Bumper credit fundraising boosts Brookfield results
Brookfield Asset Management saw quarterly fee-related earnings swell to a record $677m (£543.8m) at the end of last year, boosted by strong fundraising across its credit strategies.
The New York-headquartered investment firm raised over $135bn of capital over 2024, including a record $29bn in the fourth quarter.
$20bn of the capital raised in the fourth quarter came from its credit business. This included $9.2bn raised across Oaktree funds and strategies, $6.6bn from insurance clients, $1.7bn for its fourth vintage infrastructure debt fund, and approximately $900m across its other credit partner managers.
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In contrast, Brookfield raised $4.2bn for its renewables business and $2.5bn for its infrastructure funds in the last three months of the year, as well as $1.8bn for private equity funds and $700m for its real estate strategies.
Brookfield, which has over $1tn of assets under management, reported fee-related earnings of $2.46bn for the whole of 2024, up from $2.24bn in 2023.
Profit distributable to shareholders came in at $2.36bn, up from $2.24bn the previous year.
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The firm deployed $16bn of capital in the fourth quarter of 2024, and $48bn during the year.
In credit, it deployed $7.7bn in the fourth quarter, including $2.4bn out of its opportunistic credit flagship fund series and over $900m from its strategic credit private wealth fund.
Connor Teskey, president of Brookfield Asset Management, said that 2024 was “another strong year” and predicted that 2025 will produce more record results for the firm.
“We have a great foundation in place, with well-positioned, diversified fund offerings in leadership positions across the fastest growing areas in the alternatives space,” he said. “Driven by the growth in our flagship and complementary funds and credit business, this positive outlook and our strong financial position enabled us to raise our quarterly dividend by 15 per cent.
“Finally, last week we closed the previously announced transaction between BAM and Brookfield Corporation, and as a result, BAM, with 1.6 billion shares now outstanding, owns the entire asset management business at an equity market capitalization approaching $100bn.”
