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BlackRock raises $4.5 billion for climate-focused infrastructure fund

Stock Markets Oct 26, 2022 09:31AM ET
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© Reuters. FILE PHOTO: The company logo and trading information for BlackRock is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid/File Photo
 
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(Reuters) - BlackRock Inc (NYSE:BLK) has raised $4.5 billion out of an overall $7.5 billion-target for a new fund to invest in infrastructure assets aimed at climate-focused projects, the world's largest asset manager said on Tuesday.

BlackRock, which manages around $8 trillion in assets, said public and private pension funds, sovereign wealth funds, insurance companies and family offices had invested in the new fund, which will be called Global Infrastructure Fund IV.

The asset manager said the new fund will invest in five sectors –– energy, low carbon power, transport and logistics, regulated utilities, and digital infrastructure –– to capitalize on the growing trend towards decarbonization and digitalization.

Its previous infrastructure fund raised $5.1 billion in 2020.

Earlier this month, BlackRock Chief Executive Officer Larry Fink defended his firm's energy investments after facing a backlash from lawmakers critical of its stance on environmental, social and governance (ESG) issues.

BlackRock has faced criticism from many sides in the debate on low-carbon fuels, with environmentalists protesting it does too little to press for change at fossil fuel portfolio companies, and Republican U.S. politicians accusing it of boycotting energy stocks.

The company also recently set up a unit called Transition Capital to invest in opportunities linked to the global shift to a low-carbon economy.

BlackRock raises $4.5 billion for climate-focused infrastructure fund
 

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Comments (2)
Tom Saltzman
Tom Saltzman Oct 26, 2022 9:40AM ET
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The green movement is a Globalist scam to take even more power from the 99%
jason xx
jason xx Oct 26, 2022 9:40AM ET
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No, reality check, you're just a Mor.... on sorry.
Roger Miller
Roger Miller Oct 25, 2022 10:59AM ET
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I predict the funds returns over the long term will correlate to inflation. It’s success depends on either government spending or government regulation. Should make a good inflation hedge.
 
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