Brookfield Asset Management raised $12bn (£8.9bn) for its credit division in the third quarter, with total fundraising across the business reaching $25bn for the period.

The New York-headquartered alternative asset manager has now raised $123bn so far this year, taking its assets under management past $1tn, its earnings release reported.

The $12bn raised for credit in the quarter included $2.4bn for long-term private credit funds, $3.8bn from Brookfield Wealth Solutions and $2bn from partner managers.

“Our business continues to benefit from our leading positions in the largest and fastest growing segments of the alternatives market,” said Connor Teskey, chief executive of Brookfield Asset Management.

“Year-to-date fundraising reached $123bn, and fee-bearing capital grew 13 per cent over the past year to $682bn, driving fee-related earnings up 15 per cent to $864m.”

Read more: Brookfield raises record $77bn in Q2

The firm also deployed $10bn across its credit strategies in the quarter, including $2.4bn in opportunistic credit and $1.3bn through partner managers.

Brookfield struck several partnerships during the period, announcing a $2.1bn strategic capital partnership with a home mortgage lender and agreeing to take a 49 per cent interest in a Kuwaiti pipeline investment with a gross transaction value of $8bn.

Elsewhere, Brookfield said infrastructure remains one of the most attractive asset classes in private markets, raising $7bn for the strategy in the quarter and deploying $1.2bn.

The firm also said its AI infrastructure fund had gained “significant traction”, with a pipeline of AI factory projects under way around the world, including in the US, Canada, South Korea, France and the UK.

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“Our fundraising is showing no signs of slowing down and is indicative of the record-level of activity we are seeing across our business. Within our infrastructure group alone, we have received approximately $50bn of commitments to our strategies in the past year,” Teskey added.

Brookfield reported distributable earnings of $763m for the quarter, up 15 per cent year on year.

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