Brookfield Raises $26 Billion for Flagship Fund, Targets More Than $30 Billion in 2027
Key Facts
Brookfield Asset Management said on its third-quarter results call, held on November 6, that its sixth flagship infrastructure fund had raised $26 billion in commitments as of the call. The company expects the fund to exceed its $30 billion target in early 2027. That puts the fund on track to surpass its target size, with the first close expected in the following weeks. Management said, "The fund has received $26 billion in commitments to date," and that it expects to exceed the target on schedule. The figures reflect progress in fundraising for the flagship infrastructure strategy, the focus of this report.
In its results statement, the company said it received $13 billion in additional commitments after the end of the third quarter, bringing total committed capital for the fund to $26 billion. It said it expects to complete the first close in the following weeks. These commitments came after quarter-end, while the company had raised $7 billion for infrastructure strategies during the third quarter. That included $3.4 billion for the flagship infrastructure strategy. The flagship fund therefore combines post-quarter-end inflows with the funding the company recorded for its infrastructure strategies during the quarter.
Across its broader business, management said it had raised or received commitments of about $50 billion for infrastructure funds in the 12 months before the call. More than half of that amount went to the sixth fund, according to management. The company also raised $25 billion in the third quarter, bringing total fundraising since the start of the year to $123 billion as of September 30. The figures show the role of infrastructure strategies in fundraising alongside the company's other strategies. On its second-quarter results call, Brookfield Corporation had reported raising $77 billion during that quarter, including $17 billion for its flagship strategies and $9 billion for the sixth infrastructure fund.
If the sixth fund reaches its target size, it will be larger than its predecessor, which received $28 billion in commitments, management said. It added that, at that size, the new fund would be the largest closed-end infrastructure fund ever raised. This comes as the company said about 85% of fundraising in its more established infrastructure strategies comes from existing investors recommitting. It also reported that about two-thirds of investors in its flagship infrastructure strategy, weighted by capital, had also invested in another of its infrastructure or energy transition strategies. These proportions show the overlap between the company's investor bases across strategies, according to its disclosure.
Brookfield has other strategies separate from the flagship fund, with different targets and sizes. Its high-yield infrastructure strategy had raised $8 billion as of the call, and management said it expects a final close later in 2026. Its open-end core infrastructure strategy stood at $28 billion, including co-investment, after raising about $7 billion in the 12 months before the call. In artificial intelligence infrastructure, management said the fund had attracted strong interest since its launch in the previous November, and that it is targeting $10 billion in fundraising in 2027. These figures reflect the breadth of the company's lineup, but relate to strategies separate from the sixth fund.
Third-quarter results showed fee-related earnings rising to $864 million, up 15% year over year, while distributable earnings were $763 million, compared with $661 million in the corresponding period of 2025. Chief Executive Officer Connor Teskey said fee-bearing capital rose 13% over the year to $682 billion on September 30, linking the increase to growth in fee-related earnings. In trading, Brookfield Corporation shares, listed under the ticker BN, closed at $41.76 on November 5; the shares are separate from Brookfield Asset Management, listed under the ticker BAM. Brookfield Asset Management is scheduled to publish its third-quarter letter to shareholders on November 12, to discuss trends in its long-term strategy and its outlook. The letter is the next announced investor update following the third-quarter results and company call.