Canadian investment manager Brookfield Asset Management’s second global transition fund has raised US$10 billion at first closing. The fund is co-headed by former Bank of England Governor Mark Carney and is focused on investments to accelerate the global transition to a net zero economy while delivering investors risk-adjusted returns. The fund’s seed portfolio includes a UK onshore renewables developer and a solar development partnership in India, as well as a pipeline of further investment opportunities. The fund is the successor of the inaugural Brookfield Global Transition Fund which closed at US$15 billion in June 2022. The capital from the fund has been deployed or committed to a range of investments across renewable power, business transformation, carbon capture and storage, renewable natural gas, and nuclear services opportunities. “New trends are emerging, such as supplying reliable, clean power to the surging data and technology sector, building entirely new industrial supply chains, and scaling technologies required for industrial decarbonisation,” said Connor Teskey, CEO of Brookfield Renewable Power and Transition. “The strong first close for the latest Brookfield Global Transition Fund demonstrates the growing appetite among leading global investors to capitalise on these trends.”
We are pleased to announce that our second Global Transition Fund (BGTF II) has held a first close on $10 billion, cementing our position as the world’s largest #transition investor among private fund managers. Read more in @WSJ here: https://t.co/5yUGa7PydY pic.twitter.com/stP0P5QoGE
— Brookfield Asset Management (@Brookfield) February 5, 2024
