New York State Common Retirement Fund (NYSCRF) has approved a $750m (鈧�688m) commitment to the Brookfield Global Transition Fund (BGTF), a fund which raised $7bn at its first close last year.
The $279.7bn pension fund told 91传媒在线 that the investment in Brookfield鈥檚 global transition fund will help diversify NYSCRF鈥檚 real assets portfolio鈥檚 energy sector exposure by increasing the allocation to low-carbon investments.
鈥淭he commitment will also allow the CRF to prudently increase the size of the portfolio.鈥�
NYSCRF said BGTF targets net internal rate of returns (IRRs) of not less than 10% and gross IRRs of 13% or higher.
BGTF targets investment opportunities relating to reducing greenhouse gas emissions and energy consumption, as well as increasing low-carbon energy capacity and supporting sustainable solutions.
The impact fund is reportedly seeking to raise more than $15bn, exceeding a previous $12.5bn forecast.
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