Brookfield Asset Management has achieved a $10bn first close for its second fund dedicated to investing in the net-zero economy.
The Global Transition Fund II is co-headed by Mark Carney, chair and head of transition investing at Brookfield Asset Management, and Connor Teskey, the company’s chief executive of renewable power and transition. It is set to focus on investments to accelerate global moves to a net-zero economy, and its seed assets include a UK renewable energy developer.
Teskey said: “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 strong first close for the latest Brookfield Global Transition Fund demonstrates the growing appetite among leading global investors to capitalize on these trends.”
Brookfield aims to conclude fundraising for BGTF II by the end of September 2024.