ESG & Investing
UAE’s $30 Billion Alterra Fund Is Far Off Spending Bulk of Cash
- Alterra was launched at COP28 as a model for others to follow
- The fund is now trying to find deals with adequate scale
The COP28 Climate Conference in Dubai.
Photographer: Sean Gallup/Getty ImagesThis article is for subscribers only.
A landmark fund launched by the United Arab Emirates a year ago has managed to spend just a small fraction of its cash, as it tries to find deals suited to its mandate of investing in the energy transition.
The UAE unveiled plans last December to put $30 billion into the new fund, Alterra, with a goal of mobilizing $250 billion by the end of the decade. So far, Alterra has committed $6.5 billion to seven strategies managed by BlackRock Inc., Brookfield Asset Management Ltd. and TPG Inc. Actual funds spent, however, are significantly lower than that, according to its chief executive officer.