KUALA LUMPUR, April 13 -- BlackRock Inc and Temasek have agreed to establish a partnership called Decarbonization Partners, advancing decarbonisation solutions to boost global efforts in achieving net zero economy by 2050.
According to a statement, the partnership will launch a series of late stage venture capital and early growth private equity investment funds.
BlackRock and Temasek intend to commit a combined US$600 million in initial capital to invest in multiple funds launched by the partnership. (US$1 = RM4.132)
The funds will also raise third-party capital from investors who are committed to achieving a net zero world while also seeking to obtain long-term sustainable financial returns.
Decarbonization Partners has a fundraising target of US$1 billion for its first fund, including capital from Temasek and BlackRock.
The Decarbonization Partners funds will deploy private capital with focus on early stage growth companies targeting proven, next-generation renewable and mobility technology.
The technologies include emerging fuel sources, grid solutions, battery storage, and electric and autonomous vehicle technologies as well as in the building and manufacturing sectors to drive decarbonisation, resource efficiencies, and material and process innovation.
The partnership will leverage both firms’ expertise in sourcing and underwriting private investments, portfolio and risk management, and sustainable technology and analytics.
-- BERNAMA
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