Brookfield and Oaktree Capital Management have reached an agreement under which Brookfield will acquire the remaining 26% interest in Oaktree that it does not already own for approximately $3 billion. Upon completion of the transaction, Brookfield will own 100% of the Los Angeles-based credit manager, further integrating Oaktree into its expanding private credit platform. 

Of the $3 billion, Brookfield Asset Management (BAM) and Brookfield Corporation (BN) will fund approximately $1.6 billion and $1.4 billion, respectively, reflecting their proportional ownership stakes in Oaktree today. The transaction is expected to close in the first quarter of 2026. 

“When we partnered with Oaktree six years ago, we joined forces with one of the world’s most respected credit investors, and the results have surpassed our expectations,” said Bruce Flatt, CEO of Brookfield. “Taking this next step will allow us to broaden our credit franchise, enhance collaboration across our businesses, and strengthen our ability to continue delivering long-term value for our investors.” 

“With this closer alignment, Oaktree will remain central to Brookfield’s credit strategy, and we see significant opportunities to grow the franchise and expand what we can offer our clients together,” added Howard Marks, Co-Chair of Oaktree. 

Under the terms of the deal, Oaktree common equity holders may elect to receive consideration in cash, shares of BAM, or shares of BN. The BAM and BN shares issued as consideration will be subject to two-year and five-year lockups, respectively, ensuring long-term alignment between the firms. 

Following the transaction, Marks and Bruce Karsh, Oaktree’s Co-Chair and CIO, will continue in senior leadership roles. Marks will remain on the Brookfield Corporation (BN) Board, while Karsh will join the Brookfield Asset Management (BAM) Board upon or prior to closing. Robert O’Leary and Armen Panossian, currently co-CEOs of Oaktree, will also assume the role of co-CEOs of Brookfield’s credit business, integrating both organizations’ teams and expertise. 

The acquisition further cements Brookfield’s presence in the U.S., which will become its largest and most significant market, managing more than $550 billion in assets and generating roughly half of its global revenue. Following completion, over 50% of Brookfield’s employees will be based in the U.S. 

For Brookfield, the transaction represents a culmination of its 2019 partnership with Oaktree, which created one of the world’s largest alternative credit platforms.