(Bloomberg) -- Brookfield Asset Management Inc. expects to raise more than $15 billion for its new impact fund, exceeding a previous forecast of $12.5 billion.

“It could have been more,” Chief Executive Officer Bruce Flatt said of the Global Transition Fund during an investor conference Wednesday. The Toronto-based firm capped the size of the fund, indicating “the interest in transition investing,” he said.  

Some of the proceeds will be used to provide capital to industrial companies and utilities worldwide to help them decarbonize, Flatt said.

Read more: Brookfield Seeks $12.5 Billion for New Impact Fund 

Brookfield said in July that it had raised $7 billion for the initial close of the fund. If it were to raise the sum it was contemplating then, it would amount to almost the total capital raised by buyout firms for impact funds over the past five years, according to Prequin data.

The $15 billion “isn’t even going to scratch the surface, but it’s the largest out there today,” Flatt said 

Brookfield, which oversees $650 billion, hired former Bank of England Governor Mark Carney last year to strengthen its environmental, social and governance investing. 

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