Venture Capital/ESG: Brookfield Raises Mammoth $15B Fund Focused On The Climate Transition To Net Zero
It’s the largest private fund ever to support a net-zero carbon global economy.
Brookfield Asset Management (NYSE: BAM) announced the final close of its $15 billion Brookfield Global Transition Fund, receiving investments from institutions and private wealth channels including public and private pension plans, sovereign wealth funds, insurance companies, endowments and foundations, financial institutions, and family offices. The fund saw solid demand significantly beyond its initial hard cap and the final fund size was oversubscribed. Brookfield itself is the largest investor in the Fund. (Brookfield)
Brookfield Global Transition Fund
Co-headed by Mark Carney and Connor Teskey, the fund will seek risk-adjusted returns from investment opportunities arising from the global transition to a net-zero carbon economy. These include clean energy sources and the positive climatic transformation of carbon intensive industries.
Mark Carney, Brookfield Vice Chair and Head of Transition Investing, said: “With the global carbon budget being rapidly run down, now is the time for comprehensive, determined action. That means deploying capital across the economic spectrum from scaling clean energy generation, to transforming traditional utilities and to providing sustainable solutions for heavy industries like steel and cement. This Fund provides significant scale of capital with catalytic long-term investment the world needs to help put our planet on a sustainable net-zero pathway.”
Investments already made
The Brookfield Global Transition Fund has already invested $2.5 billion in the acquisition of U.S. and German solar power and battery developers; a carbon capture and storage developer; and a development partnership with a U.K. battery storage provider to roll out up to 1,200 MW of capacity alongside 200 MW of co-located solar.
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