Brookfield Asset Management (BAM) said Monday it has raised an initial $2.4 billion for a fund that aims to deploy capital into clean energy and transition assets in emerging markets.
The Catalytic Transition Fund, which was previously launched at the COP28 climate talks with up to $1 billion of capital provided by Alterra funds, has now raised about half of its targeted total capital of $5 billion, Brookfield said.
The company said Caisse de Depot et Placement du Quebec, GIC, Prudential (PUK) and Temasek were among the additional investment partners for the fund, which expects to announce its initial investments later this year.
Brookfield said a first close with additional capital from its fundraising efforts was expected by early 2025.
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