Fundraising

The fund has a target of €465m, while a vehicle open to a larger pool of investors is being prepared for launch next year.

The French manager has split its debut infra equity vehicle into two funds – a dedicated fund requested by a European insurer, and its first commingled fund targeting €500m.

Although the coronavirus slowed fundraising momentum, it didn’t prevent the firm from expanding its investor base, with roughly half of LPs committing to SEEF II being new to the firm.

The milestone means DIF’s Core Infrastructure Fund II has already raised the same amount its predecessor closed on in November 2017.

The firm is on track to amass at least $3bn when it closes its two credit strategies this summer, which will invest in senior and mezzanine debt.

The firm invested in DR Fortress LLC – a data centre operator in Hawaii – in partnership with the company's management in January.

The firm is yet to rule out a bridging fund for Fund IV in tandem with Fund V, which sources say could be launched in the summer.

The fund, which is targeting roughly double that amount, will have a dual-currency structure of Chinese renminbi and US dollars.

The firm is planning to reach its £400m target later this year, with half of the fund being provided by the UK government.

As governments consider how to lift lockdowns around the world, BlackRock is targeting an energy sector rebound after closing its largest alternatives vehicle yet.