Temasek among investors in Brookfield's $9.5 billion global energy transition fund

NEW YORK (REUTERS) - Canadian investment firm Brookfield Asset Management said on Tuesday (July 27) it has raised US$7 billion (S$9.5 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 asset vehicle to date, will allow it pursue large-scale "decarbonisation-driven investment opportunities".

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

Join ST's Telegram channel and get the latest breaking news delivered to you.