Brookfield raises $15bn for new global transition fund

The news: Investment manager Brookfield has raised capital through its second Global Transition Fund (BGTF II) to invest in efforts to accelerate the move to a net zero economy.

The numbers: Brookfield Asset management said it had raised USD10 billion ($15 billion) under its second Brookfield Global Transition Fund. The new investment vehicle is a successor to the inaugural Brookfield Global Transition Fund, which raised a record USD15 billion in June 2022.

The context: The new fund is co-headed by Brookfield president Connor Teskey and former Bank of England governor Mark Carney. It aims to deliver strong risk-adjusted returns through investments in the expansion of clean energy, sustainable solutions and the transformation of companies operating in carbon-intensive sectors. The raising saw significant support from existing and new investors, Brookfield said. The investment manager is eventually targeting a larger fundraise under BGTF II than its predecessor, amid significant acceleration in transition opportunities globally.