Brookfield Asset Management has announced the final institutional close of its flagship energy transition strategy, the Brookfield Global Transition Fund II (BGTF II), with commitments totalling $20 billion from a diverse mix of existing and new investors.
The fund has surpassed both its target and the record set by its predecessor to become the world’s largest private fund dedicated to the clean energy transition. BGTF II received capital from institutional investors across the globe, including $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management.
In addition to fund commitments, BGTF II has secured around $3.5 billion in co-investment, bringing total capital raised across this vintage to approximately $23.5 billion. More than $5 billion has already been deployed across a range of high-quality transition projects, including:
- Neoen – A public-to-private acquisition of the global renewable power and battery storage operator and developer.
- Geronimo Power – The purchase of a major U.S. renewable energy developer with an extensive operating and development pipeline.
- Evren – A joint venture in India focused on developing more than 10 GW of wind, solar, and storage capacity.
Connor Teskey, President of Brookfield Asset Management and CEO for Renewable Power & Transition, said: “Energy demand is growing fast, driven by the rise of artificial intelligence and electrification across industry and transport. We need an ‘any and all’ approach to energy investment that continues to favour low-carbon resources. Our strategy will succeed by backing technologies that deliver clean, abundant, and low-cost energy solutions for the global economy.”
Brookfield’s first transition fund, BGTF I, raised $15 billion and invested across a range of technologies, including renewables, carbon capture, sustainable aviation fuel, and battery storage, as well as nuclear services through its majority stake in Westinghouse.
The firm has also recently signed landmark energy supply deals with Microsoft and Google, representing the largest-ever wind, solar, and hydroelectricity agreements in each respective category.
