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Brookfield Asset Management announced the first closing of the second Brookfield Global Transition Fund (“BGTF II” or the “Fund”), which includes fund commitments and strategic capital from the Company’s investor base. announced that it had raised $10 billion. The fund continues to receive significant support from both existing and new investors, solidifying Brookfield’s position as the world’s largest transition investor among private fund managers.
BGTF II is co-lead by Mark Carney and Conor Teskey and is a global investment bank focused on accelerating the global transition to a net-zero economy while delivering strong risk-adjusted returns to investors. We focus on investment. The fund continues its predecessor’s strategy of investing in expanding clean energy, accelerating sustainable solutions and transforming companies operating in carbon-intensive sectors to more sustainable business models. The fund’s seed portfolio includes a UK onshore renewable energy developer and an Indian solar power development partnership, and the pipeline for further investment opportunities is strong. Brookfield is targeting a larger capital raise for BGTF II than its predecessor fund and continues to see a significant acceleration of transition opportunities globally.
The fund is the first Brookfield Global Transition Fund (“BGTF I”) to close in June 2022 at a record $15 billion, including fund commitments and strategic capital from our investor base. ) and is the largest such fund in the world. . BGTF I’s capital is currently being substantially committed or committed to a wide range of breakthrough investments across renewable power, business transformation, carbon capture and storage, renewable natural gas, and nuclear services opportunities. All investments are managed towards net zero based on science-based sector pathways, and BGTF I’s total impact, measured in avoided emissions, exceeds the combined annual emissions of New York City, London and Toronto. It’s momentum.
Mark Carney, Brookfield Chairman and Head of Transition Investments, said:
“We have demonstrated beyond doubt the breadth and scale of the attractive investment opportunity in the transition to a net-zero economy. The Brookfield Global Transition Fund’s strategy is to place emissions where they are. By doing so, we aim to deliver strong risk-adjusted financial returns for investors and meaningful environmental impact for people and the planet.”
Connor Teskey, CEO of Brookfield Renewable Power & Transition, said:
“Business demand for decarbonization technologies is now a key driver of transition investments, delivering significant economic value and meaningful environmental benefits. Trust in the burgeoning data and technology sector. New trends are also emerging, such as delivering higher-quality clean electricity, creating entirely new industrial supply chains, and expanding the technologies needed to decarbonize industries. The first close demonstrates the growing appetite among the world’s leading investors to take advantage of these trends.”
BGTF II funding is expected to close in the third quarter of this year.
Source: Brookfield
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