Blackrock Hits $1B Close for Evergreen Infrastructure Fund

BlackRock has closed a $1 billion Evergreen Infrastructure fund, with plans to make deals in Europe and North America.

The core, open-ended fund, which launched in June 2022, will focus on energy transition and energy security, as well as transportation, digital infrastructure and the circular economy.

The fund has already committed capital and is in the process of acquiring Lighthouse, a US solar and battery platform.

It seeks to deliver consistent long-term cash yield and inflation-linked, fully contracted returns by investing in a diversified portfolio of core infrastructure businesses.

Intesa Sanpaolo, Italy’s largest bank, and Inarcassa, the first pillar pension scheme for Italian engineers and architects, are among the European institutional investors who have committed to the fund. Western Europe, particularly Italy, is an important region for the fund, accounting for 50% to 60% of the total portfolio.

“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,” said Anne Valentine Andrews, global head of infrastructure and real estate at BlackRock.

Led by portfolio managers James Berner and David O’Brien, the Evergreen Infrastructure fund expands BlackRock’s $48 billion infrastructure platform. As of September 30, BlackRock managed $317 billion in liquid and illiquid alternative investments.