Brookfield Makes $2.4B First Close on Emerging Markets Clean Energy Fund

Brookfield Asset Management reported an initial close of $2.4B on what it expects will ultimately be a $5B fund targeting clean energy and transition assets investments in emerging markets, according to a September 23 press release.

The Catalytic Transition Fund (CTF) launched in late 2023 at COP28 with a $1B investment from the UAE-based ALTÉRRA funds, and Brookfield has committed to contribute 10% of the fund’s target. Brookfield said it has secured investments from four additional institutions in the initial close: Canadian pension CDPQ, Singapore sovereign wealth funds GIC and Temasek, and US insurer Prudential.

Brookfield said CTF expects to announce initial investments later in 2024 and is targeting early 2025 for a traditional first close.

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