The $537 million Ann Arbor (Mich.) Employees' Retirement System has approved an $8 million commitment to BlackRock’s Global Renewable Power Fund III, according to a March 19 board meeting document.
Ann Arbor has a 3 percent target allocation to infrastructure.
GRP III, the third vintage of BlackRock’s global renewable power fund series, will look to invest across the spectrum of climate infrastructure assets, with a focus on renewable power generation, and energy storage and distribution, according to BlackRock. The fund raised $1 billion in a colossal first close in December 2019.
According to BlackRock, over the next 30 years there will be a shift in global power generation from two-thirds fossil fuels to two-thirds renewables, presenting a $9 trillion climate infrastru
