BlackRock Writes Down Flagship Renewable Fund, Overhauls Leaders
- GIP executives to step in after ‘significant markdowns’
- Writedown tied to investments in Northvolt, SolarZero
The Blackrock headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
BlackRock Inc. said it’s writing down the value of one of its flagship renewable funds after two key investments for the vehicle collapsed, and it’s enlisting executives from its recently acquired Global Infrastructure Partners business to help turn around performance.
In a letter to clients Thursday, GIP executives said the “significant markdowns” were driven by ill-fated investments in two now-defunct renewable firms — Northvolt and SolarZero — and fueled a broader look at the portfolio’s projected performance.