BlackRock-Temasek joint venture investing in
next-generation companies that support the acceleration of
decarbonization
Decarbonization Partners, a partnership between BlackRock and
Temasek focused on investing in next-generation private companies
that support the acceleration of decarbonization and the transition
to a net-zero economy, today announced the final close of US$1.40
billion for its inaugural late-stage venture capital and growth
private equity investment fund, The Decarbonization Partners Fund I
(the “Fund”), surpassing its fundraising target of US$1
billion.
In addition to commitments from BlackRock and Temasek, the Fund
has attracted a diverse set of over 30 institutional investors
representing 18 countries, including public and private pension
funds; sovereign wealth funds; insurance companies; corporates and
family offices across North America, Europe and Asia Pacific.
Investors in the Fund include, among others, Allstate, BBVA,
KIRKBI, Mizuho Bank Ltd., MUFG Bank Ltd., and TotalEnergies; and
capital commitments from a number of Singaporean institutional
investors. The diversity and depth of the investor base reflects
the global nature of the opportunity around climate investing,
which directly aligns with Decarbonization Partners’ global
focus.
“This successful fundraise demonstrates the unique strength of
our team and platform, which we’ve been building for the last two
years. Clients have shown conviction in our ability to execute our
strategy of supporting the acceleration of decarbonization and the
transition to a net-zero economy through our investments,” said Dr.
Meghan Sharp, Global Head of Decarbonization Partners.
“Decarbonization Partners was deliberately set up as a
purpose-built entity that can uniquely convene and collaborate with
key players in the climate ecosystem: innovative companies, large
corporates, co-investors, clients and later-stage capital
providers. I’m extremely proud to be leading this business
alongside our global partners.”
Launched in 2022, Decarbonization Partners has established
itself as one of the leading climate technology investing platforms
globally and is focused on developing an ecosystem of sophisticated
investors who seek to accelerate capital deployment into the
emerging climate tech asset class. The global team of investors
also brings strategic, financial, operational, and technical
expertise along with deep pools of capital to support
Decarbonization Partners’ portfolio companies.
“There is enormous demand for energy infrastructure as many
countries seek to transition to lower-carbon sources of power while
also achieving energy security. 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,” said Larry Fink, Chairman and CEO of BlackRock.
“Addressing the climate crisis requires innovation at scale, as
well as significant and sustained financial resources to enable
that. No single entity can do it on their own. We’re pleased and
encouraged to see many other partners and investors coming on board
for Decarbonization Partners’ inaugural fund. Their participation
will support the acceleration of innovative solutions for
real-world decarbonization at scale,” said Dilhan Pillay, Chief
Executive Officer, Temasek. “Such collaborations and collective
efforts are critical as we strive to accelerate progress towards
our global net zero ambition.”
The Fund’s dual-purpose investment strategy seeks to generate
attractive long-term financial returns while investing in companies
that are driving intentional, material and measurable
decarbonization outcomes. Decarbonization Partners, a SFDR Article
9 fund, invests in companies with de-risked technologies that are
ready to scale and can benefit from BlackRock and Temasek’s
complementary platforms and deep access.
The Fund has already invested capital into seven companies that
span several innovative decarbonization technologies. This includes
investments in sustainable materials, including for improved
performance in li-ion batteries, clean hydrogen, science-based
carbon management services, low-emissions battery recycling, EV
fleet management, and thermal energy storage for industrial
applications. The team has built a robust pipeline of proprietary
deal flow, which it will continue to execute on the coming months.
To learn more about Decarbonization Partners’ portfolio companies,
click here.
The Decarbonization Partners team has grown to over 25 members,
including experienced venture capital and growth equity investment
and portfolio management professionals across offices in New York,
San Francisco, Singapore, London, Paris and Houston. The team was
intentionally constructed to provide portfolio companies with
trusted value-add partners who bring significant technical and
operational experience.
About Decarbonization Partners Decarbonization Partners
is a joint venture between Temasek and BlackRock focused on
late-stage venture capital and early growth private equity
investing in next-generation companies that provide solutions and
technologies to help accelerate global efforts to achieve a net
zero global economy by 2050. Decarbonization Partners combines
Temasek and BlackRock's complementary platforms and expertise in
sourcing and underwriting private investments, portfolio and risk
management, and sustainable technology and analytics.
Decarbonization Partners invests in a wide range of companies that
have proven technology and need capital to scale. The partnership
targets multiple sectors, including Carbon Capture, Storage and
Utilization, Bio and Low Carbon Products, Next Generation Energy,
Advanced Mobility, Carbon Management Services and Digital
Transformation. The partnership reflects BlackRock and Temasek's
shared commitment to help build more sustainable and resilient
portfolios, while also contributing to consistent, long-term
financial returns that benefit their clients and stakeholders.
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version on businesswire.com: https://www.businesswire.com/news/home/20240425293873/en/
Media: BlackRock Christopher
Beattie +1 646 231-8518 christopher.beattie@blackrock.com
Temasek Keith Lin +65 6828 2423
keithlin@temasek.com.sg
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