BlackRock (NYSE:BLK)'s Evergreen Infrastructure fund, under the stewardship of James Berner and David O'Brien, has successfully raised nearly $1 billion from European investors, marking a significant milestone in the fund's journey. The fund is poised to take over Lighthouse, a U.S.-based solar and battery platform that benefits from the U.S. Inflation Reduction Act, signaling a strategic move towards sustainable infrastructure development.
This new fund is part of BlackRock Private Markets and extends BlackRock's substantial $48 billion infrastructure platform. It is entrusted with managing $317 billion in liquid and illiquid alternative investments as of September 30, 2023. The Evergreen Infrastructure fund aims to invest in sectors crucial for the energy transition, including security, transportation, digital infrastructure, and the circular economy, with a focus on Europe and North America, especially Western Europe.
Anne Valentine Andrews, Global Head of Infrastructure at BlackRock, shared her enthusiasm about the first close of the fund. She underscored the importance of aligning the fund's portfolio with climate goals by tracking Temperature Alignment Key Performance Indicators that are in line with limiting global temperature rise to 1.5°C.
European institutional investors have shown strong support for BlackRock's sustainable investment strategy. Intesa (LON:0HBC) Sanpaolo (OTC:ISNPY) S.p.A., Italy's largest banking group, and Inarcassa, an Italian pension scheme for engineers and architects, are among the cornerstone commitments to the Evergreen Infrastructure fund. Intesa Sanpaolo Executive Director Flavio Gianetti highlighted the critical role of developing sustainable infrastructure in their investment decisions. Similarly, Inarcassa Chairman Giuseppe Santoro reaffirmed their commitment to environmental, social, and governance (ESG) principles by joining the fund.
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