By Robb M. Stewart
Brookfield Asset Management has raised $61 billion in capital this year, including $26 billion in the latest quarter, as it tracks toward its target of close to $150 billion.
The asset manager said the third quarter was excellent in terms of fund raising, and it had $102 billion in uncalled fund commitments as of the end of September available for market opportunities, including $45 billion that isn’t currently earning fees but that it expects will earn roughly $450 billion of fees annually when deployed. Brookfield holds almost $3 billion in cash and equivalents on its balance sheet.
Brookfield last week closed what it said was the world’s largest private infrastructure debt fund with capital commitments of more than $6 billion for its global infrastructure debt program. The Brookfield Infrastructure Debt Fund III followed the closing of the firm’s latest flagship global private equity program last month, with $12 billion raised in all for Brookfield Capital Partners VI.
Total net income rose to $494 million, or 30 cents a share, for the just-ended quarter, from $395 million, or 24 cents a share, in the same period a year earlier. Revenue increased 7.5% to $893 million.
The Toronto-based infrastructure investment specialist majority owned by Brookfield Corp. consolidated its results to include the portion held by its parent. Net income for the publicly traded entity Brookfield Asset Management totaled $122 million for the quarter.
President Connor Teskey said that with fundraising momentum continuing to ramp up in the final quarter of the year, first closes coming for Brookfield’s second transition flagship fund and fifth real estate flagship fund, as well as the expected completion of a contract to manage American Equity Investment Life’s insurance assets, the asset manager remains on track for close to its $150 billion capital raising target.
Write to Robb M. Stewart at robb.stewart@wsj.com
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