Brookfield Asset Management is set to launch its seventh real estate debt fund this year, as it sharpens its focus on the US commercial real estate sector.

The Toronto-based asset manager said it has approximately $106bn (£85bn) in dry powder to invest into new transactions.

Reporting its first quarter earnings, the firm said that it was particularly bullish on US commercial real estate opportunities, hinting that it may increase these investments in the coming months.

“Particularly in our real estate flagship, this is where we’re really seeing the market opening up,” said Brookfield’s president Connor Teskey.

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“And investors are seeing the upside and the rebound in that asset class and looking to get an increasing amount of exposure.”

The company has already raised $8bn for its most recent real estate flagship fund, and is set to launch the seventh iteration of the fund later this year.

On an earnings call to mark the first quarter results, Brookfield’s managing director Bruce Flatt said that the firm completed almost $15bn in financing for its real estate business during the first three months of 2024. This included $4bn in its office portfolio.

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Flatt added that the company has also refinanced $18bn overall at lower debt costs than its previous borrowings.

Brookfield reported distributable earnings of $1.22bn for the first quarter, up from $1.16bn during the same quarter last year.

Revenue for the quarter totalled $22.91bn, representing a slight drop from $23.30bn in the first quarter of 2023.

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