Fundraising - JULY 10, 2017

BlackRock holds £500m first close

by Jody Barhanovich

BlackRock has held a first close for its U.K. Strategic Alternative Income Fund, raising more than £500 million ($644 million) in equity commitments from a range of institutional investors in the United Kingdom, according to news sources.

U.K. Strategic Alternative Income Fund, which launched in 2016, is a hybrid fund that invests in infrastructure debt, renewable energy, real estate debt, long-lease property and private credit. The fund is designed to deliver predictable, long-term cash flows targeting a net annual yield of 5 percent over the investment cycle.

BlackRock recently completed the final close for its Global Renewable Power II fund with $1.65 billion in commitments. The final close exceeded the initial fund target size of $1 billion. The fund has already invested almost 20 percent of client commitments in five wind and solar projects across the United States, Norway and Japan.

BlackRock also previously completed the final close of Europe Property Fund IV, raising €700 million ($764 million) in commitments from more than 30 institutional investors in North and South America, Europe, Asia, and Australia.

BlackRock’s 2017 Rebalancing Survey found that 63 percent of U.K. institutional investors are expected to increase their allocations to real assets this year.

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