Italian pension fund Incarnassa joins $1bn allocation to green BlackRock fund

Italian pension fund Incarnassa has told Net Zero Investor it is one of the new investors that are allocating close to $1 billion to BlackRock's Evergreen Infrastructure fund.

When approached by this publication, a Rome-based spokeswoman for the retirement scheme for freelance engineers and architects, confirmed the allocation, although she declined to provide any further details or reveal any specifics.

In addition, Inarcassa president Giuseppe Santoro said in an email that "our commitment to ESG has gone through many improvements in sustainable investments in recent years."

He added: "By choosing financial policies that secure the pension future of our members, we are not only seeking to maximise returns; by joining BlackRock’s Evergreen Infrastructure fund we are entering a network of institutional investors who are active in supporting the transformation of an evolving, low-carbon economy, while promoting the wellbeing of communities and the environment.”

Incarnassa, which as around 176,000 members throughout Italy, is joining Intesa Sanpaolo, one of the country's largest banks, as an investor in the fund, among a number of other European banks and investors, which BlackRock declined to identify.

The investment vehicle primarily focuses on Western Europe, including Italy, said Flavio Gianetti, executive director of M&A and group shareholdings at Intesa Sanpaolo.

"BlackRock's new fund will span Europe and North America, regions teeming with opportunities for the construction or revitalization of sustainable telecommunications, digital, energy, gas storage, and renewable energy infrastructure," he explained.

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So far, the Evergreen Infrastructure fund has  drawn in close to $1 billion in commitments, mostly from European players. The vehicle has begun to commit capital and recently signed a deal to acquire a U.S. commercial and industrial solar and battery platform.

First launched in June 2022, Evergreen Infrastructure is a core, open-ended infrastructure fund that focuses on investing in sustainable infrastructure businesses in Europe and North America that work to align themselves with energy transition targets and energy security goals. 

In addition, the investment vehicle also focuses on thematic sectors including transportation, digital infrastructure and the circular economy, explained Anne Valentine Andrews, global head of infrastructure and real estate at BlackRock.

"The fund will work with portfolio companies to help implement decarbonization activities and actively track, assess, and report on progress over time," she said.

In addition, "the Evergreen Infrastructure will also track Temperature Alignment Key Performance Indicators, which will help the portfolio management team align the fund, on an aggregate basis, to a 1.5°C temperature rise scenario," Andrews stressed.

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