Brookfield Asset Management Ltd. (BAM) made a significant announcement on Monday, revealing that it raised a staggering $10 billion in the initial closing of the second Brookfield Global Transition Fund (BGTF II).
The fund is dedicated to investing in clean energy and is co-led by Mark Carney and Connor Teskey, who are focused on promoting the transition to a net-zero economy globally while delivering strong risk-adjusted returns for investors.
According to Connor Teskey, CEO of Brookfield Renewable Power & Transition, the primary driver of transition investment is "Corporate demand for decarbonization technologies is now the primary driver of transition investment, delivering significant economic value as well as meaningful environmental benefits. 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 fund's initial investments include a UK onshore renewables developer and a solar development partnership in India. Building on the strategy of its predecessor fund, BGTF II aims to expand clean energy, accelerate sustainable solutions, and transform carbon-intensive companies into more sustainable models.
It is worth noting that Brookfield Asset Management Ltd. had previously raised $15 billion for its first energy transition fund in 2022, and this new fund is expected to conclude fundraising in the third quarter of this year.
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