Brookfield Raises Record $93B in 2022 – Launches Fifth Real Estate Flagship Fund
Brookfield Asset Management, in its first letter to shareholders as a standalone company after it was spun out of parent Brookfield Corp. in December, said it raised a record $93 billion in 2022 across various funds, also adding the firm generated “excellent” financial results for the fourth quarter.
Among the banner raise was the fund’s fourth flagship real estate fund – Brookfield Strategic Real Estate Partners IV -, which raised $17 billion and was the largest real estate fund to close in 2022.
The firm held additional closes for its infrastructure and private equity funds at $22 billion and $9 billion, respectively. Brookfield has targeted raising as much as $25 billion for the infrastructure fund.
The firm held additional closes for its fifth flagship infrastructure fund and sixth flagship private equity fund at approximately $22 billion and $9 billion, respectively. The funds are expected to close in the coming months. In November, it launched fundraising for its 12th opportunistic credit flagship fund.
The Toronto-based global alternative asset manager with about $800 billion in assets is forging ahead in 2023. In February, the firm launched fundraising for its fifth flagship real estate fund – Brookfield Strategic Real Estate Partners V – and expects to hold a first close in the coming months, according to the letter and quarterly report.
In addition, Brookfield plans to launch its second global transition fund, focused on decarbonization investments, in the first half of this year and expects it to be “meaningfully larger” than the $15 billion first fund, said President Connor Teskey.
“Our fundraising outlook remains strong,” Chief Executive Officer Bruce Flatt and Teskey said in the letter. “In 2023, we expect to have three flagship funds in the market, along with several complementary perpetual strategies and other long-term funds.”
As of December 31, 2022, the firm had $91 billion available to deploy into new investments, including about $3.2 billion of cash, financial assets and undrawn lines of credit, as well as $87 billion of uncalled fund commitments. Brookfield has no debt and $300 million on undrawn credit facilities.