Brookfield Asset Management (BAM.TO) announced that it has successfully raised $2.4 billion for its Catalytic Transition Fund (CTF). This fund, supported by the United Arab Emirates, is designed to enhance climate finance initiatives in emerging markets.
The CTF, aiming for $5 billion, was initiated at the COP28 event on climate in Dubai last year and is supported by $1 billion from UAE investment company Alterra. Brookfield has agreed to contribute 10% towards the goal.
Brookfield named four investment partners for CTF in a statement: 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 plans to announce its initial investments later in 2024, with a traditional first closing anticipated by early 2025. This will include additional capital raised through Brookfield’s broad network of institutional investors.
