Asset management giant BlackRock is setting up a “Transition Capital” team within its alternatives platform with a broad remit to come up energy transition-related investment strategies and funds. Here’s what we know:
- The firm has hired San Fransisco-based Dickon Pinner, who spent the last eight years as consulting firm McKinsey’s sustainability practice global leader. Pinner will report into vice-chairman Philipp Hildebrand and Edwin Conway, head of BlackRock Alternative Investors.
- The transition capital team will collaborate with other BlackRock units to come up with “new investment strategies and funds”, according to an internal memo from Conway and Hildebrand seen by New Private Markets. “Transition Capital will partner with portfolio managers and BlackRock Capital Markets to source and invest in propriary transition-focused opportunities across asset classes and geographies,” the note said.
- BlackRock says that clients, corporates and governments are looking for a firm like BlackRock to provide “patient and flexible sources of capital to transform their portfolios, businesses, industries and countries”.
- Other BlackRock energy transition initatives include Decarbonization Partners, its joint venture with Temasek.