Blackrock raises nearly $1bn for infrastructure fund

BlackRock’s Evergreen Infrastructure fund, overseen by James Berner and David O’Brien, has achieved a significant milestone by successfully raising nearly $1 billion from European investors. This accomplishment signals a strategic move towards sustainable infrastructure development, with the fund poised to acquire Lighthouse, a U.S.-based solar and battery platform benefiting from the U.S. Inflation Reduction Act.

Operating within BlackRock Private Markets, the Evergreen Infrastructure fund expands BlackRock’s extensive $48 billion infrastructure platform. As of September 30, 2023, BlackRock manages $317 billion in liquid and illiquid alternative investments. The fund’s focus is on sectors critical for the energy transition, including security, transportation, digital infrastructure, and the circular economy, with a geographic emphasis on Europe and North America, particularly Western Europe.

Anne Valentine Andrews, Global Head of Infrastructure at BlackRock, expressed enthusiasm about the fund’s first close. She emphasised the importance of aligning the portfolio with climate goals, utilising Temperature Alignment Key Performance Indicators to track progress in line with limiting global temperature rise to 1.5°C.

European institutional investors have demonstrated robust support for BlackRock’s sustainable investment strategy. Cornerstone commitments to the Evergreen Infrastructure fund include Intesa Sanpaolo S.p.A., Italy’s largest banking group, and Inarcassa, an Italian pension scheme for engineers and architects. Flavio Gianetti, Executive Director at Intesa Sanpaolo, highlighted the critical role of sustainable infrastructure development in their investment decisions. Similarly, Inarcassa Chairman Giuseppe Santoro reaffirmed their commitment to environmental, social, and governance (ESG) principles by participating in the fund.