Brookfield Asset Management Ltd. said it expects to raise US$150 billion this year, bucking the slowdown in alternative assets. Read on.
Brookfield said fundraising should accelerate in the second half, allowing it to reach US$100 billion in inflows to private funds and US$50 billion via its insurance business in 2023. But the firm said little about its efforts to raise cash in its private equity unit, an area of the market that’s facing significant headwinds.
Still, the Brookfield group sees the current market as rich with opportunity. It emerged as the world’s most acquisitive investment firm in the first half of the year, announcing about US$50 billion of purchases. Last quarter, Brookfield’s renewable power unit agreed to buy a big portfolio of wind and solar farms from Duke Energy Corp. for US$2.8 billion, while its infrastructure arm purchased Triton International Ltd., the world’s largest owner of intermodal shipping containers, for US$13.
It ended June with US$440 billion of fee-bearing assets, up two per cent from March. It has a goal of getting that number to US$1 trillion by 2027. The new business, called Pinegrove Capital, will raise an inaugural fund in the first half of next year, they said. Brookfield and Sequoia will collectively invest US$500 million.
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