New impact fund of Brookfield achieves initial closing of USD 7bn

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

July 29 (Renewables Now) - Brookfield Asset Management Inc (TSE:BAM.A) on Tuesday announced the USD-7-billion (EUR 5.9bn) initial closing for the Brookfield Global Transition Fund (BGTF), which will focus on the global transition to a net-zero economy.

Ontario Teachers’ Pension Plan Board and Singapore-based investment company Temasek have made major commitments to the fund. “Meaningful” investments have also been made by PSP Investments and Investment Management Corporation of Ontario (IMCO).

The BGTF is the Canadian asset manager’s inaugural impact fund that targets investment opportunities relating to reducing greenhouse gas emissions and energy consumption, as well as growing low-carbon energy capacity and supporting sustainable solutions. The fund has a hard cap set at USD 12.5 billion.

A traditional first and second close, with additional capital from Brookfield’s institutional investors, are expected later this year.

(USD 1.0 = EUR 0.842)

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