Brookfield raises $3.1b for clean energy fund

The fund is supported by ALTÉRRA. 

Brookfield Asset Management (Brookfield) has raised $3.1b (US$2.4b) for the Catalytic Transition Fund (CTF), raising approximately half of the $6.4b (US$5b) total capital targeted for the fund.

CTF was previously launched at COP28 with up to $1.3b (US$1b) of catalytic capital provided by ALTÉRRA funds with the purpose of mobilising investment at scale to finance a new climate economy. 

CTF is focused on deploying capital into clean energy and transition assets in South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. 

Moreover, Brookfield also announced four additional investment partners for CTF: CDPQ, GIC, Prudential, and Temasek, amongst others. 

This partnership will help drive clean energy investment into emerging markets, where investment needs to increase over current levels to reach the $2.1t (US$1.6t) required annually by the early 2030s in line with global net-zero targets. 

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, is expected by early 2025.

(US$1 = $1.29)