Brookfield, the $1.2-trillion global alternative asset management powerhouse, has officially launched its inaugural China-dedicated energy transition fund denominated in Chinese yuan, targeting an expected first close exceeding 12 billion yuan ($1.8 billion).
Brookfield, which established its first Chinese office in 2013, announced the official launch of the Brookfield China Renewable Fund (BCRF) on Monday, following the vehicle’s signing ceremony held during the annual China International Fair for Investment and Trade in Xiamen City in southeastern China.
The signing ceremony marks “a major milestone in the vehicle’s fundraising progress,” Brookfield said in an official WeChat post.
Daniel Cheng, a managing partner at Brookfield’s Energy Group, represented the firm in this signing ceremony with Yang Yucheng, chairman and executive director of New China Life Insurance Company, a state-controlled life insurer based in Beijing. Senior local government officials and Bruce Flatt, CEO of Brookfield Corporation, attended the event.
“China is the world’s largest and fastest-growing new energy market, playing a pivotal role in driving the global energy transition. Through the BCRF, we are joining forces with domestic capital and partners to expand the supply of reliable and cost-competitive clean power,” said Cheng, who also serves as the head of China for Brookfield’s Energy Group.
Brookfield did not specify whether its debut RMB China energy transition fund secured New China Life Insurance Company or the local governments as its limited partners.
The fund builds on Brookfield’s nearly decade-long track record of investing in and managing energy assets across China since launching its local energy business in 2017. Currently, the firm manages 15 GW of high-quality energy assets spanning more than 20 Chinese provinces.
Overall, Brookfield’s assets under management (AUM) in the country have reached 160 billion yuan ($23.8 billion).
“Institutional investors’ demand for energy transition assets continues to rise, particularly through partnerships with experienced managers whose strategies offer stability, resilience, and long-term cash flow generation,” said Cheng.
As Brookfield’s first such fund in China, the RMB vehicle will target high-quality, operating wind, solar and energy storage assets across the country, backed by long-term contractual protections and stable cash flows. The firm also plans to raise more capital for the vehicle.
