08:08 AM EDT, 06/13/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) and Alterra Management Limited said Thursday they are jointly launching a fund for investments in clean energy and transition assets in emerging economies.

The Catalytic Transition Fund will receive a $1 billion commitment from ALTERRA funds to seed up to $5 billion in total capital, the companies said. At least 10% of the total capital will be contributed by Brookfield.

The fund will be deployed in emerging markets across the world, the companies said, adding that a first close is expected by the end of 2024.