BlackRock raises $1.5bn

The New York-based firm held the first close on the debut energy fund launched by the former First Reserve team.

BlackRock has held a first close for Global Energy & Power Infrastructure Fund III at $1.5 billion.

The fund, which is the third in the series but the first launched by the former First Reserve team, targets long-term contracted assets in the midstream, pipeline and gas storage sectors, primarily in developed countries. It maintained a “substantial” re-up rate with around half of the fund’s investors coming from the US and the rest from Europe, the Middle East and Asia-Pacific.

With a $3.5 billion fundraising target, the vehicle is a successor to First Reserve’s 2010 and 2014 vintages, which raised $1.23 billion and $2.5 billion, respectively.