BlackRock Real Assets has held a $1.5 billion first close for its latest energy and power infrastructure fund, Global Energy & Power Infrastructure Fund III (GEPIF III). GEPIF III focuses on equity investments in the mid-market energy and power infrastructure value chain, primarily in developed countries.
GEPIF III has secured commitments from prominent institutional investors in North America, Middle East, Europe and Asia, subject to certain post-closing conditions.
The GEPIF III team seeks to invest in energy infrastructure projects.
“We believe that we can create attractive risk-adjusted returns in the energy and power space for our investors,” said Mark Florian, head of the global energy & power infrastructure team for BlackRock Real Assets. “As the world undergoes a structural shift in how it powers industry, homes and transportation, there is significant need for new energy infrastructure and the capital to finance it. Our core philosophy has always been to make investments that we believe minimize risk and promote capital preservation, while providing an opportunity to enhance an asset or expand a business. ”
GEPIF III is the third fund in the Global Energy & Power Fund series. In June last year, BlackRock acquired the First Reserve Energy Infrastructure Franchise from First Reserve. The infrastructure team that joined BlackRock from First Reserve continues to manage the previous two funds and formed a new global energy & power infrastructure group within BlackRock Real Assets.