Canada’s Brookfield Asset Management has completed the final institutional close of its Global Transition Fund II with a $20-billion investment, exceeding its original goal.

Global Transition Fund II also received $3.5 billion in co-investments, bringing the total invested in this vintage to $23.5 billon and exceeding the company’s original goal. The fund is designed to accelerate the development of the global net-zero-emissions economy.

Brookfield said the capital came from a diverse range of new and existing investors.

“Energy demand is growing fast, driven by the growth of artificial intelligence as well as electrification in industry and transportation,” said Brookfield Asset Management President Connor Teskey, who manages the fund with a company team.

“Against this backdrop we need an ‘any and all’ approach to energy investment that will continue to favor low carbon resources. Our strategy will succeed by investing in the technologies that will deliver clean, abundant, and low-cost energy and transition solutions that underpin the global economy.”

The contributions include a previously announced $2-billion commitment from Altérra and a $1.5-billion investment from Norges Bank Investment Management.

More than $5 billion of international projects across diverse investments have already been developed. They include:

• Neoen’s public-to-private takeover of a leading glob renewable-power and battery-storage operator and developer;
• Geronimo Power’s acquisition of a large-scale diversified energy developer in the U.S., and;
• Evren’s joint-venture in India designed to accelerate the development of approximately 10 gigawatts of wind, solar and storage projects.

The fund was previously managed by Prime Minister Mark Carney before he resigned as the company’s chair and head of its global-transition program to enter politics.

Brookfield raised a record $15 billion for its initial global-transition investment fund, BGTF I, which invested in a range of technologies globally, including renewable energy, carbon capture, sustainable aviation fuel, battery storage and nuclear via a majority stake in Westinghouse. Both funds focus their investments on expanding clean energy, accelerating sustainable solutions and transforming the business models of companies operating in carbon-intensive sectors.

In addition, Brookfield recently struck energy-supply deals with Microsoft and Google, which were the largest-ever in the wind/solar and hydroelectricity sector, respectively, the asset manager said.

Pictured: Neoen’s Collie battery plant in Australia.

Photo: Neoen