historical Stock Chart
From Jul 2023 to Jul 2024