BlackRock raises $4.5B for climate-focused Infrastructure Fund By Stocksak

© Stocksak. FILE PHOTO – The BlackRock company logo and trading information is displayed on a floor of the New York Stock Exchange (NYSE), New York, U.S.A, March 30, 2017. REUTERS/Brendan McDermid/File Photo

(Stocksak). – BlackRock Inc (NYSE) has raised $4.5 Billion out of an overall target of $7.5 Billion for a new fund that will invest in infrastructure assets targeted at climate-focused projects. This was Tuesday’s announcement by the world’s largest asset manager.

BlackRock, which has assets of around $8 trillion, stated that public and private pension funds as well as sovereign wealth funds, insurance companies, and family offices have invested in the new fund, which will go by the name 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.

In 2020, it raised $5.1 billion from its previous infrastructure fund.

After being criticized by lawmakers for its position on environmental, governance and governance (ESG), Larry Fink was able to defend his firm’s investments in energy earlier this month.

BlackRock has been criticised by many sides in the low-carbon fuels debate. Environmentalists claim it doesn’t do enough to push for fossil fuel portfolio companies to change, while Republican U.S. politicians accuse it of banning energy stocks.

The company recently established a Transition Capital unit to invest in opportunities related to the global transition to a low carbon economy.

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