Two U.K.-based Local Government Pension Scheme (LGPS) funds have backed BlackRock’s Global Renewable Power III (GRP III) fund, which has captured $1.5 billion in equity commitments.
The City and County of Swansea Pension Fund and North East Scotland Pension Fund (NESPF), which is administered by Aberdeen City Council and is one of Scotland's larger LGPS funds, have expanded their partnerships with BlackRock. Swansea and NESPF join three other LGPS funds who committed to the first close in late 2019.
LGPS funds have committed around $240 million to the fund, which represents nearly 20 percent of the $1.5 billion raised to date. Over 40 institutional investors have invested in the fund.
BlackRock has committed to transition from two-thirds fossil fuels to two-thirds renewables by 2050. GRP III invests in global renewable power assets.
GRP III is managed by BlackRock’s dedicated Renewable Power team, which manages $6 billion in assets and has invested in
