- Brookfield raised $20 billion for its Global Transition Fund II (BGTF II), surpassing its target and setting a new global record for a private clean energy fund.
- The fund has deployed over $5 billion in renewable and energy transition projects in the U.S., Europe, and India.
Brookfield Asset Management, based in Toronto, Canada, announced on Tuesday the final institutional close of its flagship Global Transition Fund II (BGTF II), securing $20 billion in fund commitments and strategic capital from a mix of existing and new investors.
The fund exceeded its fundraising target and outperformed its predecessor, BGTF I, to become the largest private fund in the world dedicated to advancing the transition to clean energy. Brookfield said investors globally participated, including ALTÉRRA, which committed $2 billion, and Norges Bank Investment Management, which invested $1.5 billion.
Including $3.5 billion in co-investments, total capital raised under the strategy now stands at $23.5 billion. Brookfield has already deployed more than $5 billion into major clean energy and transition assets, including Neoen, a public-to-private acquisition of a global renewable power and battery storage developer; Geronimo Power, the acquisition of a large-scale, diversified U.S. energy developer with a strong operating and development pipeline; and Evren, a joint venture in India to develop over 10 GW of wind, solar, and storage projects.
Connor Teskey, President of Brookfield Asset Management and CEO of Renewable Power & Transition, said the fund’s success reflects the rising demand for clean energy. “Energy demand is growing fast, driven by artificial intelligence and electrification in industry and transport,” he said. “We need an ‘any and all’ approach to energy investment that supports clean, abundant, and low-cost power for the global economy.”
Brookfield’s first transition fund, BGTF I, raised $15 billion and invested globally in renewables, carbon capture, sustainable aviation fuel, battery storage, and nuclear services through its majority stake in Westinghouse. The company has also signed major renewable energy supply agreements with Microsoft and Google, marking the largest-ever corporate deals in wind, solar, and hydroelectric power.