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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.
(Reporting by Ann Maria shibu and Lavanya Ahire in Bengaluru;
Editing by Savio D'Souza)
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