BlackRock has achieved the first close of its Evergreen Infrastructure fund, securing nearly $1 billion in commitments from European founding partners. Launched in June 2022, Evergreen Infrastructure is an open-ended equity fund focusing on European and North American infrastructure aligned with energy transition and security themes.
The fund aims to provide long-term cash yield and resilient inflation-linked, fully-contracted returns through diversified investments in core infrastructure businesses across geographies and sectors, including transportation, digital infrastructure, and the circular economy.
The Fund has finalised the acquisition documents for Lighthouse, a US C&I solar and battery storage platform with an operating portfolio spanning six US states capitalising on renewable energy distribution demand, subject to approval.
The asset manager said the fund, with cornerstone commitments from European institutional investors like Intesa Sanpaolo and Inarcassa, plans to allocate 50-60% of its total portfolio to Western Europe.
According to Anne Valentine Andrews, global head of infrastructure and real estate at BlackRock. “In today’s evolving energy landscape, companies are looking for capital that will partner with them as they adapt their businesses and navigate an accelerating long-term shift towards a lower-carbon economy.”
Added Flavio Gianetti, executive director of M&A and group shareholdings at Intesa Sanpaolo. “The fund will span Europe and North America, regions teeming with opportunities for the construction or revitalisation of sustainable telecommunications, digital, energy, gas storage, and renewable energy infrastructure.”
