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Brookfield raises $7 billion for global energy transition fund

·1 min read

(Reuters) - Canadian investment firm Brookfield Asset Management said on Tuesday it has raised $7 billion for the first close of its fund that invests in renewable power companies and businesses that aim to achieve carbon neutrality.

The Brookfield Global Transition Fund, which has a target of $12.5 billion, secured commitments from two of its anchor investors: Canada's Ontario Teachers' Pension Plan Board and the Singaporean sovereign investment firm Temasek Holdings. Other fund investors include the Investment Management Corporation of Ontario and Canada's PSP Investments.

Brookfield said its new fund, possibly the largest energy transition asset vehicle to date, will allow it pursue large-scale "decarbonization-driven investment opportunities."

"Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition," Mark Carney, the former governor of the Bank of England and head of transition investing at Brookfield, said in a statement.

(This story refiles to insert dropped word "transition" in third paragraph)

(Reporting by Chibuike Oguh in New York; Editing by Steve Orlofsky)

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