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Brookfield raises $15bn for world’s largest fund focused on net-zero carbon economy

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Canada’s Brookfield Asset Management has raised $15bn for its first impact fund, the largest private fund to date to support the transition to a net-zero carbon economy.

Brookfield is the largest investor in the new fund, but it also drew commitments from over 100 other investors.

The firm said the fund has already deployed $2.5bn of capital, including the acquisition of US and German solar power and batter developers, an investment in carbon capture and storage developer and a development partnership with a UK batter storage provider.

The new vehicle target investments tied to reducing greenhouse gas emissions and energy consumption, and will also focus on other sustainable investment opportunities, including those related to increasing low-carbon energy capacity.

Mark Carney, Brookfield vice chair and head of transition investing, said, “With the global carbon budget being rapidly run down, now is the time for comprehensive, determined action. That means deploying capital across the economic spectrum from scaling clean energy generation, to transforming traditional utilities and to providing sustainable solutions for heavy industries like steel and cement.

“This Fund provides significant scale of capital with catalytic long-term investment the world needs to help put our planet on a sustainable net-zero pathway.”

Connor Teskey, CEO of Brookfield Renewable, added, “Investor demand for this fund has been exceptionally strong. Our investment partners are looking for an experienced investor who can guide their contribution to what is both a critical requirement and a major global opportunity.

“Brookfield has been reliably investing in renewable power for decades, and we are uniquely well positioned to be both a capital provider and an operating partner to the world’s major businesses as they accelerate their decarbonization plans.”

Brookfield Asset Management has $725 billion in assets under management, including $65 billion in its renewable power business, which is overseen by Teskey.

It passed its $500m goal for the final close of its second growth fund last year.

The Canadian investment house is reportedly eyeing up to $15bn for its third flagship private equity fundraise.

It raised $4bn for its debut private equity fund in 2016, and followed it with a $9bn sophomore vehicle in 2019.

The fund close follow the news that Brookfield has hired Nicholas Apostolatos from Barclays to lead healthcare investing in its private equity business.

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