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Manager SelectionMay 7, 2024

BlackRock, Temasek JV Fund Surpasses Target With $1.4 Billion Close

Decarbonization Partners aims to invest in firms that support the acceleration of decarbonization.

Decarbonization Partners, BlackRock’s joint venture with Singaporean state-owned investment firm Temasek, has surpassed its $1 billion fundraising target for its Decarbonization Partners Fund I with a final close of $1.4 billion.

The joint venture, which was founded in 2022, said that the fund drew in more than 30 institutional investors from 18 countries in North America, Europe and Asia Pacific, including pension funds, sovereign wealth funds, family offices, and insurance companies.

“This successful fundraise demonstrates the unique strength of our team and platform, which we’ve been building for the last two years,” Meghan Sharp, global head of Decarbonization Partners, said in a statement. “Decarbonization Partners was deliberately set up as a purpose-built entity that can uniquely convene and collaborate with key players in the climate ecosystem.”

Some of the investors in the fund include insurance firm Allstate, Spanish financial services company Banco Bilbao Vizcaya Argentaria, Japanese banks Mizuho Bank and MUFG Bank, and French oil and gas company TotalEnergies, as well as several Singaporean institutional investors.

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Decarbonization Partners aims to invest in private companies that support accelerating decarbonization and the transition to a net-zero economy. This includes late-stage venture capital and early-stage growth equity firms targeting de-risked technologies related to “clean energy, electrification, green materials and a circular, digital economy.”

The joint venture has so far completed capital investments in seven companies, which includes investments in sustainable materials, lithium-ion batteries, clean hydrogen, science-based carbon management services, low-emissions battery recycling, electric vehicle fleet management, and thermal energy storage for industrial applications.

“There is enormous demand for energy infrastructure as many countries seek to transition to lower-carbon sources of power while also achieving energy security,” BlackRock Chairman and CEO Larry Fink said in a statement. “Decarbonization Partners brings together the best of Temasek and BlackRock to identify generational investment opportunities in climate technology that we believe will help to bring down the green premium, enable a more affordable energy transition, and generate long-term financial returns for our clients.”

New Jersey Division of Investment to Host Emerging Manager Conference

The 2024 New Jersey emerging managers virtual symposium will be held on June 26.

By Matt Toledo

The New Jersey Division of Investment, seeking to expand its emerging manager program, is hosting an emerging manager conference next month. The event, called the 2024 New Jersey emerging managers virtual symposium, will be held virtually on June 26, 2024.

Speakers will include New Jersey Division of Investment’s Shoaib Khan and New Jersey Governor Phil Murphy, and breakout panels will be available throughout the day. The session topics include a conversation with consultants about the opportunities and challenges for emerging advisers in public markets; sessions on emerging managers in real estate, private equity; as well as sessions on fundraising and other topics.

Murphy’s administration launched an emerging managers initiative in 2022 to diversify the state’s private markets portfolio.

DOI is hosting the event as it seeks to expand its investments with emerging managers in private equity and real estate. In addition to the virtual event in June, an in-person event for emerging private equity and real estate managers will be held in New York City on Wednesday, July 10, 2024. To attend, interested parties must contact the DOI directly to register.

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Qualifying private equity firms for the in-person event must either run a buyout or growth strategy and be targeting less than $1 billion for funds I, II and III. Real estate investment firms interested must be perusing a real estate investment strategy with the same fund size parameters.

To attend the in-person event, the following information should be provided to the DOI:

Brief overview of firm’s investment strategy and focus areas;
Track record and highlights of recent transactions;
Any unique value propositions or competitive advantages that the firm offers; and
Team bios and key personnel involved in deal execution and other functions.

The DOI manages $96.8 billion in assets of New Jersey’s seven public pension systems for more than 815,000 beneficiaries.

The upcoming events follow similar events hosted this year by consulting and fiduciary management firm Meketa Investment Group as well as by public pension funds in New York and Texas.

Research published earlier this year by Fairview Capital found that the number of diverse managers in venture capital and private equity grew to 907 at the end of 2023 from 760 at the end of 2022.