Brookfield AUM reaches $1tn as profits rise
Brookfield Asset Management said that its assets under management have reached $1tn (£787bn), as it declared a strong second quarter with $68bn of capital raised.
The Canadian asset manager invests across renewable energy, real estate, private equity, credit and infrastructure.
Credit is becoming an increasingly large focus for the group. In 2019, it took a majority stake in distressed and credit markets investor Oaktree Capital.
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In April it acquired an additional five per cent stake in Oaktree, bringing its total holding to 73 per cent.
Its credit business accounted for $61bn of capital raised in the second quarter, which included $49bn of insurance capital from American Equity Investment Life Holding Company, which it started to manage on behalf of American Equity in the middle of the quarter.
“We also raised capital in our opportunistic credit fund, our life sciences income fund, and our value opportunities fund,” Brookfield said. “Additionally, we held a first close of $500m in the latest vintage of our music royalty platform, Primary Wave.”
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Overall, Brookfield reported net income of $124m for the quarter, up from $109m in the same quarter of 2023.
Fee-related earnings rose by six per cent year-on-year to $583m but revenue dropped by seven per cent to $916m.
Brookfield deployed around $20bn of capital over the quarter and had $107bn of ‘dry powder’ which is yet to be deployed.
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Connor Teskey, president of Brookfield, declared the results to be “another strong quarter.”
“There is strong momentum in our credit business, providing solutions to our partners globally,” he said.
“We also continue to see unprecedented opportunities in our renewable power and transition business.
“With one of the largest pipelines of over 230,000 megawatts of renewable power in operation and under development, and our rapidly growing data center platforms, which has seen its US capacity grow four fold over the last two years, we are the infrastructure leader behind the ongoing AI revolution.”