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Businessman holding green scrap paper ball with world map and environment icon such as carbon reduction green factory recycle and solar cell for zero carbon emission credit to prevent global warming. Getty Images Image used for illustrative purpose
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)
