DUBAI, Sept 23 (Reuters) - Brookfield Asset Management (BAM.TO) , opens new tab said on Monday it has raised $2.4 billion for the Catalytic Transition Fund (CTF), which is backed by the United Arab Emirates and aims to scale up climate finance in emerging markets.

CTF was launched at the COP28 climate talks in Dubai last December and was anchored by a $1 billion commitment from ALTERRA, a $30 billion UAE-based climate fund.

ALTERRA, which was also announced during last year's climate summit, aims to attract $250 billion of investment by the end of the decade. It was established by Abu Dhabi-based alternative investment manager Lunate.

Brookfield said in a statement 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."

Canada's Caisse de dépôt et placement du Québec, Prudential (PRU.L) , opens new tab and Singapore's Temasek and GIC were among investors joining as additional investment partners for CTF, the statement said.

The CTF fund is expected to announce its initial investments later in 2024, Brookfield said, adding a traditional first close with further capital from its ongoing fundraising efforts was expected by early next year.

Sign up here.

https://www.reuters.com/business/brookfield-raises-24-billion-climate-fund-backed-by-uae-2024-09-23/