Money manager hopes fund will show how to mobilise private capital in developing countries
Signage is shown outside Blackrock headquarters in New York, US. File photo BLOOMBERG/JEENAH MOONBlackRock says it has raised a target-beating $673m for an infrastructure fund with backing from the French, German and Japanese governments to invest in climate-focused projects such as renewable energy in emerging markets.
While a number of multibillion-dollar renewable energy funds have been raised over the last year to help build out solar, wind and other projects, the vast bulk has been spent in richer countries offering investors lower risk. Among the fund’s 22 backers were French energy company TotalEnergies and institutional investors including AXA and Dai-ichi Life Insurance. The fund comfortably beat its fundraising target of $500m, BlackRock said.
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