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Stefan Hoops, CEO at DWS said: "We are pleased to have delivered a strong outcome for the clients and employees of our Private Equity Solutions business. Brookfield Asset Management is a global player in private equity and a natural home for the PES business. Alternatives remains a priority growth area for DWS and this transaction allows us to focus on and fund new initiatives in our key areas of strength, including our strong real assets franchise and growing private debt business."

DWS's Private Equity Solutions business was established in 2017 with a strategy targeting mid-life opportunities in existing sponsor-backed companies to support further organic growth, add-on and M&A activities, including select continuation capital and co-investment opportunities. The transaction will include the transfer of the team and the Private Equity Solutions I (PES I) fund, which the team will continue to manage, and has received the full support of investors. DWS will additionally remain an investor in PES I.

DWS reiterated its ambition to invest and grow in the Alternatives space at its recent Capital Markets Day on 7 December 2022, where it identified growth drivers as increased demand from retail investors and higher supply as asset managers step in to replace bank lending in volatile markets.

DWS additionally recently announced the appointment of Paul M. Kelly who joins from Blackstone in February 2023 as Global Head of its EUR 126 billion Alternatives franchise, with a remit to grow its Alternatives footprint through organic and inorganic measures. DWS has also set a goal to raise up to EUR 20bn of capital by 2027 to support European Transformation by addressing the growing demand for private capital to bridge the funding gap in strategic transformation areas.

DWS's Alternatives business has a 50 year plus track record including particular strength in real estate (EUR 75bn AuM), infrastructure (EUR 16bn), liquid real assets (EUR 32bn) and a footprint in sustainable investments.

Brookfield was selected given its global private equity platform with USD 121bn in assets under management, making it a good fit to invest and grow the business moving forward.

The transaction closed on 30 January 2023 and received all regulatory approvals. The terms of the transaction are not disclosed.