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Alternative Market Briefing

Brookfield raises a record $23bn during Q2 2020

Friday, August 14, 2020

Laxman Pai, Opalesque Asia:

The global alternative asset manager Brookfield Asset Management has raised a record $23 billion during the second quarter and expects to accelerate the pace of investments after the disruption caused by Covid-19.

Chief executive Bruce Flatt said that Brookfield currently has $77 billion available to deploy as opportunities arise over the next 12 months.

He stated, "We had our best fundraising period, ever; with $23 billion of capital added to our franchise, increasing total capital for deployment to $77 billion. Very strong performance in our asset management business and continued resiliency within most of our operations contributed to strong operating results."

Brookfield pulled in this amount to its various funds, with $12-billion dedicated to a distressed-debt fund from Oaktree Capital, which joined the Brookfield family in 2019 in what now looks like a well-timed transaction.

A press release from the investment firm said: "We raised $23 billion of capital in our asset management operations since we last reported, taking our assets under management to approximately $550 billion. This included commitments of $12 billion to our latest distressed debt fund and continued inflows to our perpetual private funds. Total growth in fee-bearing capital over the last twelve months led to a 41% growth in fee-related earnings, before performance fees, over the same period."

Brookfield says it has the capital to bail out not just str......................

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