10:58 AM EDT, 07/28/2025 (MT Newswires) -- (Updates with BlackRock ( BLK ) and TPG's response in the fourth paragraph.)

Brookfield (BN) and TPG (TPG) are in talks with Brazil to participate in a climate finance initiative targeting nearly $4 billion in funding for projects in the country, Reuters reported Monday, citing people familiar with the matter.

The effort is being led by state development bank BNDES, which plans to provide 5 billion reais ($906 million) in seed capital and is seeking private managers to raise roughly three times that amount.

BNDES has also approached firms including BlackRock ( BLK ) , Just Climate, Lightrock, Patria, Vinci, and Perfin as potential participants, according to the news outlet.

Brookfield did not immediately respond to MT Newswires' requests for comment. BlackRock ( BLK ) and TPG declined to comment.

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