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Canada’s Brookfield Asset Management has raised $2.4 billion for the Catalytic Transition Fund (CTF), which is aimed at financing the clean energy transition in emerging markets.
The CTF, with a target of $5 billion, was launched during the COP28 climate conference in Dubai last year and is anchored by $1 billion in capital provided by the UAE-based investment firm Alterra. Brookfield has committed to provide 10% of the target.
In a statement on Monday, Brookfield named four investment partners for CTF: Canada’s pension fund Caisse de Depot et Placement du Quebec, Singaporean sovereign wealth fund GIC, Prudential and Temasek, among others.
Brookfield said the initial closing of $2.4 billion marked "a significant milestone towards the target of raising up to $5 billion for deployment towards clean energy and transition assets in emerging markets.”
The Fund expects to announce its initial investments later in 2024, and a traditional first close – with additional capital from Brookfield’s ongoing fundraising efforts through its extensive network of institutional investors – is expected by early 2025.
(Writing by Brinda Darasha; editing by Seban Scaria)
