Brookfield announced the final institutional close for its flagship energy transition strategy, Brookfield Global Transition Fund II (BGTF II or the Fund), with USD 20 billion raised in fund commitments and strategic capital from a diverse range of existing and new investors.
BGTF II exceeded its target and the record set by its predecessor to become the world’s largest private fund dedicated to the transition to clean energy. The Fund received contributions from institutional investors worldwide, including a number of investors that are new to the Brookfield transition platform. This includes the previously announced commitments of $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management.
In addition to the above commitments, the Fund has also secured approximately USD 3.5 billion of co-investment into its portfolio, bringing the total capital raised across the strategy in this vintage to approximately USD 23.5 billion.
More than USD 5 billion has already been deployed across a diverse set of high-quality transition investments, including:
- Neoen: A public-to-private takeover of a leading, global renewable power and battery storage operator and developer
- Geronimo Power: An acquisition of a large-scale, diversified energy developer in the U.S. with a significant operating and development pipeline in key power markets.
- Evren: A joint venture in India to accelerate the development of over 10 GW of wind, solar, and storage projects
Connor Teskey, President of Brookfield Asset Management and CEO for Renewable Power & Transition, commented, “Energy demand is growing fast, driven by the growth of artificial intelligence as well as electrification in industry and transportation. Against this backdrop, we need an ‘any and all’ approach to energy investment that will continue to favor low-carbon resources. Our strategy will succeed by investing in the technologies that will deliver clean, abundant, and low-cost energy and transition solutions that underpin the global economy.”
Brookfield’s previous flagship transition fund (“BGTF I”) raised $15 billion and invested in a range of energy technologies globally, including renewables, carbon capture, sustainable aviation fuel, battery storage, as well as nuclear services via a majority stake in global technology leader, Westinghouse. Brookfield has also recently struck framework energy supply deals with Microsoft and Google, which were the largest ever agreed in wind/solar and hydroelectricity, respectively.
