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Alternative Market Briefing

Brookfield aims to raise another $10bn to acquire out-of-favor assets

Thursday, May 07, 2015

Komfie Manalo, Opalesque Asia:

Brookfield Asset Management, Canada’s largest alternative asset manager, is planning to raise another $10bn this year to "acquire assets in out-of-favor markets, or assets which have been burdened with too much financial leverage," reported Bloomberg. This is after a $15bn spending spree in the last 12 months.

Brookfield has already started raising $11bn for private funds this year, bringing the money the company intends to raise this year and early 2016 to $21bn. In the first quarter alone, Brookfield committed $3bn in new investments, including oil and gas businesses in Australia, wind facilities in Portugal and U.S. multifamily apartments.

Brian D. Lawson, CFO and Senior Managing Partner at Brookfield, said at the firm’s recent annual meeting, "The majority of our businesses are off to a strong start this year. Funds from operations for the first quarter of 2015 were $557 million, that's up 14% from last year. And the increase reflects growth in our asset management platform and disposition gains, offset by a reduced contribution from our renewable energy business relative to the particularly strong results in that business during th......................

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