Norwegian Fund to Invest $1.5 Billion in Brookfield-Managed Unit

Norway’s $2 trillion sovereign wealth fund will invest in an energy transition fund managed by Brookfield Asset Management, as it seeks to broaden its portfolio of unlisted renewable assets.

Norges Bank Investment Management, the world’s biggest sovereign wealth fund, said Friday that it will commit $1.5 billion to Brookfield Asset Management’s Global Transition Fund II. The investment vehicle targets business transformation, clean energy and sustainable solutions.

The investment “will enable us to invest in projects that develop renewable energy infrastructure while also supporting the broader transition to low-carbon solutions across industries” Harald von Heyden, the fund’s global head of ...