Brookfield (NYSE: BAM, TSX: BAM.A) Brookfield
announced today that it has reached the final institutional close
for the Brookfield Global Transition Fund (“BGTF” or “the Fund”)
with total capital raised of $15 billion, making it the world’s
largest private fund dedicated to facilitating the global
transition to a net-zero carbon economy. The $15 billion includes
investments from institutional investors in and alongside the Fund,
as well as amounts reserved for the private wealth channel.
Highlighting strong industry support for
decarbonization, demand for the Fund significantly exceeded its
initial hard cap, and the final fund size was oversubscribed. A
diverse group of more than 100 investors from around the world
committed to the Fund, including public and private pension plans,
sovereign wealth funds, insurance companies, endowments and
foundations, financial institutions, and family offices. Brookfield
is the largest investor in the Fund, underscoring the firm’s
longstanding alignment of interests with those of its
investors.
BGTF, co-headed by Mark Carney and Connor
Teskey, focuses on investments to accelerate the global transition
to a net zero economy while delivering strong risk-adjusted returns
for investors. The Fund invests in the transformation of
carbon-intensive industries, as well as the development and
accessibility of clean energy sources, leveraging Brookfield’s
leadership in renewable power.
Approximately $2.5 billion has been deployed or
allocated from the Fund to date, spanning a range of
decarbonization technologies with investments at significant scale.
These include:
- The acquisition of U.S. and German
solar power and battery developers, with a combined renewable power
development pipeline capacity of approximately 25,000 MW;
- An investment in a carbon capture
and storage developer to fund the rollout of the company’s critical
technology across energy and industrial facilities in North
America; and
- A development partnership with a
U.K. battery storage provider to roll out up to 1,200 MW of
capacity alongside 200 MW of co-located solar.
The Fund also has a robust pipeline of potential
investments that reflects increasing demand from businesses and
governments to meet their decarbonization goals and enhance energy
security.
Mark Carney, Brookfield Vice Chair and Head of
Transition Investing, said:
“With the global carbon budget being rapidly run
down, now is the time for comprehensive, determined action. That
means deploying capital across the economic spectrum from scaling
clean energy generation, to transforming traditional utilities and
to providing sustainable solutions for heavy industries like steel
and cement. This Fund provides significant scale of capital with
catalytic long-term investment the world needs to help put our
planet on a sustainable net-zero pathway.”
Connor Teskey, CEO of Brookfield Renewable,
said:
“Investor demand for this fund has been
exceptionally strong. Our investment partners are looking for an
experienced investor who can guide their contribution to what is
both a critical requirement and a major global opportunity.
Brookfield has been reliably investing in renewable power for
decades, and we are uniquely well positioned to be both a capital
provider and an operating partner to the world’s major businesses
as they accelerate their decarbonization plans.”
While the Fund is now closed to institutional
investors, it remains open to a limited number of private wealth
investors through Brookfield Oaktree Wealth Solutions, which brings
institutional-caliber alternative solutions and insights to
individual investors through financial advisors.
* * * * *
About the Brookfield Global Transition
Fund
The Brookfield Global Transition Fund, co-led by
Mark Carney, Brookfield Vice Chair and Head of Transition
Investing, and Connor Teskey, CEO of Brookfield Renewable, is
Brookfield’s inaugural impact fund focusing on investments that
accelerate the global transition to a net-zero carbon economy,
while delivering strong risk-adjusted returns to investors.
The Fund targets investment opportunities
relating to reducing greenhouse gas emissions and energy
consumption, as well as increasing low-carbon energy capacity and
supporting sustainable solutions. Consistent with its dual
objectives of earning strong risk-adjusted returns and generating a
measurable positive environmental change, the Fund will report to
investors on both its financial and environmental impact
performance.
About Brookfield Asset
Management
Brookfield Asset Management is a premier global
alternative asset manager with $725 billion of assets under
management across renewable power & transition, infrastructure,
private equity, real estate, and credit & insurance solutions.
With a history as an owner and operator that dates back more than
100 years, Brookfield owns and operates long-life assets and
high-quality businesses that help form backbone of the global
economy. Utilizing its global reach, access to large-scale capital
and operational expertise, Brookfield offers a range of alternative
investment products to institutional investors, sovereign wealth
funds and individual investors around the world.
Brookfield’s renewable power business is a
leader in decarbonization strategies, as one of the world’s largest
investors, owners and operators of renewable power, with
approximately $65 billion in assets under management, installed
capacity of 21,000 MW and a 69,000 MW pipeline.
As a signatory to the Net Zero Asset Managers
initiative, Brookfield is committed to the goal of achieving
net-zero greenhouse gas emissions by 2050 or sooner—in line with
the Paris Agreement—across all assets under management.
Brookfield Asset Management is listed on the New
York and Toronto stock exchanges under the symbols BAM and BAM.A,
respectively.
Communications & MediaSimon MaineTel: +44
(0)7398 909 278Email: simon.maine@brookfield.com |
|
Investor Relations:Cara SilvermanTel: +1 416 649
8196Email: cara.silverman@brookfield.com |
Disclaimer
Brookfield is not making any offer or invitation
of any kind by this communication and under no circumstances is it
to be construed as a prospectus or an advertisement. No reliance
may, nor should, be placed upon the contents of this communication
by any person for any purposes whatsoever. Without limiting the
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Managers Directive or the Alternative Investment Fund Managers
Regulations 2013. The Fund is offered and sold only to investors
meeting certain qualifications, including “accredited investors”
under the U.S. Securities Act of 1933, as amended.
This communication contains “forward-looking
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Factors that could cause actual results to
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