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A Brookfield announced, this Monday (05), that it raised US$ 10 billion in the first stage of BGTF II (Brookfield Global Transition Fund), including financing commitments and strategic capital from the investor base. Fundraising is expected to be completed in the third quarter of this year.
BGTF II is co-directed by Marcos Carney It is Connor Teskey, company executives, and focuses on investments to accelerate the global transition to a net-zero economy while delivering strong risk-adjusted returns for investors.
According to the company, the Fund continues the BGTF I strategy of investing in the expansion of clean energy and the transformation of companies operating in carbon-intensive sectors to more sustainable business models. The initial portfolio includes a UK onshore renewables developer and a solar development partnership in India.
Brookfield is targeting a larger fundraising for BGTF II than its predecessor fund and continues to see a significant acceleration in transition opportunities around the world.
BGTF I, for example, closed with a record US$ 15 billion in June 2022, making it the largest fund of its type in the world, according to the company. BGTF I capital is now substantially deployed or committed to a range of investments in renewables, business transformation, carbon capture and storage, renewable natural gas and nuclear services opportunities.
All contributions are managed in accordance with science-based industry pathways to net zero, and the total impact of BGTF I, which, measured in avoided emissions, is on track to exceed New York City's combined annual emissions, London and Toronto.
“We have demonstrated beyond doubt the breadth and scale of attractive investment opportunities in the transition to a net-zero economy. By going where emissions are, the Brookfield Global Transition Fund aims to deliver strong risk-adjusted financial returns for investors and make significant environmental impacts for people and the planet,” said Marcos Carney, Brookfield President and Head of Investments in Transition.
“Business demand for decarbonization technologies is now the main driver of transition investment, providing significant economic value as well as significant environmental benefits,” added Connor Teskey, CEO of Brookfield Renewable Power & Transition.
According to the executive, new trends have also begun to emerge, such as the supply of clean and reliable energy to the growing data and technology sector, the construction of entirely new industrial supply chains and the expansion of technologies necessary for industrial decarbonization. “The first close for the latest BGTF demonstrates the growing appetite among leading global investors to capitalize on these trends,” he concluded.
About Brookfield
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, with over US$850 billion in assets under management. The company invests clients' capital for the long term, focusing on real assets and essential services companies that form the backbone of the global economy.
The company's renewable energy portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, totaling approximately 32,800 MW of installed capacity and a development pipeline of approximately 155,400 MW .
As a signatory to the Net Zero Asset Managers initiative, Brookfield is committed to the goal of achieving net-zero greenhouse gas emissions by 2050 – in line with the Paris Agreement – across all assets under management.
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