In his time at Brookfield Asset Management, Liberal Leader Mark Carney personally co-chaired two investment funds dedicated to the transition to a net-zero carbon economy, worth a total of $25 billion.
Those funds were registered in Bermuda, among other locations, allowing investors to benefit from significant tax advantages, according to information obtained by Radio-Canada.
The funds created while Carney was on Brookfield's board of directors are the Brookfield Global Transition Fund ($15 billion) and the Brookfield Global Transition Fund II ($10 billion), launched in 2021 and 2024 respectively.
According to the Ontario Business Registry, the funds were registered in Bermuda under the names of BGTF Bermuda GP Ltd. and BGTF II Bermuda GP Ltd.
In both cases, the provincial registry indicates that the "governing jurisdiction" for the corporations is located in Bermuda.
Tax havens widely used