Brookfield reaches first close on second transition fundBY RACHEL ALEMBAKIS | THURSDAY, 8 FEB 2024 3:28PM
Read more: Brookfield Asset Management, Connor Teskey, Mark Carney, AGL, Brookfield Renewable Partners, Origin
Brookfield Asset Management has raised US$10 billion for a second global transition fund.
The global asset manager announced the first close of the second Brookfield Global Transition Fund (BGTF II), which saw support from both existing and new investors.
BGTF II is co-headed by Brookfield chair and head of transition investing Mark Carney and Connor Teskey, CEO of Brookfield Renewable Power and Transition, and "focuses on investments to accelerate the global transition to a net zero economy while delivering strong risk-adjusted returns for investors."
The fund allocates to 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 seed portfolio of BGTF II includes a
The Fund is the successor of the inaugural
"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
"We have demonstrated beyond doubt the breadth and scale of attractive investment opportunities in the transition to a net zero economy," Carney said. "By going where the emissions are, the
Fundraising for BGTF II is expected to conclude in the third quarter of this year.
"Corporate demand for decarbonization technologies is now the primary driver of transition investment, delivering significant economic value as well as meaningful environmental benefits," Teskey said. "New trends are also 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 decarbonization. The strong first close for the latest
Brookfield Asset Management has over