BlackRock Real Assets has closed its latest renewable power investment fund at $4.8 billion, the firm said Thursday.
The total for the firm's Global Renewable Power Fund III was almost three times the size of GRP II, which closed in July 2017 at $1.7 billion.
GRP III garnered commitments from more than 100 institutional investors worldwide, up from 67 for GRP II, according to a BlackRock news release.
The fund has already completed an onshore wind investment in Europe, a solar investment in Asia and a distributed solar generation investment in the U.S., the release said. GRP III will also invest in supporting infrastructure, including energy storage, distribution and electrified transport.
Institutional investors making commitments to the fund in recent months included Border to Coast Pensions Partnership, Leeds, England, which brings together £45 billion ($62.2 billion) in local authority pension fund assets, and the $19.5 billion Illinois State University Retirement System, Champaign, with commitments of $125 million and $100 million, respectively.
BlackRock's 54-person global renewable power team manages over $9 billion of client capital, the news release said.