Brookfield Asset Management has closed its Global Transition Fund II with $20 billion in commitments, making it the largest private fund to date dedicated to the global clean energy transition, the company said on Monday.
The fund exceeded its original target and surpassed the $15 billion raised by its predecessor, the Brookfield Global Transition Fund I, attracting a mix of new and existing institutional investors from around the world.
Brookfield said the new fund also secured $3.5 billion in co-investment capital, bringing the total raised across the strategy to approximately $23.5 billion.
“Energy demand is growing fast, driven by the growth of artificial intelligence as well as electrification in industry and transportation,” said Connor Teskey, president of Brookfield Asset Management and CEO of Renewable Power & Transition.
“Against this backdrop, we need an ‘any and all’ approach to energy investment that will continue to favour low carbon resources.”
The company said capital was received from a range of global backers, including previously announced commitments of $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management, which manages Norway’s sovereign wealth fund.
Brookfield has already deployed more than $5 billion from the fund into clean energy and transition technologies. Notable investments include:
The take-private acquisition of Neoen, a global renewable energy and battery storage operator
The purchase of Geronimo Power, a U.S.-based large-scale energy developer
The creation of Evren, a joint venture in India focused on over 10GW of wind, solar, and storage projects
The fund builds on the investment strategy of the original Global Transition Fund, which targeted areas such as renewable power, carbon capture, battery storage, nuclear services, and sustainable aviation fuel. Previous investments included a majority stake in Westinghouse, a key nuclear technology provider.
Brookfield has also signed framework energy supply agreements with Microsoft and Google, described by the company as the largest such deals for the delivery of wind, solar, and hydroelectricity to major technology firms.
The closing of Global Transition Fund II underscores continued institutional interest in clean energy infrastructure as companies and governments work toward decarbonisation goals.
