BEP - Brookfield Announces $10 Billion First Closing for Second Brookfield Global Transition Fund | Benzinga
World's largest private fund dedicated to investing in the net zero economy
On track to exceed previous transition fund size
BROOKFIELD, NEWS, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE:BAM, TSX:BAM) ("Brookfield") announced today that it has raised $10 billion in the first closing of the second Brookfield Global Transition Fund ("BGTF II" or the "Fund"), inclusive of fund commitments and strategic capital from our investor base. The Fund continues to see significant support from both existing and new investors, cementing Brookfield's position as the world's largest transition investor among private fund managers.
BGTF II is co-headed by Mark Carney and Connor Teskey and focuses on investments to accelerate the global transition to a net zero economy while delivering strong risk-adjusted returns for investors. The Fund continues the predecessor fund strategy of investing in the expansion of clean energy, the acceleration of sustainable solutions, and the transformation of companies operating in carbon-intensive sectors to more sustainable business models. The Fund's seed portfolio includes a UK onshore renewables developer and a solar development partnership in India, and the pipeline of further investment opportunities is robust. Brookfield is targeting a larger fundraise for BGTF II than its predecessor fund and continues to see a significant acceleration in transition opportunities globally.
The Fund is the successor of the inaugural Brookfield Global Transition Fund ("BGTF I") which closed on a record $15 billion, inclusive of fund commitments and strategic capital from our investor base in June 2022, making it the largest such fund in the world. The capital in BGTF I is now substantially deployed or committed to a range of landmark investments across renewable power, business transformation, carbon capture and storage, renewable natural gas, and nuclear services opportunities. All investments are managed to science-based sector pathways for net zero and the total impact of BGTF I, measured in avoided emissions, is on track to exceed the combined annual emissions of New York City, London and Toronto.
Mark Carney, Brookfield Chair and Head of Transition Investing, said:
"We have demonstrated beyond ...