Brookfield (BAM) Gets $7 Billion for Impact Fund With Temasek on Board - Bloomberg

Brookfield (BAM) Gets $7 Billion for Impact Fund With Temasek on Board - Bloomberg

Brookfield Asset Management Inc. said it has raised $7 billion for the initial close of its new impact investment fund, pulling in money from Singapore’s sovereign wealth fund and Canadian pension managers for an investment vehicle that will help businesses cut their carbon emissions.

The Toronto-based alternative asset manager said it plans to raise as much as $12.5 billion for the Brookfield Global Transition Fund, which would make it the largest of its kind to date.

Ontario Teachers’ Pension Plan Board and Singapore’s $281 billion Temasek Holdings will be significant initial investors, Brookfield said in a statement. Canadian pension funds PSP Investments and Investment Management Corp. of Ontario have also made meaningful commitments to the fund, Brookfield said, without disclosing how much each is contributing.