Brookfield raises USD 20 billion for second global transition fund

Brookfield Asset Management has completed the final close of its Brookfield Global Transition Fund II (BGTF II), raising USD 20 billion to accelerate investments in clean energy and low-carbon technologies worldwide.

The fund will finance a broad portfolio across wind, solar, battery storage, carbon capture, and other clean energy assets. In India, it will support more than 10 GW of renewable and storage projects through its joint venture, Evren. BGTF II exceeded its initial fundraising target, attracting commitments from global institutional investors, including USD 2 billion from ALTÉRRA and USD 1.5 billion from Norges Bank Investment Management. Another USD 3.5 billion has been secured through co-investment arrangements, bringing the total capital raised under this strategy to USD 23.5 billion.

Over USD 5 billion has already been deployed from the fund toward energy transition investments. These include the acquisition of Neoen and Geronimo Power, as well as the establishment of Evren. Brookfield’s first Global Transition Fund (BGTF I) had previously raised USD 15 billion and invested across renewable power, carbon capture, sustainable aviation fuel, battery storage, and nuclear services through its majority stake in Westinghouse.