LONDON, January 22 (WNM/Reuters) - A BlackRock-backed group aims to raise an initial $500 million for a private equity fund that will invest in climate change-linked infrastructure upgrades in emerging markets.

The group will provide the first $100 million of funding for the Climate Finance Partnership (CFP), which was set up in 2018 along with France, Germany and the Hewlett and Grantham charitable foundations, it said in a statement.

The funding will go towards a first-loss tranche that will absorb any initial losses, a safety net for other institutional investors that BlackRock expects to help it raise at least another $400 million.

The CFP fund will be invested in renewable energy, energy efficiency, energy storage solutions and ultra-low and electric transport. At least a quarter of the investments would be made in Africa, with the rest in selected countries in Southeast Asia and Latin America, BlackRock said.

France and Germany will both invest $30 million of the initial funding, while the William and Flora Hewlett Foundation and the Jeremy and Hannelore Grantham Environmental Trust have pledged $10 million and $7.5 million, respectively.

The CFP members have pledged to help raise the additional seed capital for the fund. BlackRock will also provide an as yet undetermined amount.