climate

BlackRock’s climate infrastructure team has launched a New Zealand-focused fund that aims to raise its capital from domestic investors to accelerate the country’s energy transition.

The firm has deployed almost 60% of its debut climate fund, which closed on $7.2bn earlier this year.

The strategy, set up in conjunction with the New Zealand government, is seeking to help the country reach 100% renewable power by 2030.

The firm has announced plans to raise private equity climate fund this year, but the lion's share of its energy transition strategy will be debt and 'hybrid' capital.

The Gates Foundation’s climate venture fund raised $1.25bn for its second vintage in 2021 and $1bn for its first vintage in 2019 from billionaires including Jeff Bezos, Mukesh Ambani, Michael Bloomberg, Richard Branson and George Soros.

The UK investor has added General Atlantic's BeyondNetZero fund and Ardian's hydrogen joint venture to its budding private markets climate solutions portfolio.

The fund is understood to have a $3 billion target and was launched in February 2023.

Allianz Capital Partners is injecting €20m of capital and has an option to invest in the pipeline of projects.

While TPG and EQT have warned of slowing fundraises for their impact strategies, Tikehau’s ambitions are untempered by the macroeconomic environment.

Amid a ‘much more difficult’ fundraising environment for oil and gas production strategies, the Tomorrow Fund has raised $1bn at first close for its first fund.