Brookfield raises $7b for global transition fund

Brookfield Asset Management has completed an initial $7 billion closing for the Brookfield Global Transition Fund (BGTF), against its hard cap of $12 billion.

BGTF, which will focus on scaling clean energy and investing to catalyze the transformation of carbon-intensive businesses to achieve Paris-alignment, is the largest vehicle focused on the global transition to a net-zero economy.

Founding partners Ontario Teachers’ Pension Plan Board and Temasek and are committing significant capital to the fund, while also strategically investing alongside it. In addition, PSP Investments and Investment Management Corp. of Ontario are also significant initial investors in the vehicle.

A traditional first and second close, with additional capital from Brookfield’s diverse group of institutional investors, is expected to occur over the balance of 2021.

“We are thrilled to have this group of strategic, like-minded partners investing alongside us in the Brookfiel