BlackRock has revealed that its investment fund dedicated to accelerating the global development of a circular economy has raised more than $900m in its first year, growing from just $20m of seed funding from the asset management giant itself. Launched last October, the fund was developed in collaboration with circular economy NGO the Ellen MacArthur Foundation. It has backed companies of varying sizes and sectors, with packaging, chemicals, forest products, electronics, food and drink and fast-moving consumer goods (FMCG) accounting for significant proportions of the cohort. Also featuring in the fund are businesses from sectors including textiles, software, healthcare and e-commerce. To ensure that the allocation of the fund does not create unintended environmental or social consequences, the report states, BlackRock applies its ESG framework criteria to all companies screened for potential participation.

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