Brookfield Asset Management closed on $15 billion for its Brookfield Global Transition Fund, one of the largest funds raised to invest in the global transition to a net-zero carbon economy, the real asset firm said in a news release Wednesday.
The fund also surpassed its initial $12.5 billion initial hard cap, spokeswoman Rachel Wood said in an email.
Brookfield is the largest investor in the fund that raised money from institutional and retail investors. The fund has already invested $2.5 billion in a range of decarbonization technologies, including solar power, batteries, carbon capture and storage, the news release said.
The C$242 billion ($185.7 billion) Ontario Teachers’ Pension Plan Board, Toronto, and Temasek Holdings, Singapore’s state investment arm, were founding investors in the fund. Investors in the fund also include the $279.7 billion New York State Common Retirement Fund, Albany; $94.7 billion New Jersey Pension Fund, Trenton; $75.9 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg: and $17.7 billion Ohio School Employees Retirement System, Columbus.
Brookfield spokesman Simon Maine could not be immediately reached.