- Brookfield (BAM.A) has raised US$7 billion for its Global Transition Fund, the largest fund focused on the transition to a net-zero economy
- The fund will focus on transforming carbon-intensive businesses in line with the Paris Agreement
- Founding investees include Ontario Teachers’ Pension Plan Board, Temasek, PSP Investments and Investment Management Corporation of Ontario
- Brookfield Asset Management is a global alternative asset manager with over US$600 billion in AUM
- Brookfield (BAM.A) is up by 1.93 per cent and is currently trading at $64.90 per share
Brookfield (BAM.A) has raised US$7 billion for its Global Transition Fund, the largest fund focused on the transition to a net-zero economy.
The fund will focus on scaling clean energy and investing to catalyze the transformation of carbon-intensive businesses in line with the Paris Agreement.
Ontario Teachers’ Pension Plan Board, Temasek, PSP Investments and Investment Management Corporation of Ontario have all committed capital as founding investment partners.
Brookfield has established a hard cap of US$12.5 billion on the fund and expects that a traditional first and second close, with additional capital from institutional investors, will occur over the balance of 2021.
Bruce Flatt, CEO of Brookfield Asset Management, commented,
“We are thrilled to have this group of strategic, like-minded partners investing alongside us in the Brookfield Global Transition Fund. We all believe that private capital has a critical role to play in addressing climate change. Our collaboration reflects our shared determination to mobilize the resources of the private sector in delivering the innovative and impactful solutions required to effect change. We look forward to working closely with these and other investors in the fund to deliver a positive societal impact while generating attractive returns.”
Mark Carney, Brookfield Vice Chair and Head of Transition Investing, added,
“Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition. As the world increasingly focuses on sustainability, the required capital and investable opportunities are expanding faster than originally expected, creating an even greater opportunity for large-scale investments that address climate change and generate attractive returns.”
Brookfield Asset Management is a global alternative asset manager with over US$600 billion in AUM.
Brookfield (BAM.A) is up by 1.93 per cent and is currently trading at $64.90 per share as of 10:19 am ET.
