Brookfield Asset Management has raised $2.4bn for its Catalytic Transition Fund (CTF), a climate-focused fund backed by the United Arab Emirates (UAE) aimed at scaling climate finance in emerging markets, according to a report by Reuters.
The CTF was launched during the COP28 climate summit in Dubai last December, with an initial $1bn anchor investment from ALTERRA, a $30bn UAE-based climate fund. ALTERRA, which sas founded by Abu Dhabi-based alternative investment firm, Lunate and was also introduced during the COP28 talks, is seeking to attract $250bn in investments by 2030.
According to a press statement released by Brookfield, the $2.4bn raised marks a “significant milestone” toward its goal of raising up to $5bn to invest in clean energy and climate transition assets across emerging markets.
Key investors joining the CTF include Canada’s Caisse de dépôt et placement du Québec, Prudential (PRU.L), Singapore’s sovereign wealth funds Temasek and GIC, among others, according to Brookfield.
The fund is expected to make its first investments by late 2024, with additional capital from ongoing fundraising anticipated in early 2025.
