New Jersey Division of Investment is planning to make a $600m (€531.6m) commitment to Brookfield Global Transition Fund (BGTF), a fund focused on the global transition to a net-zero economy.
The pension said in a meeting document that it is considering a $300m commitment to BGTF and will also consider investing the same amount in a side-car vehicle to invest alongside BGTF.
As previously reported, Singapore’s Temasek and Ontario Teachers’ Pension Plan are cornerstone investors in the newly-launched Brookfield fund which raised $7bn in its first close in July.
As a result of this initial capital, a hard cap of $12.5bn has been established, Brookfield said at the time.
New Jersey said the global fund will invest in several real asset sectors including renewable power, utilities and industrials.
BGTF will look for investments where it can have strong risk-adjusted returns as well as provide additionality to investments in order to decarbonise their operations.
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