BlackRock closed its third global energy and power infrastructure fund at $5.1 billion, surpassing both its original target and hard cap.

The BlackRock Global Energy & Power Infrastructure Fund III is the largest alternative investment fundraise for the money management firm. The original target was $3.5 billion and the hard cap was $4.5 billion, a news release Wednesday said.

More than 70% of commitments came from investors in the prior fund. GEPIF II closed in June 2014 at $2.5 billion, a spokeswoman said.

GEPIF III targets high-quality and essential energy infrastructure businesses and assets. Investments are diversified geographically and by energy subsectors, including renewable power and utilities. Almost $2 billion of the fund has been committed so far, the spokeswoman said.

“The success of the

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