Brookfield Raises $20 billion for Record Transition Fund

Rhea-AI Summary

Brookfield (NYSE:BAM) closed its flagship energy transition fund, BGTF II, with $20 billion in commitments at final institutional close on October 7, 2025. Including ~$3.5 billion of secured co-investment, the strategy's total capital for the vintage is approximately $23.5 billion, exceeding BGTF II's target and the predecessor fund's record.

More than $5 billion has already been deployed across transition investments, including a public-to-private takeover of Neoen, the acquisition of Geronimo Power in the U.S., and a joint venture in India (Evren) to develop >10 GW of wind, solar and storage.

BGTF II follows BGTF I, which raised $15 billion. Brookfield also referenced framework energy supply deals with Microsoft and Google.

Positive

• Final institutional commitments of $20 billion
• Total vintage capital including co-investment ~$23.5 billion
• Already deployed >$5 billion into named transition assets
• Neoen public-to-private takeover executed
• Evren JV to develop over 10 GW of projects

Negative

• None.

Insights

Private Capital Strategist

Brookfield closed a record $20 billion BGTF II, raising ~$23.5 billion including co-investment and deploying > $5 billion.

Brookfield aggregated large institutional capital into its flagship energy transition vehicle, with confirmed anchor commitments including $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management, plus ~$3.5 billion of co-investment, bringing total vintage capital to ~$23.5 billion. The Fund has already deployed more than $5 billion into named assets (Neoen, Geronimo Power, and Evren), signalling immediate capital allocation into large-scale renewable generation and storage.

The strategy’s success depends on continued deal flow and execution on announced transactions and co-investments; concentration risk can arise from large single-asset allocations and the pace of deployment relative to fundraising. Framework energy supply deals with major corporate buyers and BGTF I’s prior $15 billion raise provide contextual scale but do not guarantee returns.

Watch deployment pace, finalization and performance of the named investments, realization of the ~$3.5 billion co-investments, and any announced timelines for project commissioning over the next 12–24 months from Oct. 07, 2025.

NEW YORK, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Brookfield announced today the final institutional close for its flagship energy transition strategy, Brookfield Global Transition Fund II (“BGTF II” or “the Fund”), with $20 billion raised in fund commitments and strategic capital from a diverse range of existing and new investors.

BGTF II exceeded its target and the record set by its predecessor to become the world’s largest private fund dedicated to the transition to clean energy. The Fund received contributions from institutional investors worldwide, including a number of investors that are new to the Brookfield transition platform. This includes the previously announced commitments of $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management.

In addition to the above commitments, the Fund has also secured approximately $3.5 billion of co-investment into its portfolio, bringing the total capital raised across the strategy in this vintage to approximately $23.5 billion.

More than $5 billion has already been deployed across a diverse set of high quality transition investments including:

• Neoen: A public-to-private takeover of a leading, global renewable power and battery storage operator and developer
• Geronimo Power: An acquisition of a large-scale, diversified energy developer in the U.S. with a significant operating and development pipeline in key power markets.
• Evren: A joint venture in India to accelerate the development of over 10 GW of wind, solar and storage projects
  
  

Connor Teskey, President of Brookfield Asset Management and CEO for Renewable Power & Transition, commented:

“Energy demand is growing fast, driven by the growth of artificial intelligence as well as electrification in industry and transportation. 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.”

Brookfield’s previous flagship transition fund (“BGTF I”) raised $15 billion and invested in a range of energy technologies globally, including renewables, carbon capture, sustainable aviation fuel, battery storage, as well as nuclear services via a majority stake in global technology leader, Westinghouse. Brookfield has also recently struck framework energy supply deals with Microsoft and Google which were the largest ever agreed in wind/solar and hydroelectricity respectively.

Media

Simon Maine
Tel: +44 7398 909278
Email: simon.maine@brookfield.com 

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX, BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

For more information, please visit our website at www.brookfield.com.

Notice to Readers

This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the demand for and growth of energy investments.

Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in the United States and Canada, not presently known to Brookfield, or that Brookfield currently believes are not material, could cause actual results to differ materially from those contemplated or implied by forward-looking statements. 

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

FAQ

How much did Brookfield raise for BGTF II (NYSE:BAM) on October 7, 2025?

BGTF II closed with $20 billion of fund commitments on October 7, 2025.

What is the total capital for Brookfield’s 2025 transition vintage including co-investment?

Including ~$3.5 billion of co-investment, total capital for the vintage is ~$23.5 billion.

How much has Brookfield deployed from BGTF II and into which assets?

More than $5 billion has been deployed into Neoen (takeover), Geronimo Power (U.S. acquisition) and the Evren JV in India.

How does BGTF II compare with Brookfield’s previous transition fund?

BGTF II exceeds the predecessor BGTF I, which raised $15 billion.

Which large investors committed to Brookfield’s BGTF II and how much did they commit?

Committed investors include ALTÉRRA with $2 billion and Norges Bank Investment Management with $1.5 billion.

Does Brookfield mention commercial offtake arrangements related to its transition strategy?

Brookfield referenced recent framework energy supply deals with Microsoft and Google as part of its broader activity.