The $537.7 billion California Public Employees’ Retirement System (CalPERS) has invested $1 billion in Brookfield Global Transition Fund II (BGTF II) in recent months. According to a recent board document, $500 million was invested in the fund itself and $500 million went into a co-investment vehicle.
BGTF II is the successor to the inaugural Brookfield Global Transition Fund (BGTF I), which closed on a record $15 billion in 2022, making it the largest such fund in the world at that time. BGTF II focuses on investments to accelerate the global transition to a net-zero economy, investing in the expansion of clean energy, the acceleration of sustainable solutions, and the transformation of companies operating in carbon-intensive sectors to more sustainable business models. Brookfield raised $10 billion in the first closing of the fund in February 2024 and targets more for BGTF II.
CalPERS also committed $500 million to TPG Rise Climate’s Transition Infrastructure fun
