Brookfield Asset Management has raised USD $15 billion to channel toward decarbonization with the institutional close of its inaugural Brookfield global transition fund (BGTF). The asset manager reports more than a hundred institutional investors worldwide have put up capital for what’s now the world’s largest private fund targeting investments aligned with achieving net-zero carbon.

“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,” advises Mark Carney, Brookfield’s vice chair and head of transition investing.

Thus far, about USD $2.5 billion has been tapped for solar power, carbon capture and storage, and battery and battery storage ventures, while “a robust pipeline of potential investments” is indicated.

Brookfield itself is the largest investor in the fund, which exceeded its initial hard cap and was oversubscribed. Although now closed to institutional investors, it remains open to private wealth investors.

“Investor demand for this fund has been exceptionally strong,” says Connor Teskey, chief executive officer of Brookfield Renewable. “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.”

The fund will report to investors on both its financial and environmental impact performances.