OPIS notes that BlackRock, one of the largest asset managers in the world, is involved in investment management, risk management and advisory services for institutional and retail clients.

BlackRock is one of the largest shareholders of Glencore, a global commodity trading company, according to Glencore. BlackRock also formed a partnership with Pemex in 2015 to acquire infrastructure manager Infraestructura Institucional, which will deepen BlackRock’s presence in Mexico and support its broader infrastructure growth strategy.

First Reserve’s energy spectrum stretches from upstream oil and gas to processing and distribution, including resources, equipment and services, and midstream and downstream. First Reserve had previously owned oil terminals, including BORCO oil terminal in the Bahamas.

“This transaction complements BlackRock’s Real Assets’ platform with a proven team in energy infrastructure investing, enhancing its ability to deliver energy and power infrastructure opportunities to its clients,” BlackRock said.

“The business acquired by BlackRock includes two closed-end equity infrastructure funds and their investment advisors, as well as 36 professionals located in Greenwich, Houston and London. Through this acquisition, the BlackRock Real Assets platform grows to approximately $36.5 billion in client assets,” it said.

BlackRock first announced this acquisition in February. It said then that the Energy Infrastructure team would join BlackRock’s Infrastructure Investment platform.

“The Energy Infrastructure team at First Reserve manages approximately $3.7 billion in committed capital across two funds with a global investment footprint, including investments in North America, Latin America, Europe and Southeast Asia,” BlackRock said.

“Led by Mark Florian, the team has announced or closed 21 portfolio companies since 2010, almost all negotiated on an exclusive basis,” BlackRock said. “The global team of 37 investment professionals and support staff will join BlackRock when the deal closes, providing for continuity of strategy and portfolio management.”

BlackRock said, “Governments and businesses around the world have become increasingly aware of the need to invest in infrastructure and the role that … investors can play in the development process. This transaction enables BlackRock to better connect its clients with energy infrastructure projects that can provide income generation, diversification and inflation protection.

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