Brookfield Asset Management has experienced a successful year of capital raising, totaling $61 billion, with $26 billion raised in the latest quarter. This brings them closer to their goal of reaching $150 billion in total capital.
Strong Third Quarter Fundraising
The asset manager reported an excellent third quarter in terms of fundraising, with $102 billion in uncalled fund commitments as of the end of September. This substantial amount is available for market opportunities, including $45 billion that is not currently earning fees but is expected to generate approximately $450 billion in fees annually once deployed. Additionally, Brookfield holds nearly $3 billion in cash and equivalents on its balance sheet.
Largest Private Infrastructure Debt Fund
Last week, Brookfield closed what they claim to be the world’s largest private infrastructure debt fund, raising more than $6 billion for their global infrastructure debt program. This follows the recent closing of their flagship global private equity program, Brookfield Capital Partners VI, which raised a total of $12 billion.
Positive Financial Results
Total net income for the quarter increased to $494 million, or 30 cents a share, compared to $395 million, or 24 cents a share, in the same period last year. Revenue also rose by 7.5% to reach $893 million.
Future Growth Outlook
Brookfield Asset Management, majority owned by Brookfield Corp., remains optimistic about the future. With fundraising momentum continuing into the final quarter of the year, they anticipate first closes for their second transition flagship fund and fifth real estate flagship fund. Furthermore, they expect to complete a contract to manage American Equity Investment Life’s insurance assets. All of these developments bring them closer to achieving their capital raising target of $150 billion.