Canada’s Brookfield Asset Management has raised $10 billion for its second global transition fund.

Toronto-based Brookfield announced that it recorded the first closing on the fund, which goes by the acronym BGTF II. The raise has global real estate implications.

Brookfield Asset Management is the real estate investment arm of the global investment giant commonly known as Brookfield.

“The fund continues to see significant support from both existing and new investors, cementing Brookfield’s position as the world’s largest transition investor among private fund managers,” said the company in a news release.

BGTF is co-headed by Mark Carney, former governor of Canada and England’s central banks, and Connor Teskey. Carney chairs Brookfield and heads its global transition-investment program.

Teskey is Brookfield Asset Management’s president and CEO. He is also the CEO of Brookfield Renewable Partners and oversees Brookfield’s overarching renewable power and transition business.

The fund’s seed portfolio includes a U.K. onshore renewables developer and a solar development partnership in India, said Brookfield.

BGTF II’s first close comes after the inaugural Brookfield Global Transition Fund, known as BGTF I, raised a record $15-billion capital raise in 2022.

Both funds focus their investments on expanding clean energy, accelerating sustainable solutions and transforming the business models of companies operating in carbon-intensive sectors.