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BlackRock’s Evergreen Infrastructure Fund Partners with European Institutional Investors to Invest in Energy Transition and Energy Security

European founding partners commit almost US$1 billion to core infrastructure equity strategy

Open-ended fund makes first investment in U.S. C&I solar platform

BlackRock’s Evergreen Infrastructure fund has secured almost US$1 billion in client commitments from European founding partners. The Fund has already begun to commit capital and has signed definitive documentation to acquire, subject to customary closing conditions, a U.S. commercial and industrial (C&I) solar and battery platform well positioned for the energy transition.

Announced in June 2022, Evergreen Infrastructure is a core, open-ended infrastructure equity fund that focuses on investing in infrastructure businesses in Europe and North America aligned with the themes of energy transition and energy security. It seeks to deliver investors consistent long-term cash yield and resilient inflation-linked, fully contracted returns by investing in a portfolio of core infrastructure businesses diversified across geographies and sectors. In addition to energy transition and energy security, the Fund will also focus on thematic sectors including transportation, digital infrastructure and the circular economy.

Its open-ended structure enables the Fund to be a long-term partner for infrastructure businesses looking for financing to support their evolution and growth through the decades-long energy transition. It will work with portfolio companies to help implement decarbonization activities and actively track, assess, and report on progress over time. Evergreen Infrastructure will also track Temperature Alignment Key Performance Indicators, which will help the portfolio management team align the Fund, on an aggregate basis, to a 1.5°C temperature rise scenario.

“We are pleased to have completed Evergreen Infrastructure’s first close,” said 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. Evergreen’s forward-looking lens, partnership approach, and focus on core businesses and assets is designed to help investors capitalise on these dynamics, while supporting the sustainable growth of essential infrastructure.”

The cornerstone commitments to Evergreen Infrastructure come from several European institutional investors as part of the Fund’s European Founding Partners programme. They include Intesa Sanpaolo S.p.A., Italy’s largest bank, and Inarcassa, the first pillar pension scheme for Italian engineers and architects, among others. Western Europe, including Italy, is a key region for the Fund, with 50-60% of the total portfolio expected to be allocated to the region.

“We are very pleased to be part of a project that underscores the ongoing importance of developing cutting-edge infrastructure with a strong focus on energy transition and sustainability,” said Flavio Gianetti, Executive Director of M&A and Group Shareholdings at Intesa Sanpaolo. “BlackRock's new fund will span Europe and North America, regions teeming with opportunities for the construction or revitalization of sustainable telecommunications, digital, energy, gas storage, and renewable energy infrastructure.”

“Our commitment to ESG," said Inarcassa President Giuseppe Santoro, "has gone through many improvements in sustainable investments in recent years. By choosing financial policies that secure the pension future of our members, we are not only seeking to maximise returns; by joining BlackRock’s Evergreen Infrastructure fund we are entering a network of institutional investors who are active in supporting the transformation of an evolving, low-carbon economy, while promoting the wellbeing of communities and the environment.”

Evergreen Infrastructure has already begun to commit capital on behalf of its investors, who are poised to benefit from exposure to an advanced pipeline of attractive investment opportunities in Europe and North America. The Fund has signed definitive documentation to acquire, subject to customary closing conditions, Lighthouse, a U.S. C&I solar and battery storage platform with an operating portfolio spanning six U.S. states that capitalises on the growing demand for distributed renewable energy, which is supported by the recently enacted U.S. Inflation Reduction Act.

Led by portfolio managers James Berner and David O’Brien, Evergreen Infrastructure builds on and extends BlackRock’s $48 billion infrastructure platform.1 With over 230 professionals in offices around the world, BlackRock’s infrastructure business possesses global reach with local expertise and pioneering experience as early investors in the energy transition. BlackRock was named the “Global Energy Transition Investor of the Year” by Infrastructure Investor for 2022,2 which speaks to the global breath and scale of the platform and its differentiated sourcing capabilities. The team is backed by BlackRock’s global corporate network, industry-leading risk management, and deep expertise in transition investing.

About BlackRock Private Markets

BlackRock’s private markets platform serves investors seeking outperformance in infrastructure, private debt, private equity, real estate and multi-alternatives solutions. We strive to bring our investors the highest quality opportunities by drawing upon our global footprint, superior execution capabilities, proprietary technology and position as a preferred partner. As of September 30, 2023, BlackRock manages US$317 billion in liquid and illiquid alternative investments and commitments on behalf of clients worldwide.

Disclaimers

Risks

Capital at Risk

The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

Infrastructure funds risk

Infrastructure Funds invest exclusively or almost exclusively in equity or debt, or equity or debt related instruments, linked to infrastructure assets. Therefore, the performance of an Infrastructure Fund may be materially and adversely affected by risks associated with the related infrastructure assets including construction and operator risks, environmental risks, legal and regulatory risks; political or social instability; governmental and regional political risks; sector specific risks; interest rate changes; currency risks; and other risks and factors which may or will impact infrastructure and as a result may substantially affect a fund’s aggregate return. Investments in Infrastructure assets are typically illiquid and investors seeking to redeem their holdings in an Infrastructure Fund can experience significant delays and fluctuations in value.

Liquidity Risk

The Fund’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair.

Valuation risk

Given the uncertainty inherent in the valuation of assets that lack a readily ascertainable market value, the value of such assets as reflected in the Fund’s net asset value may differ materially from the prices at which the Fund would be able to liquidate such assets.

ESG Risk

The environmental, social and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their investment process.

Lack of available investments

There can be no assurance that the Fund will be able to locate, attain and exit investments that satisfy its investment objectives, or that the Fund will be able to fully invest its committed capital.

Restriction on Withdrawal

The Fund is not intended to be a short-term investment and has no certainty of returns. Commitments to the Fund are generally not transferable or redeemable and Investors will be committed to the Fund for its duration and may not be able to withdraw from their participation prior to the expiry of the Fund

Important Information

This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.

In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

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This document is marketing material.

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As at the date of this document, the Fund has been notified, registered or approved (as the case may be and howsoever described) in accordance with the local law/regulations implementing the AIFMD for marketing to professional investors into the above-mentioned member state(s) of the EEA (each a “Member State”).The fund may terminate marketing at any time. Investors should understand all characteristics of the Fund’s objective and read the Fund’s Private Placement Memorandum before investing.

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Shares of the Fund may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the Fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).

For Investors in the UK: In the UK this document is directed only at persons who are professional clients or eligible counterparties for the purposes of the Financial Conduct Authority’s Conduct of Business Sourcebook. The opportunity to invest in the Fund is only available to such persons in the UK and this document must not be relied or acted upon by any other persons in the UK.

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This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA").

For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.

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This document is provided for informational services only and is not intended to serve, and should not be treated as Investment Advice.

BlackRock could have a direct or indirect benefit from investments made by investors in Israel in the products mentioned in this document, or in other products managed by third parties with whom BlackRock is involved in a business contract. In particular, BlackRock manages the traded foreign funds mentioned in this document, and therefore derives a benefit from investments of Israeli investors in them (inter alia, by charging a "management fee" as specified in the prospectus and in the Annex to the prospectuses of such funds). Therefore, BlackRock has a "Connection" to such products, might have a personal interest in their sale, and might prefer such products over other products. Accordingly, any advice BlackRock provides, is considered, for the purpose of the Investment Advice Law, as Investment Marketing (and not Investment Advising). For complete information about BlackRock's "affiliation" with financial assets (including the types of financial assets and the names of the entities that issue or manage them), you can contact BlackRock at www.blackrock.com

This Document, as well as any products and services described herein, are directed at and intended exclusively for individuals or corporations that fall within at least one category in each of the First Schedule of the Investment Advice Law ("Qualified Clients").

BlackRock does not hold a license and is not insured as required under the Investment Advice Law.

Nothing in the fund's past returns can ensure a similar return in the future. Investment in the products mentioned in this document is subject to the risks described in the fund prospectus (including the risk of loss of investment funds). For a concise description of the unique risks for the products mentioned in this document, see the risk section in the annex to the prospectus intended for investors in Israel, and published on the distribution website of the Israeli Securities Authority and the Tel Aviv Stock Exchange. Furthermore, although BlackRock invests reasonable efforts to ensure the accuracy of the data presented in this document, it does not guarantee their accuracy, is not responsible for it, and should not be relied upon when making an investment decision. Therefore, investors considering investing in the products mentioned in this document should examine the full offer documents of the relevant product (and in particular, the prospectus and the annex to the prospectus as stated above, and the risks described therein), and consult experts on their behalf regarding the viability of the investment.

The Fund and Fund Manager are not subject to the laws and regulations to which Israeli mutual funds are subject".

For investors in the Caribbean, any funds mentioned or inferred in this material have not been registered under the provisions of the Investment Funds Act of 2003 of the Bahamas, nor have they been registered with the securities regulators of Bermuda, Dominica, the Cayman Islands, the British Virgin Islands, Grenada, Trinidad & Tobago or any jurisdiction in the Organisation of Eastern Caribbean States, and thus, may not be publicly offered in any such jurisdiction. The shares of any fund mentioned herein may only be marketed in Bermuda by or on behalf of the fund or fund manager only in compliance with the provision of the Investment Business Act 2003 of Bermuda and the Companies Act of 1981. Engaging in marketing, offering or selling any fund from within the Cayman Islands to persons or entities in the Cayman Islands may be deemed carrying on business in the Cayman Islands. As a non-Cayman Islands person, BlackRock may not carry on or engage in any trade or business unless it properly registers and obtains a license for such activities in accordance with the applicable Cayman Islands law.

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In Latin America, for institutional investors and financial intermediaries only (not for public distribution). This material is for educational purposes only and does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds may not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries. The securities regulators of any country within Latin America have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are strictly confidential and must not be passed to any third party.

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In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian Securities Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y AFP.

In Chile, the sale of each fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF. Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF.

In Colombia, the sale of each fund discussed herein, if any, is addressed to less than one hundred specifically identified investors, and such fund may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia.

In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered publicly in or from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be announced to the public and offering materials will not be made available to the general public except in circumstances which do not constitute a public offering of securities in Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and Decree 322/011).

For investors in Central America, these securities have not been registered before the Securities Superintendence of the Republic of Panama, nor did the offer, sale or their trading procedures. The registration exemption has made according to numeral 3 of Article 129 of the Consolidated Text containing of the Decree-Law No. 1 of July 8, 1999 (institutional investors). Consequently, the tax treatment set forth in Articles 334 to 336 of the Unified Text containing Decree-Law No. 1 of July 8, 1999, does not apply to them. These securities are not under the supervision of the Securities Superintendence of the Republic of Panama. The information contained herein does not describe any product that is supervised or regulated by the National Banking and Insurance Commission (CNBS) in Honduras. Therefore any investment described herein is done at the investor’s own risk. This is an individual and private offer which is made in Costa Rica upon reliance on an exemption from registration before the General Superintendence of Securities (“SUGEVAL”), pursuant to articles 7 and 8 of the Regulations on the Public Offering of Securities (“Reglamento sobre Oferta Pública de Valores”). This information is confidential, and is not to be reproduced or distributed to third parties as this is NOT a public offering of securities in Costa Rica. The product being offered is not intended for the Costa Rican public or market and neither is registered or will be registered before the SUGEVAL, nor can be traded in the secondary market. If any recipient of this documentation receives this document in El Salvador, such recipient acknowledges that the same has been delivered upon his request and instructions, and on a private placement basis.

For existing investors: You have received this document because, according to our records, you are currently an existing investor within the fund. If you are not an investor in the named fund or you are not the intended recipient or have received this document in error, please notify the sender immediately and destroy the message in its entirety (whether in electronic or hard copy format), without disclosing its contents to anyone.

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In Canada, this material is intended for permitted clients as defined under Canadian securities law, is for educational purposes only, does not constitute investment advice and should not be construed as a solicitation or offering of units of any fund or other security in any jurisdiction. Investors should read the relevant offering documents carefully including the investment objective and risk factors relating to the fund before investing.

In Mexico, for institutional and qualified investors use only. Investing involves risk, including possible loss of principal. This material is provided for educational and informational purposes only and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security. This information does not consider the investment objectives, risk tolerance or the financial circumstances of any specific investor. This information does not replace the obligation of financial advisor to apply his/her best judgment in making investment decisions or investment recommendations. It is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of Mexico. If any funds, securities or investment strategies are mentioned or inferred in this material, such funds, securities or strategies have not been registered with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and thus, may not be publicly offered in Mexico. The CNBV has not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services (“Investment Services”) is a regulated activity in Mexico, subject to strict rules, and performed under the supervision of the CNBV. These materials are shared for information purposes only, do not constitute investment advice, and are being shared in the understanding that the addressee is an Institutional or Qualified investor as defined under Mexican Securities (Ley del Mercado de Valores). Each potential investor shall make its own investment decision based on their own analysis of the available information. Please note that by receiving these materials, it shall be construed as a representation by the receiver that it is an Institutional or Qualified investor as defined under Mexican law. BlackRock México Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (“BlackRock México Operadora”) is a Mexican subsidiary of BlackRock, Inc., authorized by the CNBV as a Mutual Fund Manager (Operadora de Fondos), and as such, authorized to manage Mexican mutual funds, ETFs and provide Investment Advisory Services. For more information on the Investment Services offered by BlackRock Mexico, please review our Investment Services Guide available in www.blackrock.com/mx. This material represents an assessment at a specific time and its information should not be relied upon by the you as research or investment advice regarding the funds, any security or investment strategy in particular. Reliance upon information in this material is at your sole discretion.

BlackRock México is not authorized to receive deposits, carry out intermediation activities, or act as a broker dealer, or bank in Mexico.

For more information on BlackRock México, please visit: www.blackRock.com/mx. BlackRock receives revenue in the form of advisory fees for our advisory services and management fees for our mutual funds, exchange traded funds and collective investment trusts. Any modification, change, distribution or inadequate use of information of this document is not responsibility of BlackRock or any of its affiliates. Pursuant to the Mexican Data Privacy Law (Ley Federal de Protección de Datos Personales en Posesión de Particulares), to register your personal data you must confirm that you have read and understood the Privacy Notice of BlackRock México Operadora. For the full disclosure, please visit www.blackRock.com/mx and accept that your personal information will be managed according with the terms and conditions set forth therein. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

If you are an intermediary or third-party distributor, you must only disseminate this material to other Professional Investors as permitted in the above specified jurisdictions and in accordance with applicable laws and regulations.

THE INFORMATION CONTAINED HEREIN, TOGETHER WITH THE PERFORMANCE RESULTS PRESENTED, IS PROPRIETARY IN NATURE AND HAS BEEN PROVIDED TO YOU ON A CONFIDENTIAL BASIS, AND MAY NOT BE REPRODUCED, COPIED OR DISTRIBUTED WITHOUT THE PRIOR CONSENT OF BLACKROCK.

© 2023 BlackRock, Inc or its affiliates. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

1 As of 30 September 2023. “Q3 2023 Earnings Release Supplement.” BlackRock, October 13, 2023. https://s24.q4cdn.com/856567660/files/doc_financials/2023/Q3/BLK-3Q23-Earnings-Supplement.pdf

2 Award winners determined by only votes by Infrastructure Investor readers. Shortlists were compiled independently by II’s editorial team, based on industry submissions. Time period covered by the award is 19 November 2021 – 22 November 2022. All award nominations are inherently subjective. “2022 awards: Send us your submissions!” Infrastructure Investor, 8 November 2023, https://www.infrastructureinvestor.com/2022-awards-send-us-your-submissions/.

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